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4th Nov, 2020

UPI Transactions crosses 2 billion mark 

Part of: GS Prelims and GS-III – Economy

In news

  • Recently UPI transactions were in the news.
  • According to the data released by the National Payments Corporation of India (NPCI), the total number of transactions conducted on BHIM-UPI crossed the 2 billion mark in a month in October 2020.

Key takeaways 

  • UPI is currently the biggest among the NPCI operated systems. 
  • Other systems include National Automated Clearing House (NACH), Immediate Payment Service (IMPS), Aadhaar enabled Payment System (AePS), Bharat Bill Payment System (BBPS), RuPay etc.
  • Digital transactions were already increasing but the lockdown imposed due to Covid-19 provided a thrust
  • Also, India’s digital payments industry is likely to grow from Rs. 2,153 trillion to Rs. 7,092 trillion by 2025.

Important value additions 

National Payments Corporation of India (NPCI) 

  • NPCI is an umbrella organisation for operating retail payments and settlement systems in India. 
  • It is an initiative of RBI and Indian Banks’ Association (IBA) under Payment and Settlement Systems Act, 2007.
  • It is a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013). 
  • Objective: To provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.

Do you know? 

Challenges of the digital transactions

  • Cybercrime. E.g. Malicious Software Cerberus
  • Fraudulent claims, chargebacks, fake buyer accounts, promotion/coupon abuse, account takeover, identity theft, etc.

India’s manufacturing output shows the strongest growth 

Part of: GS Prelims and GS-III – Economy

In news

  • As per the IHS Markit India Purchasing Managers’ Index (PMI), India’s manufacturing output showed the strongest growth in 13 years in October 2020.
  • The Nomura India Business Resumption Index (NIBRI) has also shown improvement.

Key takeaways 

  • Purchasing Managers’ Index (PMI) rose from 56.8 in September to 58.9 in October. 
  • NIBRI improved to 82.4 in October, a rise of 2.1 points from 80.3 in September.
  • NIBRI is the Japanese brokerage’s weekly tracker of the pace of normalisation of economic activity.
  • Reasons: (1) Increase in Sales; (2) Rise in Export Orders; (3) Improvement in IIP

Important value additions 

Purchasing Managers’ Index

  • PMI is an indicator of business activity – both in the manufacturing and services sectors.
  • It is calculated separately for the manufacturing and services sectors. 
  • A composite index is also constructed.
  • The PMI summarizes whether market conditions as viewed by purchasing managers are expanding, neutral, or contracting.
  • Purpose: To provide information about current and future business conditions to company decision makers, analysts, and investors.
  • The PMI is usually released at the start of every month. 
  • It is, therefore, considered a good leading indicator of economic activity.

Do you know? 

  • PMI is compiled by IHS Markit for more than 40 economies worldwide. 
  • IHS Markit is a global leader in information, analytics and solutions for the major industries and markets that drive economies worldwide.

Ganga Utsav 2020

Part of: GS Prelims and GS-I – Culture & GS-III – Environment

In news

  • Recently, the Ganga Utsav 2020 has begun. 
  • It celebrates the glory of the National river Ganga.

Key takeaways 

  • The National Mission for Clean Ganga (NMCG) celebrates the festival every year.
  • Aim: To promote stakeholder engagement and ensure public participation.
  • It celebrates river Ganga through storytelling, dialogues with eminent personalities, displaying traditional art forms, dance and music performance, etc. 
  • Ganga Task Force (GTF) also conducted an afforestation drive with National Cadet Corps (NCC) cadets and educational tour for youth.
  • Mini Ganga Quest was also held which was designed to make youth and students aware of environmental issues and explain their role in conservation.

Important value additions 

River Ganga

  • It is the longest river of India. 
  • It is revered by Hindus as the most sacred river on earth.
  • It originates in the Gangotri Glacier in the Himalayas as the Bhagirathi River.
  • The Ganga river basin is one of the most fertile and densely populated areas of the world. 
  • The Ganges River Dolphin, an endangered animal, specifically habitats this river.
  • It ends its journey by emptying into the Bay of Bengal.
  • Ganga was declared as the National River of India on 4th November 2008.

 


Initiatives for Good and Vigilant Governance launched

Part of: GS Prelims and GS-II – Governance

In news

  • Recently, the Department of Administrative Reforms and Public Grievances (DARPG) has come up with new initiatives for good and vigilant governance on the last day of the Vigilance Awareness Week 2020.

Key takeaways 

  • “Ideas Box on Good Governance Practices in a Pandemic” has been launched and operationalised both on the DARPG as well as on the MyGov platform.
  • Social media tweets on the “Best Practices in e-governance” have been launched.
  • Round table discussion on “Satark Bharat, Samriddh Bharat” (Vigilant India, Prosperous India) was held.

Important value additions 

Vigilance Awareness Week

  • The Central Vigilance Commission (CVC) observes the Week every year during the week of Sardar Vallabhbhai Patel’s birthday (31st October).
  • Objective: (1) To affirm India’s commitment to the promotion of integrity and probity in public life through citizen participation; (2) To reiterate Government’s resolve to continue the crusade against corruption.
  • Theme for 2020: Satark Bharat, Samriddh Bharat

Central Vigilance Commission

  • It is an independent statutory body. 
  • It is only responsible to the Parliament.
  • It is the apex vigilance institution monitoring all vigilance activity under the Central Government. 
  • It advises various authorities in Central Government organisations in planning, executing, reviewing and reforming their vigilance work.
  • It was recommended by K Santhanam Committee 
  • The Parliament enacted the Central Vigilance Commission Act, 2003.
  • It is composed of a Central Vigilance Commissioner (Chairperson) and not more than 2 Vigilance Commissioners (members).
  • They are appointed by the President on the recommendations of a Committee consisting of the Prime Minister, the Minister of Home Affairs and the Leader of the Opposition in the House of the People.
  • Tenure: 4 years from the date on which they enter their office or till they attain the age of 65 years, whichever is earlier.

Emergency Credit Line Guarantee Scheme extended 

Part of: GS Prelims and GS-II – Welfare schemes & GS-III – Industries

In news

  • The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till 30th November, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier.

Important value additions 

Emergency Credit Line Guarantee Scheme (ECLGS)

  • The scheme was launched as part of the Aatmanirbhar Bharat Abhiyan package announced in May 2020. 
  • Aim: To mitigate the distress caused by coronavirus-induced lockdown, by providing credit to different sectors. 
  • Objective: To provide fully guaranteed and collateral free additional credit to MSMEs, business enterprises, MUDRA borrowers and individual loans for business purposes to the extent of 20% of their credit outstanding as on 29th February, 2020.
  • Eligibility: Borrowers with credit outstanding up to Rs. 50 crore as on 29th February, 2020, and with an annual turnover of up to Rs. 250 crore.
  • Tenure: Four years, including a moratorium of one year on principal repayment.

 






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