CURRENT TOPICS BSC MAY 2019 FOR SBI PO / LIC AAO
Current Topics
Merger of Dena, Vijaya with BoB: With the merger, effective from April 1,
Bank of Baroda (BoB) will become the country's third-largest bank after State Bank of India and ICICI Bank. The merger has been designed to make BoB a globally competitive lender post merger. The amalgamation of BoB, Vijaya Bank and Dena Bank has moved a step forward with the Alternative Mechanism (AM) headed by Finance Minister, giving its in-principle approval for the structure of the amalgamation. The
other members of the AM were Defence
Minister Nirmala Sitharaman and Railways
Minister Piyush Goyal. The aim is to create a mega bank that would be sustainable and whose lending ability will be far higher. As per the in-principle approval, BoB will be the 'transferee bank' and Vijaya Bank and Dena Bank will both be the “transferee banks”. This would mean that BoB will retain its brand identity while the other two Vijaya
Bank and Dena Bank will cease to be
separate legal entities. The Centre has
gone in for an amalgamation that involved
two strong banks and a weak bank, thus
avoiding the merger of two weak banks.
The envisaged amalgamation will be the
first-ever three-way consolidation of banks in the country, with a combined business of 14.82 lakh cr. The merger would be through share swap, which will be part of the scheme of amalgamation. Once the amalgamation of BoB, Vijaya Bank and Dena Bank is completed, the number of state-run banks will come down to 19. The amalgamation will create an IT outsourcing opportunity worth about 1,000cr instantly,
in terms of integrating the different technology stacks used by these PSU
lenders. As a part of the amalgamation,
core banking or form integration will be
the first step and will be followed by integration of applications
related to
human resources and treasury, apart from product-focused APIs (Application Programme Interface). In the next three to five months, the work on assimilation of branches, customers, branches and employees will be done. As for technology integration, all three of them are on Finacle platform. While BoB has recently migrated to version 10 of the software, other two banks are on the 7th version. The signage (commercial/ public display signs) will remain same for Vijaya and Dena for two-three months for the benefit of customers. The merger further will allow the combined entity under BoB more lending power, giving it a global competitive identity. As per the approved plan, there will be no effect on employees' services and working conditions and no retrenchment will happen in future.
PM-KISAN
Scheme: Budget 2019 has been a big
bang in many ways. The PM-Kisan Samman Nidhi Yojana (PM-KISAN), a straight income transfer to farmers, is a small beginning of the universal basic income (UBI) that found mention in the Economic Survey 2016-I7. The Niti Aayog policy paper on Doubling Farmers Income estimates that around one-fifth of farm households remain below the poverty line. Furthermore, this proportion varies hugely across states. Taking cognisance of the agricultural distress due to low incomes, a committee was set up to double farmers' income in a period of five years, ie by 2022-23. In this move to
increasing farmer income, the PM-KISAN Scheme announced in the Union Budget 2019-20 represents an important step.
While the Scheme increases the average income of small and marginal farmers, it
has the biggest impact on reducing the uncertainty faced by these farmers.
In the interim Budget on Feb 1, the Centre
announced the Rs.75000cr PM-KISAN scheme, under which Rs.6000 per year would be disbursed in three equal installments to over 12cr small and marginal farmers having a cultivable land of 5 acres or less. Prime Minister Narendra Modi on Feb 24 inaugurated its implementation in Gorakhpur, Uttar Pradesh, during which 1.01cr farmers received a total of 2,021cr. Benefit of over 5.215cr was transferred directly into the bank accounts of more than 2.6cr small and marginal farmers within 37 days of announcement of the scheme. The data uploaded on the PM-KISAN portal till
Feb 24 had been considered for transfer
of the first installment and the second
installment date is from April 1. An
assured income can also encourage farmers
to boost productivity and help them earn
more. The cash received, if invested in
agriculture for higher returns, will be a
support to the credit and insurance systems and promote agricultural growth in the country. With the support of a minimum income, youths
from farm
households may be inspired to start enterprises or take time
out for higher training or even look for
higher paying non-farm jobs. As a
positive side-effect, the assured income
also makes it easier for small and
marginal farmers to get institutional
loans, especially from Microfinance
Institutions and Self-Help Groups. A loan waiver, in comparison, may act as a temporary healer to the farmers but its reach to small and marginal farmers is under doubt, given that small and marginal farmers take more than 50 per cent of their loans from non-institutional sources as evident from data from Agricultural Census, 2015-16. Thus,
this income support scheme underlying
PM-KISAN, which is specifically targeted
at the small and marginal farmers, is a critical
step in supporting the constituency that
is entrusted the responsibility of
feeding 125cr mouths. PM-KISAN is a good
beginning−the only thing is that it needs fine-tuning.
