Current Affairs Quiz - January, 2019

Notes:
As per 2nd schedule of the RBI Act of 1934, the ESAF Small Finance Bank (SFB) Ltd has got approval from Reserve Bank of India (RBI) to operate as a scheduled bank. This makes ESAF the fifth scheduled bank from Kerala after Federal Bank, South Indian Bank, Catholic Syrian Bank, and Dhanlaxmi Bank. Being a scheduled bank, ESAF can step up resource mobilisation through the issue of certificate of deposits and inter-bank borrowings at competitive rates of interest. The bank can also seek funds from trusts, associations, religious institutions and mutual funds. It will also enable the bank to avail higher refinance facility. It will also assume more responsibility for the implementation of government schemes and Aadhaar enrolment services. ESAF has a presence in urban, semi-urban, rural and unbanked rural areas with a network of 432 banking outlets across 13 States. The headquarters of ESAF is located at Thrissur, Kerala.

Notes:
Recently, the Delhi High Court has ruled that Section 354A of Indian Penal Code (IPC) can be used by transgender persons to register complaints of sexual harassment. The Section 354A of the IPC deals with sexual harassment and punishment for sexual harassment. The development came after a transgender student’s complaint of sexual harassment was not entertained by the police. The Delhi University student wanted to lodge a complaint against male students who allegedly sexually harassed her on the college campus. According to the police, there was a lack of an appropriate penal section under which they could register such a complaint. In it, the HC bench also allowed the petitioner to maintain anonymity and directed that the cause title would read, Anamika versus Union of India & Ors. The bench also stated that the Supreme Court’s National Legal Services Authority of India (NALSA) judgment of 2014 was gender neutral.

Notes:
President of Uzbekistan, Shavkat Mirziyoye has recently announced 2019 as the ‘Year of Active Investment and Social Development’ in the backdrop of proposed investments from India to boost economy of this Central Asian country, in his annual address to the Parliament. The President stated that concrete measures will be taken on creating an open economy, radically improving the business environment and investment climate, reducing the state presence in the economy. Activities on improving the health of the population will continue at a new level. He further stressed that investment was the driver of economy, new technologies, advanced experience and highly qualified specialists come with investments into all sectors and regions.

Notes:
Recently, German authorities approved an $8 billion rail and road tunnel linking Denmark and Germany, despite environmental objections. The project comprises a four-lane motorway and a two-track railway. It is part-funded by the European Union (EU). The 19 km Fehmarn Belt Fixed Link is a planned immersed tunnel that is proposed to connect the Danish island of Lolland with the German island of Fehmarn. It was due to be completed in 2024, but has been delayed by environmental protests in Germany. The link would cross over the Fehmarn Belt in the Baltic Sea – 18 km wide – hence providing a direct link by railway and highway between northern Germany and Lolland, and thence to the Danish island of Zealand and Copenhagen. Once completed, it will become the world’s longest road and rail tunnel, and will open new socio-economic opportunities on both sides of the border.

Notes:
The Union Cabinet has recently approved amendment to the Trade Unions Act of 1926 to make provisions regarding Recognition of Trade Unions. The amendment provides for insertion of section 10A in the principal Act to power centre and state governments to recognize trade unions and federation of Trade Unions at Central as well as State level. The proposed bill will also provides for insertion of clause (ba) in Section 29(2) of the Act, which empowers the centre and states to make regulations for manner of recognition of trade unions and deciding disputes in this regard. After the amendment Act is passed, the manner of recognition will be prescribed in the regulations. The present act provides for only registration of trade unions. Currently, there is no provision for recognition of unions in the Act.

Notes:
The Veer Savarkar International Airport in Port Blair has been declared as an authorized Immigration Check post for entry into/exit from India with valid travel documents for all classes of passengers. It was declared under sub-rule (b) of rule 3 of the Passport (Entry into India) Rules of 1950. This decision of the Union Government will open up the Port Blair Airport for direct international flight and immigration facilities. For this purpose, the Superintendent of Police (CID), Andaman and Nicobar Police has been appointed as the ‘Civil Authority’ at Port Blair airport for the purpose of the immigration check post. The Andaman and Nicobar Islands is a union territory and comes under the administrative control of the home ministry. Recently, the three islands of the Andaman and Nicobar archipelago have been renamed as a tribute to Netaji Subhas Chandra Bose. These are as follows: the Ross Island was renamed as Netaji Subhas Chandra Bose Dweep, the Neil Island as Shaheed Dweep and the Havelock Island as Swaraj Dweep.

Notes:
The Reserve Bank of India (RBI) has appointed an 8-member expert committee headed by former SEBI chairman U.K. Sinha to comprehensively review and propose long-term solutions for the economic and financial sustainability of the Micro, Small and Medium Enterprises (MSME) sector. The MSME sector has been facing stress due to the demonetisation exercise and implementation of GST. The panel would review the current institutional framework in place to support the MSME sector, and examine the factors affecting the timely and adequate availability of finance to the sector. The panel will also review existing MSME-focussed policies and their impact, and study the global best practices with respect to MSMEs and recommend their adoption in India. The committee will submit its report by the end of June 2019.

Notes:
The Ministry of Skill Development and Entrepreneurship (MSDE) hosted third edition of the National Entrepreneurship Awards (NEA) in New Delhi on January 4, 2019. The awards aim to recognize and honor outstanding young first-generation entrepreneurs and those who have contributed immensely in building the entrepreneurship ecosystem. Total of 43 awards will be presented this year. These include 39 awards for Young Entrepreneurs in different sectors and four awards for Entrepreneurship Ecosystem Builders. The winners will receive trophy, certificate and cash prizes ranging from Rs. 5 to 10 lakhs. There are special awards for women, persons with disability, scheduled castes, scheduled tribes and entrepreneurs from areas with limited opportunities. The NEA is a platform focused on driving innovation, ushering in a positive change for youth in entrepreneurship across all the industries. The awards will inspire and promote growth of entrepreneurs in India.

Notes:
C. H. Lokanath (91), a noted Indian Kannada language veteran stage and cine artist, has passed away in Bengaluru, Karnataka on 31st December 2018. He had acted in more than 1000 plays and 650 films. He is affectionately addressed as “Uncle Lokanath” or “Uppinakayi” by the industry people. Some of his noted characters he has played are: Galileo in “Galileo”, Rajaram in “Aspota”, Dr. Faustus in “Dr. Faustus”, Dushtabudhi in “Chandrahasa” and many such plays. His most famous films include “Bhootayyana Maga Ayyu”, “Collegu Ranga”, “Hosa Neeru” and Mane Mane Kathe. He has even acted in several episodes of Malgudi Days.

Notes:
HDFC Mutual Fund has surpassed ICICI Prudential MF to become the India’s largest Asset Management Company (AMC). As per the latest data available with Association of Mutual funds in India (Amfi), HDFC MF manages assets worth Rs 3.35 lakh crore, while ICICI Prudential MF stood at Rs 3.08 lakh crore as of December 2018. MFs are investment vehicles made up of a pool of funds collected from a large number of investors and invest in stocks, bonds and money market instruments, among others.