WHY IN THE NEWS?

• South African playwright and novelist, Damon Galgut has won the 2021 Booker Prize for “The Promise”, his third shortlisted novel which chronicles a family in his homeland from the late apartheid era through to Jacob Zuma’s presidency.
• Spanning several decades, the book shows the family’s growing disintegration as the country emerges into democracy.
• Galgut took the prize on his third time as a finalist, for a book the judges called a “tour de force.” He was previously shortlisted for “The Good Doctor” in 2003 and “In a Strange Room” in 2010 but lost both times.

WHY IN THE NEWS?

• Barclays new CEO is CS Venkatakrishnan, an Indian-American and the first person of color to hold that position.
• Venkatakrishnan, who was most recently Barclays’ co-president and head of global markets, is stepping in as CEO after Jes Staley resigned over his ties with late financier Jeffrey Epstein, a convicted sex offender who died by suicide in prison three years ago.
• As chief risk officer, Venkatakrishnan put in place processes that proved instrumental in helping Barclays steer clear of the Archegos Capital Management implosion; more recently, he was put in charge of the bank’s markets division.

WHY IN THE NEWS?

• ‘Vax’ has been chosen as the word of the year by the Oxford English Dictionary (OED) in 2021. Vax is derived from the Latin word Vacca, which means cow.
• Vax is used as a short form for vaccines and means a substance put into a person’s body to prevent them from getting a disease.
• Due to the Covid-19 pandemic, words related to vaccines saw a surge in 2021, including terms like double-vaxxed, unvaxxed and anti-vaxxer.

WHY IN THE NEWS?

• The Union Minister of State (Independent Charge) Earth Sciences Dr Jitendra Singh officially launched India’s First Manned Ocean Mission called the “Samudrayan project” at Chennai. The Unique Ocean Mission aims to have deep underwater manned vehicles for carrying out subsea activities.
• With this technology, India joins the elite club of nations such as the USA, Russia, Japan, France and China to have such underwater vehicles.
• The Unique Ocean Mission aims to have deep underwater manned vehicles for carrying out subsea activities.
• The deepwater manned submersible has been codenamed as the ‘MATSYA 6000’.
• It is developed by the Chennai-based National Institute of Ocean Technology (NIOT).
• The technology will help to conduct deep-ocean exploration of the non-living resources located at a depth of about 1000 and 5500 meters, such as polymetallic manganese nodules, gas hydrates, hydro-thermal sulphides and cobalt crusts.

WHY IN THE NEWS?

• The Union Minister of Cooperation, Amit Shah has launched the “Dairy Sahakar” scheme at Anand, Gujarat during a function organised by Amul to celebrate the 75th Foundation Year of Amul.
• The total outlay of the Dairy Sahakar scheme is Rs 5000 crore. The scheme will be implemented by National Cooperative Development Corporation ( NCDC) under the Ministry of Cooperation.
• The scheme will supplement the existing efforts of strengthening the dairy sector in the country, doubling the farmer’s income as well as realizing the vision of ‘from cooperation to prosperity’.
• Under the scheme, NCDC will extend financial support to eligible cooperatives for activities like bovine development, milk procurement, processing, quality assurance, value addition, branding, packaging, marketing, transportation and storage of milk and milk products, exports of dairy products among others.

WHY IN THE NEWS?

Gujarati New Year, dubbed as Bestu Varas, was observed on November 5.

• This day is observed on Pratipada Tithi of the Kartik month of Hindu calendar.
• Shukla Paksha marks the beginning of Gujarati New Year.

About Bestu Varas

• Bestu Varas is related to lord Shri Krishna.
• As per mythology, Lord Krishna spent his early years in Braj and raised questions regarding offerings made to Lord Indra.
• Lord Krishna always detested appeasement, while encouraging people to do what was approved by Dharma and was right. As a result, Local discontinued the offerings to Lord Indra.
• But to avenge this insult, Lord Indra lashed the Braj region with torrential rains and thunderstorms. This led to the loss of property and livestock.
• To end this sufferings, Lord Krishna lifted the Govardhan hill on his little finger to provide shelter to cattle and livestock.
• India continued this for seven days and on the eighth day, he conceded defeat and bow before Lord Krishna.
• This way, started the tradition of praying to the Govardhan mountain.

How this day is celebrated?

To mark this day, traders close their old account books & open new ones, a day before this. They paint the sacred Swastika symbol and write shubh labh on it. People worship Devi Lakshmi, who is the Goddess of wealth and Devi Saraswati, who is the Goddess of learning.

Significance of the day

It is believed that, the day brings luck and profit throughout the year. During this day, no tithi is observed to pray and perform the rituals. Gujarati New Year coincides with Govardhan Puja. Thus, the whole day is considered promising and auspicious. On this day, Chopda Puja is also performed. It is devoted to Goddess Laxmi.

WHY IN THE NEWS?

India and Bhutan are set to have seven additional entry and exit points for trade in order to increase trade connectivity.

