07 September 2023 Daily Defence Exam Current Affairs | UPSC CDS CAPF NDA AFCAT SSB Interview

1. Treasury Bills

Recently, the yields on Treasury Bills (T-Bills) eased by up to seven basis points (bps) following an improvement in liquidity in the banking system.

About Treasury Bills:

T-Bills are money market instruments.
These are short-term debt instruments issued by the Government of India.
Tenure: These are presently issued in three tenors, namely, 91 days, 182 days and 364 days.
These are zero coupon securities and pay no interest. Instead, they are issued at a discount and redeemed at the face value at maturity.

When were treasury bills introduced?

Treasury bills were first issued in India in 1917. They are issued via auctions conducted by the Reserve Bank of India (RBI) at regular intervals.

Who can buy it?

Individuals, trusts, institutions and banks can purchase T-Bills. But they are usually held by financial institutions.
They have a very important role in the financial market beyond investment instruments.
Banks give treasury bills to the RBI to get money under repo.
Similarly, they can also keep it to fulfil their Statutory Liquid Ratio (SLR) requirements.

How do T-bills work?

Treasury bills are issued at a discount to the original value, and the buyer gets the original value upon maturity.
For example, a Rs 100 treasury bill can be availed of at Rs 95, but the buyer is paid Rs 100 on the maturity date. The return on treasury bills depends on the liquidity position of the economy. When there is a liquidity crisis, the returns are higher, and vice versa.

Source : T-Bill yields ease by up to 7 bps in three weeks as liquidity conditions improve.

2. Erg Chech 002

Recently, some unusual rocks containing distinctive greenish crystals were found in the Erg Chech sand sea.

About Erg Chech 002:

What is it? These are the rocks containing distinctive greenish crystals that turned out to be from outer space, left over from the dawn of the Solar System.
They were all pieces of a meteorite known as Erg Chech 002, which is the oldest volcanic rock ever found.
It is known as an “ungrouped achondrite,” which means their parent bodies and family relationships are unknown.
Achondrites are rocks formed from melted planetesimals, which are what we call solid lumps in the cloud of gas and debris that formed the Solar System.
Erg Chech 002 contains a high abundance of lead-206 and lead-207, as well as relatively large amounts of undecayed uranium-238 and uranium-235.
Aluminium-26 was distributed quite unevenly throughout the cloud of dust and gas which formed the solar system.

Key facts about Erg Chech

It is a sandy region of the Sahara in western Algeria and northern Mali.
It consists largely of shifting dunes.

Source : Sahara space rock, 4.5 billion years old, upends assumptions about the early Solar System.

3. Malaviya Mission

The Union Minister for Education and Skill Development & Entrepreneurship recently launched the Malaviya Mission - Teachers Training Programme by the University Grants Commission at Kaushal Bhawan, New Delhi.

About Malaviya Mission:

It aims to provide tailored training programmes for teachers.
This programme will work for the capacity building of faculty members in higher educational institutions (HEI).
It will ensure continuous professional development and help in building capacities of 15 lakh teachers of HEIs through 111 Malaviya Mission centres across India in a time-bound manner.
It aims to improve the quality of teachers’ training, build leadership skills in teachers and help realise the goals of NEP.
The capacity building under the Mission will be mapped to the credit framework to ensure career progression pathways for educators.
The Indian Knowledge System has been included in the modules of the Programme.
Human Resource Development Centres to be revamped and known as Madan Mohan Malaviya Teachers Training Centres

Key facts about Madan Mohan Malaviya

He was an Indian educationist, a Freedom Fighter and a moderate leader.
He was elected as the president of the Indian National Congress four times.
He attended the Round Table Conference in 1931.
He founded the Hindu Mahasabha in 1906.
As an Educationist:
- He founded Banaras Hindu University (BHU) at Varanasi in 1916, which was created under the B.H.U. Act, 1915.
- He was Vice Chancellor of Banaras Hindu University from 1919-1938.

Source : Shri Dharmendra Pradhan launches the Malaviya Mission - Teachers Training Programme by the University Grants Commission.

4. Battery Energy Storage Systems (BESS) scheme

Recently, the Union Cabinet, chaired by the Hon'ble Prime Minister of India, approved the Scheme for Viability Gap Funding (VGF) for the development of Battery Energy Storage Systems (BESS).

