Daily Current Affairs

To The Point Notes

1.RBI Cancels License of City Co-operative Bank

Reason: Lack of adequate capital and earning prospects.

Depositors’ Insurance:

• In case of liquidation, depositors can claim up to ₹5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC).

About Cooperative Banks:

• Financial institutions operating on cooperative and mutual benefit principles.
• Members are both owners and customers.
• Decision making based on “one person, one vote.”
• Accept deposits and provide loans.

Regulation:

• Dual Control:
  • RBI (Banking Regulation Act, 1949 & Banking Laws (Application to Co-operative Societies) Act, 1965) – Banking aspects (capital adequacy, risk control, lending norms)
  • Registrar of Co-operative Societies (RCS) – Management aspects (incorporation, registration, management, audit, etc.)

Structure:

• Primary Categories:
  • Urban Cooperative Banks (UCBs) – Urban & semi-urban areas, cater to small borrowers and businesses.
    • Scheduled Banks & Non-Scheduled Banks
  • Rural Cooperative Banks (RCBs) – Rural areas, cater to rural financial needs.
    • Short-Term Structures: State Cooperative Banks, District Cooperative Central Banks (DCCBs), Primary Agricultural Credit Societies (PACS)
    • Long-Term Structures: State Cooperative Agricultural and Rural Development Banks (SCARDBs), Primary Cooperative Agricultural and Rural Development Banks (PCARDBs)

97th Constitutional Amendment Act 2011:

• Established right to form cooperative societies as a fundamental right (Article 19).
• Included a new Directive Principle on Promotion of Cooperative Societies (Article 43-B).
• Added a new Part IX-B on The Co-operative Societies (Articles 243-ZH to 243-ZT).
• Authorized Parliament to make laws for multi-state cooperative societies (MSCS) and state legislatures for others.

 

 

2.National Monetisation Pipeline (NMP)

Launched by: NITI Aayog (2021)

Objective: Monetize brownfield public sector assets to fund new infrastructure development.

Monetization Approach: Structured contractual partnerships (not privatization) to attract private sector investment.

Key Points:

• Target: ₹6.0 lakh crore potential monetization value over FY 2022-2025.
• Achievement (last 3 years): ₹3.85 lakh crore.
• Top Performing Ministries (2023-24):
  • Road Transport & Highways (₹40,314 crore)
  • Coal (₹56,794 crore)
• Sectors Covered: Roads, Railways, Power, Telecom, Shipping, etc.
• Alignment:
  • National Infrastructure Pipeline (NIP) – funds new infrastructure projects.
  • Philosophy of “Creation through Monetization”.

Benefits:

• Attract private participation in infrastructure creation.
• Leverage institutional capital for further public investments.
• Foster economic growth and improve public welfare.

Top 5 Sectors (by estimated value):

1. Roads (27%)
2. Railways (25%)
3. Power (15%)
4. Oil & Gas Pipelines (8%)
5. Telecom (6%)

Note: These sectors contribute about 83% of the total NMP value.

 

 

3.New Amphibian Discovery in Kaziranga National Park

Location: Kaziranga National Park and Tiger Reserve, Assam

Discovery: A recent herpetofauna survey revealed a new species – the striped caecilian (Ichthyophis spp).

Caecilians:

• Limbless amphibians living underground.
• Ancient species offering insights into evolution and speciation.

Importance of Herpetofauna:

• Reptiles and amphibians (herpetofauna) maintain ecological balance.
• Considered indicator species for environmental health.

About Kaziranga National Park:

• Located in Assam, on the banks of the Brahmaputra River.
• Home to:
  • 2/3 of world’s one-horned rhinos
  • Endangered Western Hoolock Gibbon (India’s only ape)
  • Critically endangered Bengal Florican
• Part of Eastern Himalayan Biodiversity Hotspot
• Designated as:
  • National Park (1974)
  • Tiger Reserve (2006)
  • UNESCO World Heritage Site (1985)
  • Important Bird Area

 

 

4.Kolar Gold Fields

Location: Kolar District, Karnataka (100 km east of Bangalore)

History:

• Gold discovery – Early 19th century
• Deepest gold mines – Over 3,000 meters
• Major gold mining center in India (until 2001)

Closure:

• Year – 2001
• Reasons – Low gold prices & high operational costs

Recent Decision:

• Central government approved continued mining activities at the defunct Bharat Gold Mines Limited’s (BGML) mine.

 

 

5.Ghodbunder Fort

Location: Ghodbunder Village, Thane, Maharashtra

Significance: Strategic location & rich history

Portuguese Era (Early 16th Century):

• Built for trade and defense.
• “Ghodbunder” – Portuguese term for horse trading with Arabs.
• Fortification started in 1550.
• Marathas attempted capture (“Cacabe de Tanna”).

Maratha Rule (1737):

• Captured by Marathas under Chimaji Appa from Portuguese.

British Occupation (1818):

• Became East India Company’s district headquarters.
• District collector stationed in Thane.

Current Status:

• Ruins under Archaeological Survey of India (ASI).
• Renovation plans include beautification of surrounding land.
• Recent discovery: Hidden chamber-like structure.