[MISSION 2022] INSIGHTS CURRENT AFFAIRS ( 3 November 2021) REVISION THROUGH MCQS

Ans: (a)

Explanation:

• PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.
• The RBI introduced the PCA framework in 2002 as a structured early-intervention mechanism for banks that become undercapitalised due to poor asset quality, or vulnerable due to loss of profitability.
• It aims to check the problem of Non-Performing Assets (NPAs) in the Indian banking sector.
• The framework was reviewed in 2017 based on the recommendations of the working group of the Financial Stability and Development Council on Resolution Regimes for Financial Institutions in India and the Financial Sector Legislative Reforms Commission.

Refer: https://www.insightsonindia.com/2021/11/03/rbi-issues-revised-pca-framework-for-banks/

Ans: (b)

Explanation:

• The PCA framework is applicable only to commercial banks and not extended to co-operative banks, non-banking financial companies (NBFCs) and FMIs.
• The framework will apply to all banks operating in India including foreign banks operating through branches or subsidiaries based on breach of risk thresholds of identified indicators.

Refer: https://www.insightsonindia.com/2021/11/03/rbi-issues-revised-pca-framework-for-banks/

Ans: (c)

Explanation:

• The RBI had set up a committee headed by Sudarshan Sen to undertake a comprehensive review of the working of asset reconstruction companies (ARCs) in the financial sector ecosystem and recommend suitable measures for enabling them to meet the growing requirements.

Refer: https://www.insightsonindia.com/2021/11/03/rbi-panel-on-arcs/

Ans: (d)

Explanation: One Sun, One World, One Grid

• This initiative was announced on the second day of COP26 by India and the United Kingdom to tap solar energy and have it travel seamlessly across borders.
• About the initiative:
  • The initiative brings together the International Solar Alliance and the UK’s green grid initiative and complements India’s focus on harnessing the sun’s energy.
  • The grid will be set up over the next few years by the International Solar Alliance (ISA), another initiative authored by India initially, to transport solar power to different countries.
  • The vision behind the OSOWOG is ‘The Sun Never Sets’ and is a constant at some geographical location, globally, at any given point of time.

Refer: https://www.insightsonindia.com/2021/11/03/one-sun-one-world-one-grid/

Ans: (a)

Explanation: Infrastructure for Resilient Island States

• This initiative has been launched by India for developing the infrastructure of small island nations vulnerable to climate change.
• The new initiative is the result of cooperation between India, the U.K. and Australia and included the participation of leaders of small island nations such as Fiji, Jamaica and Mauritius.
• Implementation: The IRIS initiative is a part of the Coalition for Disaster Resilient Infrastructure (CDRI) that would focus on building capacity, having pilot projects, especially in small island developing states.

Refer: https://www.insightsonindia.com/2021/11/03/infrastructure-for-resilient-island-states/

Ans: (a)

Explanation: About CDRI:

• Launched by Modi in September 2019 at the UN Secretary-General’s Climate Action Summit in New York, US.
• It is a platform where knowledge is generated and exchanged on different aspects of disaster and climate resilience of infrastructure.
• It will create a mechanism to assist countries to upgrade their capacities and practices, with regard to infrastructure development in accordance with their risk context and economic needs.
• So far, 25 other countries, including Germany, Italy, Japan, Australia, and the United States have joined this coalition.
• CDRI is the second international collaboration set up by India in the climate change sphere, the other being the International Solar Alliance that has now evolved to the status of a “treaty-based” intergovernmental organisation.

Refer: https://www.insightsonindia.com/2021/11/03/infrastructure-for-resilient-island-states/

Ans: (a)

Explanation:

• The phrase ‘critical wildlife habitat’ is defined only in the Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006, and NOT in the Wildlife (Protection) Act, 1972.
• Union Ministry of Tribal Affairs officially decides and declares Habitat Rights for Primitive and Vulnerable Tribal Groups in any part of India.

Refer: https://www.insightsonindia.com/2021/11/03/the-scheduled-tribes-and-other-traditional-forest-dwellers-recognition-of-rights-act-2/

Ans: (c)

Explanation:

• 75 tribal groups have been categorized categorized by Ministry of Home Affairs as Particularly Vulnerable Tribal Groups (PVTG)s. PVTGs reside in 18 States and UT of A&N Islands.
• See https://tribal.nic.in/pvtg.aspx
• S2: The criteria followed for determination of PVTGs are as under:
• A pre-agriculture level of technology;
• A stagnant or declining population;
• Extremely low literacy; and
• A subsistence level of economy.
• See http://pib.nic.in/newsite/PrintRelease.aspx?relid=178257
• S4: Irulars are found in TN, whereas Konda Reddis are found in Andhra Pradesh (including Telangana).
• See https://tribal.nic.in/DivisionsFiles/SwLPVTGs.pdf  

Refer: https://www.insightsonindia.com/2021/11/03/the-scheduled-tribes-and-other-traditional-forest-dwellers-recognition-of-rights-act-2/

Ans: (c)

Explanation:

• To counter corruption and speed up decision- making in military procurement, the government of India in 2001 decided to set up an integrated DAC.
• It is headed by the Defence Minister.
  • Objective: The objective of the DAC is to ensure expeditious procurement of the approved requirements of the Armed Forces, in terms of capabilities sought, and time frame prescribed, by optimally utilizing the allocated budgetary resources.
  • Functions: The DAC is responsible to give policy guidelines to acquisitions, based on long-term procurement plans. It also clears all acquisitions, which includes both imported and those produced indigenously or under a foreign license.

Refer: Facts for Prelims: https://www.insightsonindia.com/2021/11/03/mission-2022-insights-daily-current-affairs-pib-summary-3-november-2021/

Ans: (c)

Explanation:

• S1 is a protocol under UNTOC, and S3 is wrong as UNCAC has that provision.
• The United Nations Convention against Corruption is the only legally binding international anti-corruption multilateral treaty
• The United Nations Office on Drugs and Crime (UNODC) is mandated by its Member States to assist in the implementation of both Conventions, which along with the UN Drug Conventions of 1961, 1971 and 1988 underpin all the operational work of UNODC.
• See https://www.unodc.org/southasia/en/frontpage/2011/may/indian-govt-ratifies-two-un-conventions.html

Refer: UPSC CSE 2018