Daily CURRENT AFFAIRS

Daily Current Affair - UPSC/KAS Exams - 6th Nov 2021

Recently, the Reserve Bank of India (RBI) has announced a revised Prompt Corrective Action (PCA) framework.

WHAT IS REVISED

• Following provisions to be effective from January, 2022.
• Applies to all banks operating in India, including foreign banks operating through branches or subsidiaries based on breach of risk thresholds of identified indicators.
• Payments banks and small finance banks (SFBs) have been removed from the list of lenders where prompt corrective action can be initiated.
• Excludes return on assets as a parameter that may trigger action under the framework.
• Breach of any risk threshold may result in the invocation of the PCA
• In the case of a default on the part of a bank in meeting the obligations to its depositors, possible resolution processes may be resorted to without reference to the PCA matrix.
• The RBI, as part of its mandatory and discretionary actions, may also impose appropriate restrictions on capital expenditure, other than for technological upgradation within Board approved limits
• Withdrawal of restrictions imposed will be considered if no breaches in risk thresholds in any of the parameters are observed as per four continuous quarterly financial statements.

PROMPT CORRECTIVE ACTION (PCA) FRAMEWORK

• Framework in which banks with weak financial records are placed under the supervision of the Reserve Bank of India.
• By Reserve Bank
• Aims to check the problem of Non-Performing Assets (NPAs) in the Indian banking sector.
• Introduced in December 2002
• Reviewed by the Reserve Bank keeping in view the international best practices and recommendations of the Working Group of the Financial Stability and Development Council (FSDC) on Resolution Regimes for Financial Institutions in India (January 2014) and the Financial Sector Legislative Reforms Commission (FSLRC, March 2013)
• First Revised PCA Framework in April 13, 2017

ENVIRONMENT & GEOGRAPHY

The Prime Minister enhanced India’s existing climate targets and announced a new one during his speech in Glasgow COP 26

DETAILS

• Achieving net-zero emission status by 2070
• Reducing emissions intensity and increasing the renewable mix in electricity generation, are already part of India’s official climate action plan, called the Nationally Determined Contributions or NDCs, that has been submitted as part of the requirement under the Paris Agreement.
• Reduce its ‘emissions intensity’ to 45%
• Also, India had said it would ensure that at least 50 per cent of its installed capacity of electricity generation in the year 2030 would come through non fossil-fuel based energy sources.
• Fulfil 50 per cent of its energy requirement through renewable energy by 2030.
• India’s emissions intensity was 24 per cent below 2005 levels in 2016 itself, the latest year for which official data are available. A 33-35 per cent reduction is expected to be achieved within the next two years.
• Raising installed capacity of renewable energy, and an absolute reduction of 1 billion tonnes of carbon dioxide by 2030.
• Ensure that it reduces 1 billion tonnes of emissions from its projected emissions between now and 2030.

Ashoka University hosted a virtual conference titled 'The Dyslexic Mind: Thinking Differently about Higher Education'

ABOUT DYSLEXIA

• Learning disorder that involves difficulty reading due to problems identifying speech sounds and learning how they relate to letters and words (decoding)
• Also called reading disability
• People with dyslexia have normal intelligence and usually have normal vision
• Most children with dyslexia can succeed in school with tutoring or a specialized education program. Emotional support also plays an important role.

ASSOCIATED DISABILITIES

• Dysgraphia: A disorder involving difficulties with writing or typing, sometimes due to problems with eye–hand coordination; it also can impede direction- or sequence-oriented processes, such as tying knots or carrying out repetitive tasks. In dyslexia, dysgraphia is often multifactorial, due to impaired letter-writing automaticity, organizational and elaborative difficulties, and impaired visual word forming, which makes it more difficult to retrieve the visual picture of words required for spelling.[24]
• Attention deficit hyperactivity disorder (ADHD): A disorder characterized by problems sustaining attention, hyperactivity, or acting impulsively. Dyslexia and ADHD commonly occur together. Approximately 15%or 12–24% of people with dyslexia have ADHD;and up to 35% of people with ADHD have dyslexia.
• Auditory processing disorder: A listening disorder that affects the ability to process auditory information. This can lead to problems with auditory memory and auditory sequencing. Many people with dyslexia have auditory processing problems, and may develop their own logographic cues to compensate for this type of deficit. Some research suggests that auditory processing skills could be the primary shortfall in dyslexia.
• Developmental coordination disorder: A neurological condition characterized by difficulty in carrying out routine tasks involving balance, fine-motor control, kinesthetic coordination, difficulty in the use of speech sounds, problems with short-term memory, and organization

Prime Minister Narendra Modi unveiled a 12-foot statue of Adi Shankaracharya at Kedarnath, where the acharya is believed to have attained samadhi