Mediation
in Ayodhya: The Supreme Court of India recently referred the Ayodhya matter for mediation. Litigation over the Babri Masjid site and its environs has been pending for several years. Public opinion is divided on this Supreme Court decision. There are some who welcome it in the hope that there will be a peaceful resolution of the long-pending, and at
times bloody, dispute. Others feel that
the Supreme Court is using mediation as a
ruse to avoid the onerous task of
deciding the vexatious issue. The court has appointed a panel of three mediators to steer the process. All three are men of eminence. The chairman, Justice FMI Kalifulla, has served at the Supreme Court with distinction. Sreeram Panchu is a senior advocate who has pioneered mediation as an alternative dispute resolution mechanism in this country. Sri Sri Ravishankar has come a long way from his initial days with Mahesh YogÃ. Incidentally, all are from the state
of Tamil Nadu as their
place of birth. The panel has to hold sittings in Faizabad and submit a status
report within four weeks and try to resolve the issue within eight weeks. At
first blush, the Ayodhya dispute seems to be an intractable one which simply
cannot be resolved through a good-faith process like mediation. First and
foremost is the highly emotive nature of the dispute with millions of people
being passionately moved to taking conflicting stands based on faith and religious
belief on the one hand and legal rights on the other, Secondly, it has huge
political ramifications as political fortunes have been made or unmade on this
issue. Is it possible at all to work through these seemingly impregnable layers
to find common ground and build consensus? More than 25 years ago, the Supreme
Court hearing the previous round of the Ayodhya case 'wondered' why the parties
could not come to a negotiated settlement of the dispute. However, No
attempts at mediation were
ever made. A Supreme Court judgment on the Ayodhya conundrum is unlikely to
result in a solution. Rather, it is more likely to exacerbate existing fissures
in our society. If the title is vested in the Hindu side, it may well be seen
as another instance of an organ of state succumbing to Majoritarianism. If the
title is vested in the Muslim side, it is unlikely that the mosque can be
rebuilt without major repercussions on the ground. Still, mediation appears to
be the most suitable course. This is the first attempt that has been made at professional
mediation. One hopes that the parties concerned approach with open hearts and
find a solution that leads to lasting peace. Considering that mediation seems
to be a better and more appropriate method to resolve this protracted conflict,
it now depends on the good faith participation of the interested parties.
SC
Order on Forest Rights Act: On Feb 13, a three-judge bench of the Supreme Court (SC) passed an
interim order in an ongoing case involving The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006, also known as the Forest Rights Act (FRA). The court directed various state governments to ensure the eviction of forest dwellers whose claims to rights over forest land (as granted by the Act) had been rejected. After the order was made public on Feb 20, reports indicated that more than one million indigenous people and other forest dwellers−some of India's most vulnerable and marginalized citizens−were under imminent threat of eviction. What was the case before the court? At its core, it had nothing to do with evictions. In 2008, soon after the passage of the FRA, which recognized the rights of Aadivasi’s, Indigenous, and other traditional forest dwellers over forest land, some conservation groups challenged its constitutional validity. That dispute has now been pending for the last 11 years.
