1. NBFCs (Syllabus: GS Paper 3 – Economy)

Context: Non-banking financial companies (NBFCs) need to diversify funding sources and reduce excessive reliance on banks as they pursue steady growth in loan book with robust asset quality and capital position, according to a Reserve Bank of India (RBI) study.

Non-Banking Financial Companies (NBFCs)

• About: NBFC is a company that provides loans, leases, insurance, and other financial services.
• Registered under: Companies Act, 1956.
• Objective: To help promote financial inclusion by extending credit and financial services to underserved population segments.
• Criteria for NBFC Licence: The corporation should be either a Limited Company or a Private Limited Company (PLC).

o The company's Net Owned Fund must be at least Rs. 2 crores.

• Examples of NBFCs: LIC Housing Finance, Bajaj Finance, Mahindra & Mahindra Financial Services, Tata Sons, Muthoot Finance, Tata Capital Financial Services, Aditya Birla Finance, and Bajaj Housing Finance.

Features of NBFCs

• NBFC cannot accept demand deposits.
• NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself.
• Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs.
• Foreign investment is allowed up to 100% in NBFCs.

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2. MINIMUM EXPORT PRICE (Syllabus: GS Paper 3 – Economy)

Context: Recently, due to the Centre's decision to establish a minimum export price (MEP) of $1,200 per tonne, farmers from Haryana, Punjab, and western Uttar Pradesh have been witnessing a potential loss of ₹8,000-10,000 per acre for their new basmati rice crop.

Minimum Export Price

• About: It is the price below which an exporter is not allowed to export the commodity from India. 

o It is a kind of quantitative restriction to trade and is a short term measure.

o It was first implemented on basmati rice in FY11 to deter exports.

• Reason for its Imposition: Rising domestic retail/ wholesale price or production disruptions in the country.
• Benefits: It stabilize domestic prices, meet domestic demand, prevent black marketing and hording, and protects domestic consumers.
• Ineffectiveness of this measure: It is seen as an outdated concept as it gets easily circumvented e.g.,

o It is duped easily by invoicing at or above MEP for the record but actually pricing and selling the good at prevailing market price.

o Depending on the pre-agreed arrangements, the price differential is later adjusted through future transactions or quality claims.

• Legal backing: The Foreign Trade (Development And Regulation) Act, 1992 allows the Central Government from time to time to formulate and announce the export and import policy and may also, in the like manner, amend that policy.

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3. SOVEREIGN GOLD BONDS SCHEME (Syllabus: GS Paper 2 – Government Scheme)

Context: Recently, India's central bank conducted the most recent issuance of the Sovereign Gold Bonds (SGB) scheme, through which the government offers bonds tied to the price of gold to investors.

Sovereign Gold Bonds (SGB) Scheme

• Introduced: In November 2015
• Issued by: Reserve Bank of India on behalf of the Government of India.
• Aim: To reduce the demand for physical gold and shift a part of the gold imported every year for investment purposes, into financial savings through Gold Bonds.
• Eligibility: SGBs will be restricted for sale to resident individuals, HUFs (Hindu Undivided Family), Trusts, Universities and Charitable Institutions.
• Tenor: The tenor of the SGB will be for a period of eight years with an option of premature redemption after 5th year.
• Minimum size: The minimum permissible investment will be One gram of gold.
• Maximum limit: The maximum limit of subscription shall be 4 Kg for individuals, 4 Kg for HUF, and 20 Kg for trusts and similar entities per fiscal year (April-March) notified by the Government from time to time.
• Joint holder: In case of joint holding, the investment limit of 4 Kg will be applied to the first applicant only.

Gold Monetization Scheme (GMS): It was launched in 2015 by replacing Gold Deposit Scheme (GDS).

• Objective: To mobilize gold held by households and institutions of the country and facilitate its use for productive purposes, and in the long run, to reduce country’s reliance on the import of gold.
• It comprises of the previous 'Gold Deposit Scheme’ and the 'Gold Metal Loan’ scheme, revamped and linked together in GMS.

Revamped Gold Deposit Scheme (R-GDS): It is a fixed deposit in the gold. The customers can deposit their idle gold under it which will provide them safety, interest earnings, etc.

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4. AYUSHMAN BHAV (Syllabus: GS Paper 2 – Government Scheme )

Context: Recently, the "Ayushman Bhav" campaign has been actively working on expanding awareness and providing comprehensive coverage for the PM-JAY program.

