Important Extracts from The Hindu: 12 June 2017

Bengaluru's tech link to ICC Champions Trophy

  • A Bengaluru based startup, Speculur has made a device 'BatSense' 
  • This startup has tied up with the Intel as its technology partner. 
  • ICC is using this device in the ongoing ICC Champions Trophy. 
  • Use of the device: The tiny device has the size of a Rs. 5 coin and inserted in the bat handle in a sleeve — helps capture and record vital details such as the number of balls played, bat lift angle, maximum bat speed, and follow through angle, among others. 

Limaye to quit BCCI post, to head NSE

  • Veteran banker Vikram Limaye will quit the Committee of Administrators (CoA) for the BCCI on July 14 to take over as the Managing Director and CEO of the National Stock Exchange (NSE) 
  • The Securities and Exchange Board of India (SEBI) has cleared Mr. Limaye’s appointment, provided he gives up his role in the cricket panel 

Vocab from the Article

Relinquish: voluntarily cease to keep or claim; give up.
As used in the Article: “Vikram is very much a part of the CoA as of now. Obviously, once the Supreme Court reopens, he will have to relinquish his role in the CoA since he will be heading the NSE. Till July 14, he is a part of the CoA. After that, he will appeal to the Supreme Court to be relieved of his duties,” Mr. Rai told PTI on Sunday.

India, Israel set to expand defence ties

  • After long negotiations between India and Israel, the two countries are close to concluding a deal for Spike Anti-Tank Guided Missiles. 
  • Also, India and Israel are celebrating 25 years of their diplomatic relations. India established full diplomatic ties with Tel Aviv on January 29, 1992. 

BIZ-ONGC-ACQUISITION

  • State-owned Oil and Natural Gas Corp (ONGC) is keen to acquire India’s third-biggest fuel retailer HPCL in a Rs. 42,254 crore deal 
  • Following up on the Finance Minister’s Budget announcement of creating an integrated oil company, ONGC evaluated options of acquiring either Hindustan Petroleum Corp Ltd (HPCL) or Bharat Petroleum Corp Ltd (BPCL). 

Finance Ministry debating bad bank concept: Jaitley

  • Finance Minister Arun Jaitley on Sunday said that he had been discussing the two concepts introduced in this year’s Economic Survey — Universal Basic Income (UBI), and the creation of a bad bank — with Chief Economic Adviser Arvind Subramanian 
  • UBI: A basic income is a form of social security in which all citizens or residents of a country regularly receive a regular, unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere. 
  • Bad Bank or ARC: An asset reconstruction company is in the business of acquiring Non-performing assets (NPAs). The Banks and an ARC get into an agreement in which the ARC take over the NPAs from the Banks Balance Sheet at a certain amount, lower than the Book Value. After this process, the particular ARC try to recover this amount from the borrowers. 

Vocab from the Article

Expedite: make (an action or process) happen sooner or be accomplished more quickly
As used in the Article: “This year also, the Economic Survey initiated a very important idea as to how do we subsidise… substitute the entire set of subsidies... we want to replace it by a Universal Basic Income and that UBI expedites their pulling out of the present state of poverty that they live in,” the Finance Minister said during the event.
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