Later on SC stayed the eviction action called against 11.8lakh forest dwellers,
whose claims over forest land have been rejected. The recent SC order comes in
the backdrop of the Union government moving a petition seeking a stay on the
original order that called on states to file affidavits explaining why
evictions in cases where claims were rejected_ have not been carried out yet
and also to ensure that eviction is made in cases, where eviction orders have attained
finality. The SC's previous order was passed on Feb 13 in view of the FRA which
was enacted to legally grant forest rights to Schedule Tribes (STs) and Other
Traditional Forest Dwellers (OTFDs), including the responsibility for
"sustainable use" of forest resources so as to strengthen forest
conservation programmes while also ensuring the livelihood and food security of
forest dwelling communities. The FRA also entitles communities and protects
claims over their generational land. It also
entitles land claims and seeks to grant the
first time negotiating power to the
tribal communities. The bench acknowledged there's a need to "delve
into whether due process was followed by gram sabhas and state authorities” before the final rejection of claims also stated that "the mighty and the undeserving" who have encroached forestlands would have to face appropriate measures that legal processes entail, i.e., eviction in case where claims are rejected. This is noteworthy because one, there is a possibility that there may be loopholes in the processes that are currently in place to reject a claim, and two, that the degradation of forestland is an imminent ecological threat. A member of the SC bench also specifically reiterated that encroachment of forestlands is "a serious problem". The FRA law was drafted from the point of view of both forest conservation and the preservation of livelihood.
India’s Presence at OIC:
What a turnaround it
is for the Organization of Islamic Countries (OIC), which had disinvited India
from its inaugural summit in 1969 at the behest of Pakistan, to the just concluded
session wherein it invited India's External Affairs Minister (EAM) Sushma
Swaraj to deliver the inaugural address! Swaraj addressed the inaugural session
of the 46th OIC meeting of the Council of Foreign Ministers on Mar 1, 2019, in
Abu Dhabi as a "guest of honour" invited by this year's OIC host
country, the United Arab Emirates (UAE). The OIC cannot any longer disregard
India, which has the third largest Muslim population in the world. Moreover,
the OIC, which has consistently toed the Pakistani line on Kashmir, for the
first time heard in full India's fight against terrorism being sponsored from
across the borders. Swaraj said India is a fountain of knowledge, a beacon of
peace and a source of faiths and traditions and home to religions from the
world and now one of the major economies of the world. The moment was
phenomenal for the first time India attended a gathering of the grouping, which
states that it works to "safeguard and protect the interests of the Muslim
world in the spirit of promoting international peace and harmony". It is
good to see wisdom dawning on the OIC to include countries with large Muslim
populations in it. In all, 185mn Muslims live in India, while their number is
just 10mn more in Pakistan, and in Indonesia 222mn. Lack of OIC membership has
been preventing India from engaging more meaningfully with the organization
even though India has fairly robust relations with most member States. Several
non-Muslim States have secured observer status. The most recent of them is
Russia, which came on board as an observer in 2005 with Putin declaring that
Russia was a Muslim power that desired to play a role among Muslim countries
However, there is always a problem with the OIC, which recognizes Kashmir as a disputed
territory and seeks self-determination and resolution of Kashmir in accordance
with the UN resolution. India has fairly succeeded now in preventing Pakistan
from blocking its attendance. During the plenary session, India was able to
voice its concerns with respect to the menace of terrorism. Pakistan should
heed to India's concerns with respect to terrorism, which find similarity with those
of its other two neighbors, Afghanistan and Iran. With mushrooming concerns
like the rise of Islamophobia, cross-border terrorism, extremism, and
instability in the world order, the OIC has become more relevant than ever before.
Active engagement in the grouping by India, home to around 10 per cent of the Muslims
in the world, can add more substance to the existence and working of the OIC.