ABOUT ADI SHANKARA

• Born in Kaladi village, Kerala on banks of river Periyaar
• In one legend, a crocodile caught hold of the young Shankara while bathing in the Periyar, and told his mother it would let him go if she allowed him to take sanyas.
• In a lifespan of just 32 years, he is said to have visited all the important spiritual centres of the time — from Kanchi (Kancheepuram) to Kamrup (Assam), and Kashmir and the Kedar and Badri dhams, as well as Sringeri, Ujjain, Kashi, Puri, and Joshimath.
• Established four Math (Monastery) at Shingeri, Puri, Dwaraka and Badrinath– for propagation of Sanathana Dharma.
• Established the ritual practices at the Badri and Kedar dhams, and to have debated with tantrics in Srinagar.
• Identified as the author of 116 works — among them the celebrated commentaries (bhashyas) on 10 Upanishads, the Brahmasutra and the Gita, and poetic works including Vivekachudamani, Maneesha Panchakam, and Saundaryalahiri.
• His biography -  Shankaravijayas (Conquests of Shankara)

SHANKARA’S ADVAITA VEDANTA

Shankara’s great standing is derived from his commentaries of the prasthanatrayi (Upanishads, Brahmasutra and Gita), where he explains his understanding of Advaita Vedanta

ESSENCE OF ADVAITA

• Articulates a philosophical position of radical nondualism, a revisionary worldview which it derives from the ancient Upanishadic texts
• Upanishads reveal a fundamental principle of nonduality termed ‘brahman’, which is the reality of all things
• Brahman is transcending individuality and empirical plurality.
• Essential core of one’s self (atman) is brahman
• Atman is pure non-intentional consciousness.
• One without a second, nondual, infinite existence, and numerically identical with brahman.
• Entails tying a metaphysics of brahman to a philosophy of consciousness

Recently, the Ministry of Youth Affairs & Sports announced the National Sports Awards 2021.

HIGHLIGHTS

• Sunil Chhetri becomes the first footballer to receive the ‘Major Dhyan Chand Khel Ratna Award 2021
• Olympic gold winner Neeraj Chopra receives Khel Ratna
• 35 Sports persons will receive Arjuna Awards for outstanding performance in Sports and Games 2021
• Panjab University - Chandigarh is given Maulana Abul Kalam Azad (MAKA) Trophy, Overall top performing university in inter-university tournaments

AWARDS

Major Dhyan Chand Khel Ratna Award:

• Given for the spectacular and most outstanding performance in the field of sports by a sportsperson over a period of the previous four years.
• Comprises a medallion, a certificate, and a cash prize of Rs 25 lakh.

Arjuna Award:

• Instituted in 1961
• To recognise outstanding achievement in national sports events.
• Good performance over a period of previous four years and showing qualities of leadership, sportsmanship and a sense of discipline.
• Carries a cash prize of Rs 15 lakh, a bronze statue of Arjuna and a scroll of honour.

Dronacharya Award:

• Instituted in 1985
• Rrecognise excellence in sports coaching.
• Given to coaches for doing outstanding and meritorious work on a consistent basis and enabling sportspersons to excel in International events.
• Carries a cash prize of Rs 15 lakh, a bronze statue of Dronacharya and a scroll of honour.

Dhyan Chand Award:

• Instituted in the year 2002
• Comprises a Dhyan Chand statuette, a cash prize of Rs 10 lakh, a certificate and a ceremonial dress.
• Honour sportspersons who have contributed to sports by their performance and continue to contribute to promotion of sports events after their retirement.

Rashtriya Khel Protsahan Puruskar:

• Instituted in the year 2009
• Given to corporate entities (both in private and public sector), sports control boards, NGOs including sports bodies at the State and National level who have played a visible role in the area of sports promotion and development.

• The Church Street pedestrianisation project has received the Union government's recognition with the Ministry of Housing and Urban Affairs (MoHUA) giving a running trophy to the state government apart from other awards. The project in which the Directorate of Urban Land Transport, Indian Institute of Science (IISc), Energy Systems Catapult, Urban Morph others collaborated, was successful in proving the benefits of pedestrian-first approach in selected urban streets. The "Clean Air Street - Church Street First" was been conferred with the “Commendation Award in Urban Transport” under the category “Running trophy for the state/UT, which has Implemented Best Urban Transport Projects during the previous year". Additionally, IISc professor Ashish Verma and Research Scholar Hemanthini Allirani received the 'Best Research Paper Award (1st Prize)' for a paper titled 'Impact Assessment of Pedestrianising an Urban Street in Terms of Quality of Life'
• The Madurai Bench of the Madras High Court on Monday declared as unconstitutional the law providing 10.5% internal reservation to the Vanniakula Kshatriya community within the 20% reservation for the Most Backward Classes (MBCs) in education and public employment.
• Hundreds of farmers began a 45-day padayatra, ‘Nyayasthanam to Devasthanam’ (court to temple), demanding that Amaravati be retained as the capital of Andhra Pradesh.