About:

• This decision was taken in a commerce secretary-level meeting, that was held between the issue of trade and transit between both the countries.
• The Indian side was led by BVR Subrahmanyam, Secretary of Department of Commerce under the Ministry of Commerce & Industry while the Bhutanese side was led by Dasho Karma Tshering, Secretary of Ministry of Economic Affairs, in Government of Agenda of the meeting
• During the meeting, extensive discussions on the current trade and transit issues were discussed.
• They also discussed issues of mutual interests and measures to strengthen bilateral trade relations.
• Discussions were held to increase trade connectivity between both countries.
• Both sides also formalised seven additional entry or exit points, through Letters of Exchange.

What are seven entry or exit points?

Seven entry or exit points include-

1. Nagarkata Land Customs Station without commodity restriction
2. Agartala Land Customs Station
3. Pandu port at Guwahati Steamerghat. It is subject to cross border control at Dhubri
4. Jogighopa port. This port is also subject to cross border control at Dhubri.
5. Asian Highway 48 that connects Torsha Tea Garden in India with Ahllay in Bhutan. This highway acts as an additional route corresponding to the Land Customs Station at Kamardwisa, Jaigaon and Birpara.

Trade between India and Bhutan

Trade between both the countries has more than doubled in 2020-2021, as compared to USD 484 million in 2014-15. In 2020-21, the trade stood at USD 1,083 million.

WHY IN THE NEWS?

A Reserve Bank of India (RBI) committee has come out with a host of suggestions in a bid to streamline the functioning of Asset Reconstruction Companies (ARCs).

Asset Reconstruction Companies (ARCs)

• It is a specialized financial institution that buys the Non-Performing Assets (NPAs) from banks and financial institutions so that they can clean up their balance sheets.
  • An NPA is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.
  • Typically, ARCs buy banks’ bad loans by paying a portion as cash upfront (15% as mandated by the RBI), and issue security receipts (SRs) for the balance (85%).
• This helps banks to concentrate on normal banking activities. Banks, rather than going after the defaulters by wasting their time and effort, can sell the bad assets to the ARCs at a mutually agreed value.
• The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 provides the legal basis for the setting up of ARCs in India.
  • The Act helps reconstruction of bad assets without the intervention of courts. Since then, a large number of ARCs were formed and were registered with the RBI.
• RBI has got the power to regulate the ARCs.

Background:

• The performance of the ARCs has so far remained lacklustre, both in ensuring recovery and in revival of businesses.
• Lenders could recover only about 14.29% of the amount owed by borrowers in respect of stressed assets sold to ARCs in the 2004-2013 period.
• To improve the performance of ARCs, the RBI had appointed the committee (headed by Sudarshan Sen) to examine the issues and recommend measures for enabling ARCs to meet the growing requirements of the financial sector.

Suggestions:

• Online Platform for Sale of Stressed Assets:
  • Recognising the need for transparency and uniformity of processesin sale of stressed assets to ARCs, the Committee feels that an online platform may be created for sale of stressed assets.
• Expanding Scope of SARFAESI Act:
  • The scope of Section 5 of the SARFAESI Act may be expanded to allow ARCs to acquire ‘financial assets’, for the purpose of reconstruction, not only from banks and ‘financial institutions’ but also from such entities as may be notified by the RBI.
  • Under these proposed powers, the RBI may consider permitting ARCs to acquire financial assets from all regulated entities, including Alternative Investment Fund (AIFs), Foreign Portfolio Investors (FPIs),Asset Management Company (AMCs) making investment on behalf of Mutual Funds (MFs) and all Non-Banking Financial Companies (NBFCs).
• Providing Additional Resources:
  • ARCs are tobe allowed to sponsor SEBI-registered Alternative Investment Funds to raise resources for facilitating restructuring of bad loans purchased by them.
• Using IBC:
  • Envisaging ARCs as a prime vehicle for resolution of stressed assets, the regulations should allow ARCs to also use the Insolvency and Bankruptcy Code (IBC) framework for this purpose.
• Large Loans for sale to ARCs:
  • Large loans and loans that have been in default for over two years should be considered for sale to ARCs by banks. Final approval of the reserve price should be given by a high-level committee.
    • Reserve price plays a critical role in ensuring true price discovery in auctions conducted for sale of stressed assets.
  • For Ensuring Debt Aggregation:
    • The Committee has said thatif 66% of lenders (by value) decide to accept an offer by an ARC, the same may be binding on the remaining lenders and it must be implemented within 60 days of approval by majority lenders (66%).
      • Aggregate Debtmeans the total of principal and interest that is owed by the debtor to the creditors at the time of execution of the debt settlement agreement.
    • If a lender fails to agree, it will be subjected to100% provisioning on the loan outstanding.
      • Provisioning of loan: Booking a provision means that the bank recognises a loss on the loan ahead of time.
    • For NARCL:
      • In respect of the proposed National Asset Reconstruction Company Limited (NARCL) by India for cleaning the books of Public Sector Banks (PSBs), the RBI should ensure fair competition between the NARCL and private ARCs to promote the objectives of true price discovery through the market mechanism.