Second US-N
Korea Summit: US
President Donald Trump and North Korean leader Kim Jong-un met a in Vietnam for a second summit on Feb 27-28. The meeting ended with no joint agreement due
to differences over how a much sanctions
relief North Korea should receive in return
for its limited flexibility in steps
taken for nuclear disarmament. The main reason for the failure of the talks was a deal proposed by North Korea. It offered a complete dismantling of the Nyongbyon nuclear complex under US inspection-the research and production facility at the heart of the country's atomic development. In return, the North asked the US to lift sanctions on it. Washington understood Pyongyang was requesting the lifting of all sanctions something the US couldn't accept. North
Korea asked the US to lift the articles in its sanctions resolutions that hamper the country's economy and people's livelihood. They are five of I1 sanctions which were imposed on
North Korea and adopted in 2016 and 2017. Trump did not want what he called a "bad deal." Experts on North Korea agree that Kim is likely to be very disappointed with the failure to reach an agreement. North Korea probably thought it could strike a deal with the US as it stopped nuclear and missile tests that it had spent a long time developing and it expressed its intent to completely abandon its key Nyongbyon nuclear facility. Kim had failed to consider Trump's current position in the US. Trump could have been harshly criticized by US citizens if he had signed a partial denuclearization deal, as it is widely believed North Korea also has other nuclear facilities. If Trump had agreed to lift the sanctions, he would have had to persuade other countries in the UN Security Council to also agree. North Korea's goal is to normalize ties with the US and get the US troops to withdraw from the Korean Peninsula. At their first summit in June 2018, the country won a promise from the US to guarantee its security,
so the North appears to now be prioritizing
its economy. A South Korean government sponsored research
institute estimates North Korean trade
with China dropped more than 13 percent
in 2017, That is believed to be due to
sanctions. Kim apparently wanted to
successfully negotiate with the US to
show the people his power. Economic
issues also dominated his New Year's
address Trump has now learned North
Korea is not impressed by talk of reform and modernization, and it simply wants to keep its nuclear weapons and to get sanctions removed. He says US policy has been based on offering incentives and promising North Korea a better future if it denuclearizes. Both sides now clearly understand their differences and they have finally reached a real starting point for talks. One thing, however, for sure is that Kim still sees Trump as his best bet for getting a deal.
US campaign against Huawei: It is clear that the US government
has made a strategic decision to go after Huawei, the Chinese telecom equipment maker. What is not clear is whether there is a coherent strategy behind this decision. Is the goal to reform and improve Huawei? Or to Destroy it? And is it part of a coherent American strategy to manage the rise of China? If the aim is merely to rein in Huawei, then the US moves against it may attract international support. If, for example, Huawei has violated US law in exporting a sample from a company called Akhan Semiconductor, it deserves to face the full penalties available to American prosecutors. At the same time, Huawei may also be willing to adapt to the best practices and norms governing global multinational corporations. The US is right to highlight a specific security concern about Chinese government control or manipulation of Huawei 5G switching systems. The US warning is asking developing countries: can you
trust the
Chinese not to spy on you? But most such nations understand that they are already spied on. US whistleblower Edward Snowden confirmed that the data of the 7bn human beings living outside the US are being swept into the computers of the US National Security Agency and probably into Russian computers, too. As one Asian columnist observed, the US is "having a tough
time trying to convince countries that a
spying China is more dangerous than a
spying America". Even if the US and
its allies in the Five Eyes intelligence
network (the UK, Australia, Canada and
New Zealand) completely opt out of dealing
with Huawei, most countries in the world
will adopt 5G networks based on Chinese technology. The stakes in this dispute are high. Huawei is one of China's most successful global companies and is set to play a key role in the building of 5G networks around the world. Those next-generation networks are expected to connect everything from smart phones and
robots to self-driving cars and internet enabled traffic signals. Any American strategy for managing Huawei should also be consistent with the country's wider strategy for dealing with the rise of China. Undoubtedly, anti-China sentiment has spiked in Washington. But even if the immediate trade war is postponed or resolved, further measures aimed at Beijing are likely to be adopted by US President Donald Trump. Yet while tensions between the US and China will definitely intensify in the coming years, one fundamental question remains: can China's progress towards global economic pre-eminence be stopped? In
one way or another, the rest of the world
will adapt and make room for China,
including for leading Chinese
corporations such as Huawei. The US
effort to stop the company (and China)
will be regarded by others as too little,
too late.
