Current Affairs for Engineering Service Exam
Video lectures for ESE prelims 2020
- National and International Issues on
- Economic Development
- Social Development
- Industrial Development
- Energy and Environment
- Information and Communication Technology
- General Knowledge
Topic 1:Economic development
Unified Payments Interface
The Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI) and some industry players from April 2018 to March 2019 shows that not only is the UPI platform outperforming e-wallets in terms of the value of transactions done, but it is also eating away at e-wallets’ market share in specific areas such as person-to-merchant (P2M) transactions.
What is UPI?
- Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
- It caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
Why UPI is outperforming e- wallets?
- People are changing the way they transact, choosing bank-to-bank methods such as the Unified Payments Interface (UPI) over other instruments such as e-wallets.
- The UPI is completely interoperable and as such, it is unique in the world, where you have an interoperable system on the ‘send’ and ‘receive’ side.
Read more at: The Hindu
Topic 1:Industrial development
World’s Largest Plane
The world’s largest aircraft took off over the Mojave Desert in California, the first flight for the carbon-composite plane built by Strato launch Systems Corp.
- The white airplane called Roc, which has a wingspan the length of an American football field and is powered by six engines on a twin fuselage.
- The plane can be used to launch satellites.
- It has a wingspan the length of an American football field and is powered by six engines on a twin fuselage.
- It is carbon-composite plane.
Read more at: ET
Topic 2 : Environment
Yangtze Giant Softshell Turtle
The last female of rare Yangtze Giant Softshell turtles died in China.
- The only known female member of one of the world’s rarest turtle species has died at a zoo in southern China.
- The animal was one of four Yangtze giant softshell turtles known to be remaining in the world.
- The turtle was over 90 years old and had undergone a fifth attempt at artificial insemination shortly before she died.
- The species is often referred to as the most endangered turtle in the world.
- Loss of habitat and poaching are among the reasons for the decline of the species’ population.
Read more at: Hindustantimes
Topic 3 : ICT
The National Payments Corporation of India (NPCI) is considering using highly scalable blockchain solution to further strengthen digital payments, which have seen an exponential growth in recent times.
What is Blockchain?
- A blockchain is a list of records, linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
- At the basic level, a blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable manner.
- Data security is there as data stored in a block cannot be changed without altering subsequent blocks.
- As per a recent report of global consultancy firm PwC, India would be one of the world’s blockchain leaders by 2023.
- Blockchain stores information about transactions between users in a way that can be tracked by any user for forever for maximum transparency.
- This gives visibility which can lead to greater efficiency by automating or confirming transactions and increasing liquidity in the supply chain
- The National Payments Corporation of India (NPCI) is an umbrella organisation for all retail payments in India.
- It was set up with the guidance and support of the Reserve Bank of India and the Indian Banks Association (IBA).
- NPCI provides services like cheque clearance and facilitates digital payments.
- It has developed Unified Payments Interface (UPI), an instant payment system.
Read more at: Businesstoday