Expected Benefits:

• Get Rid of Stressed Loans:
  • The suggestions are aimed at enabling banks to get rid of stressed loans in the early stage of default and nudge reluctant minority lenders into joining the sale. The norms also seek to appoint valuers for large-value loans that are sold.
• Help ARCs Raise Resources:
  • The recommendations are timely and will help ARCs raise resources by tapping different categories of market participants eligible for investment in security receipts.
  • Banks have also been incentivised for sale of NPA (Non-Performing Asset) early with provision to spread loss over two years.

WHY IN THE NEWS?

Recently, the landslides caused by an earthquake of 3.4 magnitudes close to the border with China has led to mass fish death in the Kameng river in Arunachal Pradesh.

• The region has been placed into Seismic Zone V, thus most vulnerable to earthquakes.

About:

• The earthquake happened in the vicinity of the source of the river at an elevation of about 6,300 metres above Mean Sea Level.
• The landslides dumped several tonnes of mud and rocks into the river, substantially reducing the flow of water.
• The river turned blackish due to very high turbidity resulting in low dissolved oxygen that killed the fish.
  • Low dissolved oxygen concentrations can arise through natural phenomena that include seasonality, changes in river flow, and both saline and thermal stratification of the water column.
  • Low dissolved oxygen levels can also indicate an excessive demand on the oxygen in the system.

Kameng River:           

• It originates in Tawang district from the glacial lake below snow-capped Gori Chen mountain on the India-Tibet border.
  • Kameng is not a transboundary river.
• It flows through Bhalukpong circle of West Kameng District, Arunachal Pradesh and Sonitpur District of Assam.
• It becomes a braided river in its lower reaches and is one of the major tributaries of the Brahmaputra River.
  • It joins Brahmaputra river at Tezpur, just east of the Kolia Bhomora Setu bridge, Assam.
• It forms the boundary between East Kameng District and West Kameng Districts.
  • It also forms the boundary between the Sessa and Eaglenest sanctuaries to its west (Arunachal Pradesh) and the Pakke tiger reserve to the east (Arunachal Pradesh).
• The Dafla Hills are east and the Aka Hills are located west of the Kameng River.
• Tributaries: Tippi, Tenga, Bichom and Dirang Chu.

Historical Significance:

• During the medieval period i.e. between 13th to early 16th century, it marked the borders between the Chutiya kingdom and the Kamata kingdom.
• Later, in the 16^thcentury, after the annexation of the Chutiya kingdom by the Ahoms and the downfall of Kamata kingdom, it acted as the border between the Ahom kingdom and Baro-Bhuyan rule.
• The Chutiya Kingdom (also Sadiya) was a late medieval state that developed around Sadiya in present Assam and adjoining areas in Arunachal Pradesh.
• The Kamata Kingdom emerged in western Kamarupa probably when Sandhya, a ruler of Kamarupanagara, moved his capital west to Kamatapur sometime after 1257 CE.
  • Kamarupa is an ancient state corresponding roughly to what is now the state of Assam.
• Sukapha was a 13th-century ruler who founded the Ahom kingdom that ruled Assam for six centuries.
• The Baro-Bhuyans refers to the confederacies of soldier-landowners in Assam and Bengal in late middle age and early modern period.

WHY IN THE NEWS?

Recently, forest officials from Odisha found 40 Indian flapshell turtles in baskets in an alleged smuggling racket.

About:

• Indian flapshell turtle is a freshwater species of turtle and is found in many states.
  • The “flap-shelled” name stems from the presence of femoral flaps located on the plastron. These flaps of skin cover the limbs when they retract into the shell.
  • It is a relatively small soft-shell turtle with a carapace length of up to 350 millimetres.

Scientific Name: Lissemys punctata

• Distribution:
  • They are found in Pakistan, India, Sri Lanka, Nepal, Bangladesh (Indus and Ganges drainages), and Myanmar (Irrawaddy and Salween Rivers).
  • They live in the shallow, quiet, often stagnant waters of rivers, streams, marshes, ponds, lakes and irrigation canals, and tanks.
  • These turtles prefer waters with sand or mud bottoms because of their tendency to burrow.

Conservation Status:                     

• IUCN Red List: Vulnerable
• CITES:Appendix II
• Wildlife (Protection) Act, 1972:Schedule I

Threats:

• Turtles are smuggled and killed for their supposed aphrodisiac properties, livestock feed, to make leather from their skins, to make potions from their blood and to use as fishing bait.
• Turtles are also used for meat and medicines.

Steps Taken for Conservation:

• KURMA App:
  • It has a built-in digital field guide covering 29 species of freshwater turtles and tortoises of India.
  • It was developed by the Indian Turtle Conservation Action Network (ITCAN) in collaboration with the Turtle Survival Alliance-India and Wildlife Conservation Society-India.
• World Turtle Dayis observed every year on 23^rd