Ayushman Bhav

• About: It is a significant stride towards achieving Universal Health Coverage (UHC) and providing accessible and affordable healthcare to underserved populations.
• Aim: To deliver healthcare services to the remotest corners of India, playing a pivotal role in achieving the campaign’s ambitious objectives.
• The campaign adopts a multi-ministerial approach to extend healthcare services to remote areas, emphasizing community involvement through Gram Panchayats.
• Components:

o Ayushman – Apke Dwar 3.0.

o Ayushman Melas at Health and Wellness Centres (HWC) and Community Health Clinics (CHC).

o Ayushman Sabhas in every village and panchayat.

Ayushman Bharat Scheme

• Launch: 2018
• Objective: Universal Health Coverage and Financial Protection
• Components: Pradhan Mantri Jan Arogya Yojana (PM-JAY), Health and Wellness Centers (HWCs)
• Target Beneficiaries: Economically disadvantaged families, rural populations, vulnerable communities
• Coverage: Health insurance for eligible families, covering various medical expenses
• Services Offered: Comprehensive healthcare services, including preventive, promotive, and curative care
• Vision: To make healthcare a fundamental right for all Indian citizens

Universal health coverage (UHC): According to WHO, Universal health coverage (UHC) means that all people have access to the full range of quality health services they need, when and where they need them, without financial hardship. It covers the full continuum of essential health services, from health promotion to prevention, treatment, rehabilitation and palliative care.

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5. OLD PENSION SCHEME (OPS) (Syllabus: GS Paper 2– Government schmes)

Context: The states, which revert to the Old Pension Scheme (OPS) could face "unsustainable" fiscal stress, says an article in the Reserve Bank of India.

Old Pension Scheme (OPS)

• About: The scheme assures life-long income, post-retirement. 

o It is also known as the “Defined Benefit Scheme,” providing government employees with 50 percent of their basic salary to secure their future.

• Amount of pension derived: 50 per cent of the last drawn salary
• Avail: Only government employees
• Scheme was discontinued: in 2004

New Pension Scheme (NPS)

• About: This pension programme is open to employees from the public, private, and even the unorganized sectors except those from the armed forces.
• Introduced by: Central government in April 2004.
• Objective: To invest in a pension account at regular intervals during the course of their employment.
• Nodal agency: Pension Fund Regulatory and Development Authority (PFRDA)
• Eligibility: Any Indian citizen between 18 and 60 years can join NPS.
• NRIs (Non-resident Indians) are also eligible to apply for NPS.
• Permanent Retirement Account Number (PRAN): Every NPS subscriber is issued a card with a 12-digit unique number called PRAN.
• Minimum contribution in NPS: The subscriber has to contribute a minimum of Rs. 6,000 in a financial year.

National Pension Scheme (NPS)

• About: It voluntary retirement savings scheme is a.
• Launched by: Government of India in 2004.
• Administered by: Pension Fund Regulatory and Development Authority (PFRDA).
• Objective: To provide a pension income to individuals upon their retirement.

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6. RED-NECKED PHALAROPE (Syllabus: GS Paper 3– Env & Eco)

Context: Recently, a group of birders who visited Kurichi Tank in Coimbatore spotted a Red-necked phalarope (Phalaropus lobatus).

Red-Necked Phalarope

• About: It is a fairly small shorebird known for spinning frantically on water to stir up small invertebrates.
• Geographic Distribution: Coastal regions of the Arctic Ocean, ranging south to the Aleutian Islands and northwest to Britain.

o In the winter, they spend the majority of their time in the ocean.

o During the non-breeding season, these phalaropes can be located off central-west South America, in the Arabian Sea, and across central Indonesia to western Melanesia.

• Appearance and Behavior: These birds primarily feed on small aquatic invertebrates and plankton.

o Their feeding behavior involves spinning rapidly on the water's surface, which is thought to help bring prey within their feeding range.

o Female red-necked phalaropes exhibit brighter plumage than males.

o During the breeding period, they develop chestnut-red plumage from behind the ear to the undersides of the neck.

• IUCN Status: Least concern

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7. WOMEN’S RESERVATION BILL (Syllabus: GS Paper 2 – Polity)

Context: Recently, the Women's Reservation Bill (WRB) was approved by the Union Cabinet in a pivotal meeting chaired by the Prime Minister of India.

Women's Reservation Bill: History

• May 1989: Former Prime Minister Rajiv Gandhi introduced the Constitution Amendment Bill, proposing one-third reservation for women in rural and urban local bodies.
• 1992-1993: Prime Minister P.V. Narasimha Rao reintroduces Constitution Amendment Bills 72 and 73, reserving one-third (33%) of seats and chairperson posts for women in local bodies.
• September 12, 1996: Deve Gowda-led United Front government introduces the 81st Constitution Amendment Bill in Lok Sabha.
• 1998-2003: Atal Bihari Vajpayee-led NDA government attempts to pass the Women's Reservation Bill multiple times without success.
• 2004: During Manmohan Singh-led UPA government-1, the Women's Reservation Bill is included in the Common Minimum Programme.