Terror Strikes in New Zealand: The recent terror attack targeting people in mosques in New Zealand
has shocked people around the world and
is the latest mass murder which appears to have religious and political motivations. At least 49 people were gunned down during Friday prayers at two mosques in Christchurch. Dozens more were injured in the Country's worst-ever terror attack. The shock of the attacks was amplified as it occurred in a country of 4.8mn otherwise mostly devoid of social, economic or political turmoil. Long considered a bastion of stability. New Zealand
has come face to face with the kind of
extremist violence that seems to have
become distressingly common elsewhere. It
poses a challenge not only for the
fresh-faced Jacinda Ardern, touted
globally as a model of progressive leadership,
but also quite possibly for the country
more broadly. An Australian-born former fitness instructor
named Brenton Tarrant used Facebook to
livestream what appeared to be part of an attack at
the Al Noor
mosque in a 17-minute video. He also reportedly posted a rambling 74-page manifesto that railed against immigrants as “invaders". In the aftermath of the carnage, some journalists accused major social media platforms of failing to stop the video from spreading. New
Zealand has long prided itself as a
peaceful outpost in a world increasingly
marred by extremist violence, a claim
backed by its own statistics as well as
international rankings. According to the
most recent available data from local
authorities, the country witnessed a
total of 35 murders in 2017--that's 14
less than the number of people murdered
within a few hours in Friday's attacks.
And for the past two years, New Zealand
has ranked second among 167 nations, behind only Iceland, in the Global Peace Index, which is measured by the Sydney-based Institute for Economics and Peace. In recent years, New Zealand has also
emerged as the
preferred location for some wealthiest individuals in the
world to purchase "bolt homes" places to which they'd escape in the event of an apocalypse.
In fact, New Zealand's Parliament even passed a
law last year banning most foreigners from purchasing homes there amid a nationwide housing shortage. Yet the attacks may tarnish the country's
reputation as the best escape from a
turbulent world and perhaps more damaging
would be a dent in tourism, which brings
in around 17 per cent of New Zealand's
annual earnings. As the country languishes in the fallout of the attacks many will likely look to its widely praised prime minister to help heal a wounded nation. Considered immigrant-friendly Ardern recently bumped the country's annual refugee quota from 1,000 to 1,500 starting next year. New Zealand under her leadership has earned the admiration of progressive-minded peers around the world.
Kumbh at Prayagraj:
Prayag is the sangam
(confluence) of three holy rivers -the Ganga, the Yamuna, and the mythical
Saraswati. Bathing here washes away all your sins, the Hindu religion
underlines. The Mahakumbh is held here every 12 years. The 2019 affair was
actually the Ardh Kumbh. The Government turned it into a grand affair,
nevertheless, and gave Prayagraj a makeover. It earmarked rs.4300cr for the
event, making it the costliest Ardh Kumbh ever. The event, which started on Jan
15, was organized in an area of 3,200 hectares. In 49 days, more than 20cr pilgrims
took a bath there. The government set up nearly 1 Lakh toilets and installed
20,000 dustbins to promote Swachh Bharat. Over 100 artists used buildings of
Prayagraj as a canvas and decorated the city under the Paint My City campaign.
The roads were widened new trains were introduced and flight travel
facilitated. While non-natives (people from nearly 192 countries visited Kumbh)
were impressed by the preparations, those who belonged to Prayagraj couldn't
believe it was their city. More than 40,000 LED lights were installed this time
and more than 20,000 cops were deployed for safety and management of the crowd.
