Addapedia Odisha | Daily Current Affairs | 05 December 2024 | Download PDF

• The Lok Sabha passed the Banking Laws (Amendment) Bill, 2024 on December 3, 2024, marking the first legislative achievement of the Winter Session after a week-long deadlock.
• The Bill, introduced by Finance Minister Nirmala Sitharaman, was passed via a voice vote.

Key Points:

• • The Banking Laws (Amendment) Bill, 2024, introduced in the Lok Sabha on August 9, 2024, aims to amend multiple banking-related laws to streamline operations and modernize regulations. It amends the following Acts:
• Reserve Bank of India (RBI) Act, 1934
• Banking Regulation Act, 1949
• State Bank of India Act, 1955

• • Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980
• Key Takeaways

• • The Banking Laws (Amendment) Bill, 2024 introduces critical changes to enhance banking governance, improve efficiency, and protect customer interests. These include:
  • Simplifying regulatory frameworks for cash reserves and director tenures.
  • Providing flexibility in nominations and addressing unclaimed funds.
  • Empowering banks to determine auditor fees.
  • Strengthening the co-operative banking system through revised rules for directors and substantial interest thresholds.

• India is set to launch the European Space Agency’s Proba-3 mission from the spaceport at Sriharikota.

Key Points:

• It is the European Space Agency’s (ESA) first mission dedicated to precision formation flying.
• It is the innovative mission which will demonstrate precision formation flying between two satellites to create an artificial eclipse, revealing new views of the Sun’s faint corona.
• The core objective of the mission is to create an artificial eclipse by precisely coordinating two independent satellites. This capability will enable scientists to observe the Sun’s corona, a region typically obscured by the intense brightness of the Sun. 
• It consists of two small satellites — a Coronagraph spacecraft and a solar-disc-shaped Occulter spacecraft.

• The Securities and Exchange Board of India (SEBI) has stated that digital platforms providing information on financial services and products are not required to be notified as specified digital platforms (SDPs).

Key Points:

• • The SEBI is a statutory regulatory body established by the Government of India in 1992. It was given statutory powers through the SEBI Act, 1992.
  • Objective: To regulate the securities market in India and protect the interests of investors in securities.
• Powers of SEBI
• Quasi-judicial powers:

• • • • In case of frauds and unethical practices pertaining to the securities market, SEBI has the power to pass judgments.
      • The said power facilitates to maintain transparency, accountability and fairness in the securities market.
• Quasi-executive powers:

• • • • SEBI has the power to examine the Book of Accounts and other vital documents to identify or gather evidence against violations.
      • If it finds one violating the regulations, the regulatory body has the power to impose rules, pass judgements and take legal actions against violators.
• Quasi-legislative powers:

• • • To protect the interest of investors, the authoritative body has been entrusted with the power to formulate suitable rules and regulations.
    • Such rules tend to encompass the listing obligations, insider trading regulations and essential disclosure requirements.
    • The body formulates such rules and regulations to get rid of malpractices that are prevalent in the securities market.

• Nepal and China signed the long-awaited Belt and Road Initiative (BRI) Cooperation Framework, an agreement that is anticipated to pave the way for the execution of BRI projects.

Key Points:

• • China’s Belt and Road Initiative (also known as One Belt, One Road (OBOR)) envisages the construction of a maze of road, rail and port projects through a number of countries.
  • It aims to strengthen Beijing’s economic leadership through a vast program of infrastructure building throughout China’s neighbouring regions.
  • This initiative is called “21st century silk road,” and is made up of
  • belt of overland corridors (also known as silk road economic belt) maritime shipping lanes
• BRI and India

• • India does not support the BRI, and has declined to join the project. The major reason for this is that the BRI passes through Indian territory illegally held by Pakistan.
  • The arm of the BRI project, known as China-Pakistan Economic Corridor (CPEC), runs from Kashgar in China’s Xinjiang Uighur Autonomous Region to Gwadar port in southwestern Baluchistan in Pakistan.
  • This arm links mainland China to the Arabian Sea.
  • The project enters Indian territory occupied by Pakistan in Gilgit Baltistan, and traverses the entire length of Pakistan from north to south before reaching the Arabian Sea.

