Monthly Current Affairs Quiz - November, 2018

Notes:
Recently, the 19th meeting of the Financial Stability and Development Council (FSDC) held under the Chairmanship of the Union Finance Minister Arun Jaitley reviewed the current global and domestic economic situation and financial sector performance. Apart from liquidity in NBFCs (segmental liquidity position and in mutual fund space), the FSDC discussed on various economic issues ranging from oil prices, rupee, inflation to improving cyber security in the financial sector including “progress made towards setting up of a Computer Emergency Response Team in the Financial Sector (CERT-Fin) under a Statutory Framework”. The FSDC is an apex-level body to strengthen and institutionalise the mechanism of maintaining financial stability, financial sector development, inter-regulatory coordination along with monitoring macro-prudential regulation of economy.

Notes:
Noted Malayalam writer M Mukundan has been selected for 2018 Ezhuthachan Puraskaram, the highest literacy prize of the Kerala government. The award, which carries a cash prize of Rs five lakh and citation, is being given for his overall contributions to the language and literature. His popular works inlcude ‘Mayyazhippuzhayude Theerangalil’, ‘Kesavante Vilapangal’, ‘Delhi Gadhakal’, ‘Appam Chudunna Kunkiyamma’ and ‘Lesli Achante Kadangal’.

Notes:
S S Deswal, a 1984 batch IPS officer of Haryana cadre, has been appointed as the new Director General (DG) of Indo-Tibetan Border Police (ITBP) for a period up to his superannuation on August 31, 2021. He succeeded R K Pachnanda. Prior to this post, Deswal was the DG of the Sashastra Seema Bal (SSB). The ITBP was raised on 24 October 1962 under the CRPF Act, in the wake of the Sino-Indian War of 1962. It is one of the five Central Armed Police Forces of India. Apart from its primary task of guarding the 3,488-km India-China border, where ITBP troops are deployed at freezing heights of up to 18,700 feet, the paramilitary force is tasked with rendering a variety of duties in the internal security domain, including undertaking anti-Naxal operations in Chhattisgarh.

Notes:
Justice Debasish Kar Gupta has recently been sworn-in as the new chief justice of the Calcutta High Court. It is the oldest High Court in India and has jurisdiction over the state of West Bengal and the Union Territory of the Andaman and Nicobar Islands. The seat of the High Court is Kolkata, capital of West Bengal. The High Court building’s design is based on the Cloth Hall, Ypres, in Belgium.

Notes:
The Reserve Bank of India (RBI) has recently permitted banks to grant Partial Credit Enhancement (PCE), or a partial guarantee, to bonds issued by systematically important non-deposit taking Non-Banking Financial Companies (NBFC-ND-SIs) registered with the Reserve Bank of India and Housing Finance Companies (HFCs) registered with National Housing Bank. The move is aimed at enhancing the credit rating of the bonds and enabling these NBFCs to access funds from the bond market on better terms. PCE is expected to help NBFCs and HFCs raise money from insurance and provident or pension funds who invest only in highly-rated instruments. The proceeds from the bonds, whose tenor cannot be less than three years, backed by PCE from banks can only be utilised for refinancing the existing debt. The central bank has restricted the exposure of a bank through PCEs to bonds issued by each such NBFC or HFC to 1% of capital funds of the bank within the current single and group borrower exposure limits.

Notes:
Recently, the first-ever India-US Dialogue On Intellectual Property (IP) was launched in New Delhi to deepen bilateral strategic cooperation on IP policy. The dialogue was launched by US Chamber of Commerce’s Global Innovation Policy Center (GIPC) and FICCI in partnership with the US-India Business Council. It will be convened annually, alternating between New Delhi and Washington DC. The dialogue aims to identify solutions, and also share technical knowledge and expertise. The US-India Business Council, which was formed in 1975, is a business advocacy organisation comprised of 350 top-tier US and Indian companies advancing US-India commercial ties.

Notes:
The Reserve Bank of India (RBI) has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies. The PCR will also include data from entities like market regulator SEBI, the Ministry of Corporate Affairs, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) to enable the banks and financial institutions to get 360 degree profile of existing and prospective borrowers on a real-time basis. The central bank has invited expression of interest for developing the registry from companies with a turnover of over 100 crore rupees in the last three years. The PCR would be the single point of mandatory reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower. Currently, there are multiple granular credit information repositories in India, with each having somewhat distinct objectives and coverage.

Notes:
The Internet and Mobile Association of India (IAMAI) has formed a new industry expert committee to develop and promote an augmented reality/virtual reality (AR/VR) ecosystem in India. The committee is chaired by Namrita Mahindro, Senior General Manager of digital transformation in Mahindra Group and co-chaired by Satyajeet Singh, Head –Strategic Product Partnership, India and South Asia, Facebook. The committee is a step in IAMAI’s efforts to evangelise the nascent technology’s ability to drive economic growth, job creation, and skill development in the country. The agenda of the committee will include nurturing India’s AR/VR technology and talent ecosystem, in particular by driving Skill Development; engaging with business, industry and government to evangelize acceptance of the technology and helping drive training workshops to familarise potential users with technology and build use cases, in key sectors.

Notes:
In Tennis, Karen Khachanov has lifted the Who of the following lifted the 2018 Men’s Singles title at the Rolex Paris Masters with a stunning win over World No. 2 Novak Djokovic. In the title clash, Khachanov defeated Djokovic in straight sets by 7-5, 6-4 to end the Serb’s 22-match unbeaten run. With the victory, Khachanov has become the first Russian since Nikolay Davydenko in 2009 to win a Masters 1000 title.

Notes:
The Supreme Court of India (SCI) has recently given nod for a separate High Court for Andhra Pradesh and it will start functioning from 1st January 2019. It will be the 25th high court in the country and will initially function from a temporary structure till the permanent building comes up in the ambitious Justice City complex in the State’s capital Amaravati. Since the bifurcation of the State on June 2, 2014, Andhra Pradesh and Telangana have had a common high court situated at Hyderabad. The existing court will from next year be known as the Telangana High Court.