Kumbh 2019 secured place in the Guinness Book for the largest crowd management,
largest sanitation drive and largest painting exercise of public sites. Kumbh
2019 was as much about politics as it was about religion. Battered after losing
Hindi heartland states in Dec 2018, BJP desperately wanted to connect with the
masses and Kumbh gave the perfect opportunity. With a lot of help from its
parent body the RSS -BJP pulled off the exemplary project. While playing the
Hindutva card, it also showed its "perfect" organizational skills.
Before people even got a whiff of it, RSS quietly started delegating its workers
for the event. The involvement of RSS workers, whose reputation of being strict
disciplinarians and remarkable organizers precedes them, served as a boon for state
government. This time BJP and RSS decided against restricting Kumbh to religious
activities and made it about outreach. This is why "mini Kumbhs" were
organized at different places. Yuva Kumbh, Mahila Shakti Kumbh, Sanskriti
Samaveshi Kumbh, Sadbhav Kumbh, and Paryavaran Kumbh were organized at Lucknow,
Vrindavan, Prayagraj, Ayodhya, and Varanasi respectively. At these events
topics like women empowerment and environmental protection got a "Hinduism"
touch. Yogi Adityanath's Cabinet meeting at Kumbh and PM Modi's dip helped BJP
earn more brownie points. While BJP painted Prayagraj in its colour, other
parties failed to cash in on the fervour. The only prominent non-BJP leader
seen at the event was SP national president Akhilesh Yadav. While Congress booked
two tents, its leaders didn't show up.
Period. End of
Sentence
Wins Oscar:
A
film on menstruation and set in rural India, Period. End of
Sentence has won the Oscar in the Documentary Short Subject category at the 91st Academy Awards. Award-winning filmmaker Rayka Zehtabchi has directed the short film, which has been produced by Indian producer Guneet Monga's Sikhya Entertainment. The film came into being as a part of The Pad Project, started by students at the Oakwood School in Los Angeles and their teacher, Melissa Berton. The documentary feature is set in a Hapur village outside Delhi, where women lead a quiet revolution as they fight against the
deeply rooted stigma of menstruation. For
generations, these women do not have
access to sanitary pads, which lead to
health issues and girls dropping out of
schools. When a sanitary pad vending
machine is installed in the village, the
women learn to manufacture and market
their own pads, empowering their community. They name their brand FLY. The concept for the film began in a classroom at Oakwood School in Los Angeles, where a group of
students decided to make a difference in Hapur.
Their crowd funding effort raised $60,000, paying for both the machine installed in Hapur, and the film that documented it. For
those of us who are not experts on this
subject, the first warning sign of trouble should come from the mixed signals Period sends out. Almost half the film is devoted to introducing viewers to woman after woman, girl after girl in Hapur who freezes, giggles or suffers excruciating shyness when asked about periods. Throughout this segment, the effort is
to convince us that women here do not
know of sanitary napkins, that the few
who do are too diffident to buy them, and
that they all opt for makeshift cloth
pads made from rags. Landing an Oscar
nomination isn't easy. It's not just
about making a good film. It's as much
about marketing it on the right platforms. Making your film visible in the festival circuit puts it on the map.
The more press you generate and the
awards you win, the better it is for the
film. Other documentary shorts nominated
in the category were Black Sheep, End
Game, Lifeboat and A Night at the Garden.
There has been an increased focus on period hygiene in India, which was also the subject of a mainstream Bollywood movie Padman, starring Akshay Kumar in the lead role in a biopic on Arunachalam Muruganantham, who started making low-cost
pads in his village despite being
ostracised. India's moment at the Oscars
comes exactly a decade after AR Rahman
and sound engineer Resul Pookutty won
the Academy awards for Slumdog Millionaire in 2009. The Oscar win for Period will no doubt play a part in encouraging more conversations about menstruation. This, however, is no excuse for the means adopted by the film to achieve its goal. The end cannot justify untruths and insensitivity.
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