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Weekly Current Affairs 1st To 7th December 2019

Weekly Current Affairs 1st To 7th December 2019

International News

20th Hornbill Festival

  • The Hornbill Festival is a 10 Day festival (a celebration held every year from 1 to 10 December) that began with the traditional blessing pronounced by Mongtei of Aniashu village by beating the traditional gong.
  • Nagaland Governor R N Ravi was the chief host of the festival, while Chief Minister Neiphiu Rio was the host.

Uyghur Human Rights Policy Act

  • Uighurs are a predominantly Muslim Turkic ethnic group originating from and culturally affiliated with the general region of Central and East Asia.
  • The Uighurs have been recognized as native to only one region, the Xinjiang Uyghur Autonomous Region of the People's Republic of China.

National News

Nationwide Vaccination Drive

  • The central government has announced to launch a nationwide vaccination drive to prevent eight diseases under Intensified Mission Indradhanush 2.0 across the country.
  • Children under the age of 2 years and pregnant women are covered under the government's flagship scheme against the eight vaccine-preventable diseases.

Political Parties Registration Tracking Management System

  • The Election Commission of India has issued new guidelines for the system and process of registration of political parties.
  • The new system is named as the “Political Parties Registration Tracking Management System” (PPRTMS).

Anaemic Mukt Bharat(AMB) Strategy

  • Harsh Vardhan Minister of Health and Family welfare told in Lok Sabha that “58.5% of children between the age of 6 months to 59 months are affected by Anaemia”.
  • He also added that 53.1% of women between 15-49 years are also anaemic.

S&P reaffirmed India's rating at 'BBB-'

  • Rating Agency Standard & Poor's Financial Services LLC (S&P) has reaffirmed the Sovereign Credit Rating of India at ‘BBB-‘.
  • The economic slowdown is cyclical rather than structural.

Women Help Desks in Police Stations

  • Union Home Ministry has sanctioned a sum Rs 100 crore from Nirbhaya Fund for setting up Women Help Desks in Police Stations.
  • The Help Desk would consist of experts like lawyers, psychologists and NGOs to facilitate legal aid, counselling, shelter, rehabilitation and training.

India’s Top 10 Police Stations for 2019

  • The Ministry of Home Affairs has released the list of 10 best performing Police stations from across the country.
  • Prime Minister while addressing the DGPs during the 2015 Conference in Kutch, Gujarat had directed to do grading and ranking of Police Stations.

Banking

November GST Revenue Collection

  • The total revenue earned by Central Government and the State Governments after regular settlement in the month of November 2019 is Rs 44,742 crore for CGST and Rs 44,576 crore for the SGST.
  • Highest growth during the year of 12% is seen in the GST collection on domestic transactions.

NCLT admits Bankruptcy Resolution for DHFL

  • The Mumbai bench of National Company Law Tribunal (NCLT) has admitted an RBI petition seeking bankruptcy resolution for Dewan Housing Finance (DHFL) under the Insolvency and Bankruptcy Code (IBC), 2016.
  • Rule 5 (a) (i) of the Insolvency and Bankruptcy Rules, 2019 prescribes that Corporate Insolvency Resolution Process (CIRP) can be initiated against Financial Service Providers (FSP) committing default upon an application made by the Appropriate Regulator.

RBI 5th bi-monthly Monetary Policy

  • The Monetary Policy Committee (MPC) is a six-member committee, headed by Governor Shaktikanta Das.
  • The RBI has reduced the repo rate by 135 basis points between February and October 2019.

RBI to amend regulatory Guidelines for UCBs

  • The guidelines would primarily relate to Exposure norms for single and group/interconnected borrower, promotion of financial inclusion and priority sector lending.
  • RBI has also decided to bring UCBs with assets of 500 crore rupees and above under the Central Repository of Information on Large Credits - CRILC reporting framework to strengthen off-site supervision and early recognition of financial distress.

RBI tightens Norms for ARCs

  • RBI has put a restriction on the ARCs from buying financial assets from its sponsor firms and lenders (bank or financial institution) on a bilateral basis.
  • Asset Reconstruction Company (India) (Arcil), which is sponsored by State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB) and IDBI Bank is likely to be affected the most.

Availability of NEFT on a 24x7 basis

  • The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to the originating bank will continue.
  • NEFT transactions would be done through automated transactions initiated using ‘Straight Through Processing (STP)’ modes, after the usual banking hours of banks.

RBI imposed monetary Penalty on Andhra Bank

  • Deficiencies in regulatory compliance of the bank were found in an examination of current accounts opened by two entities in Andhra Bank.
  • RBI came to the conclusion of imposing a monetary penalty after considering the reply from the bank and personal hearing as to why penalty should not be imposed for non-compliance with the directions.
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