Women's Reservation Bill (WRB)

• The Constitution 108th Amendment Bill, 2008: This bill seeks to reserve 33 percent of seats in the Lok Sabha and state legislative assemblies for women.
• According to the bill, one-third of the total number of seats reserved for Scheduled Castes and Scheduled Tribes will be reserved for women from those groups. 

o These reserved seats may be allotted by rotation to different constituencies in the state or union territory.

• Duration: The bill says that the reservation of seats for women shall cease to exist 15 years after the commencement of the amendment act.

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8. HOYSALA TEMPLES (Syllabus: GS Paper 1 – Art & Culture)

Context: Recently, the Hoysala temples at Belur, Halebidu, and Somanathapur in Karnataka were granted UNESCO World Heritage Site status, a development that promises to enhance their global visibility and potentially boost international tourism to these sites.

Hoysala Temples

• The Sacred Ensembles of Hoysala were constructed during the 12th and 13th centuries.
• 3 key components: Belur, Halebid, and Somnathpur.

Chennakeshava Temple – Belur

• About: It is also referred to as the Vijayanarayana Temple of Belur.
• It is a 12th-century Hindu temple in Karnataka.
• Commissioned by: King Vishnuvardhana in 1117 CE, on the banks of the Yagachi River in Belur also called Velapura, an early Hoysala Empire capital.
• Devoted to: Lord Vishnu.

Hoysaleshwara Temple- Halebid

• About: This temple referred to simply as the Halebidu temple is a 12th-century Hindu temple Dedicated to: Lord Shiva.
• The temple was built in 1121 CE during the reign of the Hoysala King, Vishnuvardhana Hoysaleshwara.
• Famous for: More than 240 wall sculptures that run all along the outer wall.

Keshava Temple- Somanathapura

• This is a Vaishnava temple on the banks of River Kaveri at Somanathapura, Karnataka.
• The temple was consecrated in 1258 CE by Somanatha Dandanayaka, a general of the Hoysala King Narasimha III.

UNESCO

• Formation: 1945, is a specialized agency of the United Nations (UN) based in Paris.
• Objective: It works to achieve peace and security by promoting international collaboration through educational, scientific, and cultural reforms.
• Members: 195 member states and 10 associate members. India is a founding member of the Organization.
• Headquarters: Paris, France.

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9. YASHOBHOOMI (Syllabus: GS Paper 3 – Economy-Infrastructure)

Context: The Prime Minister of India recently inaugurated the India International Convention Centre first phase, Yashobhoomi, in New Delhi's Dwarka.

Yashobhoomi

• About: It is also known as the India International Convention and Expo Centre (IICC), is a contemporary convention centre.
• Situated in:  Dwarka, New Delhi.

o It ranks among the world's largest MICE (Meetings, Incentives, Conferences, and Exhibitions) destinations.

• Objective: To elevate India’s reputation in hosting conferences, conventions, and exhibitions by offering world-class infrastructure for such gatherings
• Facility: Convention Center, multiple Exhibition halls, and various amenities.
• Convention Center: Covering more than 73 thousand square meters, it houses 15 convention rooms, including the Main Auditorium, the Grand Ballroom, and 13 meeting rooms, accommodating up to 11,000 delegates.

o Yasho Bhoomi boasts the largest LED media facade in the country.

• Sustainability Features: Wastewater treatment system, rainwater harvesting, Platinum certification from CII’s Indian Green Building Council (IGBC).

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10. SAMUDRA PRAHARI (Syllabus: GS Paper 3 – Sci & Tech/Disaster Management)

Context: The Indian Coast Guard Ship (ICGS) Samudra Prahari is presently deployed on an overseas mission encompassing ASEAN nations.

Samudra Prahari

• About: It's an Indian Coast Guard Ship (ICGS) specifically designed for pollution control. It stands as Southeast Asia's inaugural pollution control vessel.
• Features 

o It is equipped with the most advanced pollution Response and Control equipment for mitigating oil spills in the Exclusive Economic Zone.

o The ship incorporates tanks and inflatable barges for oil spill storage.

o Storage Capacity: 500 KL, the vessel enables unhindered oil recovery operations.

o It is engineered to accommodate a twin-engine Advanced Light Helicopter and Chetak helicopter operations and embarkation.

o Noteworthy attributes include an integrated platform management system, power management system, a high-power external firefighting system, and an indigenous gun mount with a firefighting system.

o The ship boasts unmanned machinery operation capabilities.

ASEAN

• Established: 8 August 1967 in Bangkok, Thailand
• Founding Members: Indonesia, Malaysia, Philippines, Singapore and Thailand.
• ASEAN Members: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.
• India is not a member of ASEAN

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