Current Affairs for Engineering Service Exam
- National and International Issues on
- Economic Development
- Social Development
- Industrial Development
- Energy and Environment
- Information and Communication Technology
- General Knowledge
Topic 1:Economic development
Ways and Means Advances (WMA)
The Reserve Bank of India (RBI) in consultation with the government of India has set the limits for Ways and Means Advances (WMA) for the first half of the financial year 2019-20 (April 2019 to September 2019) at Rs 75000 crore.
What is WMA?
- The Reserve Bank of India gives temporary loan facilities to the centre and state governments as a banker to government.
- The scheme was designed to meet temporary mismatches in the receipts and payments of the government.
- This facility can be availed by the government if it needs immediate cash from the RBI.
- The WMA is to be vacated after 90 days. Interest rate for WMA is currently charged at the repo rate.
- The limits for WMA are mutually decided by the RBI and the Government of India.
The WMA for the Central Government:
- The WMA scheme for the Central Government was introduced on April 1, 1997, after putting an end to the four-decade old system of adhoc (temporary) Treasury Bills to finance the Central Government deficit.
WMA Scheme for State Governments:
- Under the WMA scheme for the State Governments, there are two types of WMA – Special and Normal WMA.
- Special WMA is extended against the collateral (mortgaging) of the government securities held by the State Government.
- After the exhaustion of the special WMA limit, the State Government is provided a normal WMA. The normal WMA limits are based on three-year average of actual revenue and capital expenditure of the state. The withdrawal above the WMA limit is considered an overdraft.
- A State Government account can be in overdraft for a maximum 14 consecutive working days with a limit of 36 days in a quarter.
- The rate of interest on WMA is linked to the Repo Rate.
- Surplus balances of State Governments are invested in Government of India 14-day Intermediate Treasury bills in accordance with the instructions of the State Governments.
Read more at: Hindu Businessline
Public Sector Banks (PSBs) may now use provisions of Project Sashakt to deal with economically unviable projects where lenders could still initiate corporate insolvency proceedings if there is no other mode of resolution within 180 days.
- Under the aegis of Project Sashakt, 35 banks have signed an inter-creditor agreement (ICA), which provides the framework to resolve assets through a bank-led resolution approach (BLRA).
- Under the agreement, if the lead bank is unable to implement a resolution plan in 180 days, the assets will then move to the National Company Law Tribunal (NCLT) process.
- The Supreme Court, in its judgement held the Reserve Bank of India (RBI) directions issued on the treatment of defaults as ‘ultra vires,’ or not valid in respect to the existing legal framework.
- In its ‘Resolution of Stressed Assets–Revised Framework’, the RBI had called on lenders to identify assets “immediately on default,” beginning with loans on which any amount was due from one to 30 days.
What is Project Sashakt?
- Project Sashakt was proposed by a panel led by PNB chairman Sunil Mehta.
- Bad loans of up to ₹ 50 crore will be managed at the bank level, with a deadline of 90 days.
- For bad loans of ₹ 50-500 crore, banks will enter an inter-creditor agreement, authorizing the lead bank to implement a resolution plan in 180 days, or refer the asset to NCLT.
- For loans above ₹ 500 crore, the panel recommended an independent asset management company (AMC), supported by institutional funding through the alternative investment fund (AIF).
- The idea is to help consolidate stressed assets.
Read more at: Livemint
Topic 1:Industrial development
NuGen Mobility Summit 2019
The International Centre for Automotive Technology (ICAT) is organizing a NuGen Mobility Summit, 2019, at Manesar, NCR, from 27th to 29th November 2019.
The objective of the Summit :
To share new ideas, learnings, global experiences, innovations and future technology trends for faster adoption, assimilation and development of advanced automotive technologies for a smarter and greener future.
- The event will help in building a platform for bringing together all stakeholders in the automotive industry to understand global advancements in technologies.
- The Summit is being organized in association with SAENIS, SAE INDIA, SAE International, NATRiP, DIMTS, Department of Heavy Industry, Ministry of Road Transport and Highways, SIAM and ACMA
- The event aims to bring together the automotive OEMs, professionals, researchers, academic experts, vehicle system suppliers, test equipment supplier, quality managers, product planners, component developers, SAE members and students from all over the world.
- ICAT Manesar is a division of NATRIP Implementation Society (NATIS) under the Department of Heavy Industries, Government of India.
- It provides services for testing, validation, design and homologation of all categories of vehicles and has a mission to assist the automotive industry in adopting cutting edge technologies in vehicle evaluation and component development to ensure reliability, durability and compliance to the current and future regulations in new generation mobility solutions.
Read more at :PIB
Topic 3 : ICT
WhatsApp unveils ‘Checkpoint Tipline’
WhatsApp unveiled its ‘Checkpoint Tipline’, where people can check the authenticity of information received as the messaging giant looks to crack down on fake news ahead of the general election in the country.
- Launched by PROTO, an India-based media skilling startup, this tipline will help create a database of rumours to study misinformation during elections for Checkpoint – a research project commissioned and technically assisted by WhatsApp.
How does it works?
- Users in India can submit misinformation or rumours they receive to the Checkpoint Tipline on WhatsApp (+91-9643-000-888).
- Once a WhatsApp user shares a suspicious message with the tipline, PROTO’s verification centre will seek to respond and inform the user if the claim made in a message shared is verified or not.
- The response will indicate if the information is classified as true, false, misleading, disputed or out of scope and include any other related information that is available.
- The verification centre, in turn, will be able to review rumors in the form of pictures, video links or text. Apart from English, it will cover four regional languages – Hindi, Telugu, Bengali and Malayalam.
- PROTO will also look at working with organisations at the grassroots level to submit misinformation circulating across different regions in India during the election period.
- The initiative will help create global benchmarks for those wishing to tackle misinformation in their own markets.
Read more at: Businesstoday