• Recently, the Boilers Bill 2024 was introduced in Rajya Sabha. It repeals the Boilers Act, 1923 (5 of 1923). 
• The Bill aims to meet current industry requirements and enhance the safety of personnel working with boilers.

Key Points:

• Major Provisions of the Boilers Bill, 2024:
  • The functions and powers of the Central Government, State Governments, and the Central Boilers Board have been enumerated in detail to avoid any confusion.
  • Three offenses out of the seven offenses have been decriminalized. Non-criminal offenses are now subject to fiscal penalties through an executive mechanism instead of courts.
  • Criminal penalties for four major offenses, which may result in loss of life and property, have been retained to ensure safety.
  • Specific provisions have been included to ensure the safety of persons working inside boilers. It has also been provided that boiler repairs must be undertaken by qualified and competent persons.

• Under the ‘Look East’ policy, the central government has announced a comprehensive action plan for nature tourism at Satkosia Tiger Reserve and Hirakud.
• The ministry has included Hirakud and Satkosia in the 40 selected sites from 23 states and UTs for development of tourism infrastructure under the Special Assistance to States/UTs for Capital Investment (SASCI) scheme.

Key Points:

• Each of the destinations will get Rs 99.99 crore for tourism development projects and some components of the projects will be implemented in public-private partnership (PPP) mode through the Ministry of Tourism’s destination development division
• This significant investment aims to enhance the tourism potential of these iconic destinations.

Refer to Addapedia notes for detailed info on (SASCI) scheme.

• President Droupadi Murmu has stressed the crucial role of a future-ready Indian Navy in achieving the vision of a Viksit Bharat (Developed India). 
• She highlighted the Navy’s vital role in safeguarding India’s maritime interests, securing crucial sea lanes, and contributing to disaster relief efforts.

About:

• The ‘Viksit Bharat 2047’ agenda is a vision plan by the Indian government to turn India into a developed nation by 2047, the 100th anniversary of its independence. 
• It focuses on economic growth, social progress, environmental sustainability, and good governance.
• The essence of Indian development is highlighted through the Prime Minister’s commitment to five vital principles, with Viksit Bharat being one of them and extremely important. 
• The four pillars of Viksit Bharat are Youth, Poor, Women, and Farmers. 
• It emphasizes that happiness should be the primary pursuit, as development lacks meaning without it.
• Interestingly, while nations have developed, people are not necessarily happier.

• The Fourth Phase of the Subhadra Yojana will witness the transfer of the first installment on December 25th

Subhadra Yojana:

• Subhadra Yojana is a social welfare scheme launched by the government of Odisha.
• Aim is to provide financial assistance to economically weaker women in the state. 
• The scheme offers cash vouchers worth up to ₹50,000 over five years to eligible beneficiaries, with ₹10,000 to be given every year.   

Key features:

• Eligibility: Women aged between 21 and 60 years, who are married residents of Odisha and meet certain income criteria, are eligible for the scheme.   
• Benefits: Eligible women receive cash vouchers in two equal installments of ₹5,000 each, on Raksha Bandhan and International Women’s Day.   
• Purpose: The financial assistance is intended to help women meet various expenses, such as purchasing rations, education, and healthcare.

• The coastal district of Kendrapara in Odisha is facing a serious threat of sea ingress as the geo-synthetic wall, constructed to protect the coastline, is gradually deteriorating. 

Key Points:

• A geo-synthetic wall, erected in 2014 as a protective measure, is now under threat.
• The erosion of the wall has led to increased seawater intrusion, impacting agriculture, fisheries, and human settlements.
• To address this issue, long-term solutions, such as afforestation and natural coastal barriers, should be implemented to protect the vulnerable coastline.

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