About Battery Energy Storage Systems (BESS):

The approved scheme envisages the development of 4,000 MWh of BESS projects by 2030-31.
Funding:
- Financial support of up to 40% of the capital cost as budgetary support in the form of Viability Gap Funding (VGF) is provided by the union government.
- The VGF shall be disbursed in five tranches linked with the various stages of implementation of BESS projects.
By offering VGF support, the scheme targets achieving a Levelized Cost of Storage (LCoS) ranging from Rs. 5.50-6.60 per kilowatt-hour (kWh), making stored renewable energy a viable option for managing peak power demand across the country.
To ensure that the benefits of the scheme reach the consumers, a minimum of 85% of the BESS project capacity will be made available to Distribution Companies (Discoms).
The selection of BESS developers for VGF grants will be carried out through a transparent, competitive bidding process, promoting a level playing field for both public and private sector entities.
Significance:
- This will not only enhance the integration of renewable energy into the electricity grid but also minimise wastage while optimising the utilisation of transmission networks.
- This will reduce the need for costly infrastructure upgrades.
- The competitive bidding process approach will foster healthy competition and encourage the growth of a robust ecosystem for BESS, attracting significant investments and generating opportunities for associated industries.
- This scheme is designed to harness the potential of renewable energy sources such as solar and wind power; the scheme aims to provide clean, reliable, and affordable electricity to the citizens.

What is battery storage?

Battery storage, or battery energy storage systems (BESS), are devices that enable energy from renewable, like solar and wind, to be stored and then released when the power is needed most.

Source : Cabinet approves the Scheme titled Viability Gap Funding for Development of Battery Energy Storage Systems (BESS)

5. Sambar deer

Recently, researchers discovered rare leucistic (partially white) sambar deer in the Cauvery Wildlife Sanctuary.

About Sambar deer:

The Sambar (Rusa unicolour) is a large deer native to the Indian subcontinent and Southeast Asia.
They are quite elusive and are most active at dusk and at night.
They are found in a broad range of forest habitats like dry deciduous forests, rainforests and mixed forests.
These deer play an important role in the ecosystem they live in by dispersing seeds throughout their native range.
Distribution: Their range is distributed from the foothills of the Himalayan Mountains across southern Asia and reaching the islands of Taiwan, Sumatra and Borneo.
Threats
- Hunting and habitat encroachment are the main threats.
- Sambar has developed more of a nocturnal activity pattern as a response to hunting by humans, who hunt them for trade and for food.
Conservation status
- IUCN: Vulnerable
- The Wildlife (Protection) Act, 1972: Schedule-III

Key facts about Cauvery wildlife sanctuary:

It is extended over three districts, namely, Chamarajanagar, Mandya and Ramanagara in Karnataka.
The sanctuary provides a vital link between Bannerghatta National Park in the north and BRT Tiger Reserve and Male Mahadev Hills Wildlife Sanctuary in the south.
The area is drained by three rivers, namely, Cauvery, Arkavathi and Shimsha.
Flora: The forest is primarily of dry deciduous and scrub types, but a wide range of forest types, including moist deciduous, semi-evergreen, evergreen, shola, riverine, Hardwicke forest, etc.
Fauna: Important animals found in the sanctuary are tigers, elephants, leopards, bison, wild dogs etc.

Source : Researchers discover ‘white’ sambar in Cauvery Wildlife Sanctuary

6. Zero Draft Plastic Pollution Treaty

The second meeting of the Intergovernmental Negotiating Committee (INC) concluded with the member states mandating the INC secretariat to develop a zero draft to end plastic pollution including in the marine environment.

About Zero Draft Plastic Pollution Treaty:

It is an international legally binding instrument to end plastic pollution including in the marine environment.
The zero draft has 10 placeholders to discuss issues like the preamble, definitions, principles and scope, in addition to the institutional arrangements and the final provisions.
Member states such as Saudi Arabia, Iran, and China at INC-2 stressed the importance of defining the scope of the legally binding instrument.
India had agreed with this proposal.

Plastic Pollution in India

As per reports from the Central Pollution Control Board, plastic waste accounts for 8% of the overall solid waste, with Delhi being the largest contributor, followed by Kolkata and Ahmedabad.
India produces more than 3 million tons of plastic waste, but the recycling rate for the total plastic waste stands at just 30%.

Source : Zero draft of global plastic pollution treaty: What are the hits & misses

7. Dementia

Recently, Dementia India Alliance (DIA), a non-profit organisation, launched a national dementia support line and DemClinic, an online memory screening clinic.

About dementia:

It is a syndrome that can be caused by a number of diseases which, over time, destroy nerve cells and damage the brain,
It will typically lead to deterioration in cognitive function.
Signs and symptoms
- Changes in mood and behaviour sometimes happen even before memory problems occur.
- Forgetting things or recent events
- Losing or misplacing things
- Getting lost when walking or driving
- Being confused, even in familiar places
- Losing track of time
Treatment
- There is no cure for dementia.
- A lot can be done to support both people living with the illness and those who care for them.
Currently, more than 55 million people have dementia worldwide, over 60% of whom live in low-and middle-income countries.
Every year, there are nearly 10 million new cases.
World Health Organisation recognises dementia as a public health priority.
- The World Health Assembly endorsed the Global Action Plan on the Public Health Response to Dementia 2017-2025.
- The Plan provides a comprehensive blueprint for action.
- To facilitate the monitoring of the global dementia action plan, WHO developed the Global Dementia Observatory (GDO), a data portal that collates country data on 35 key dementia indicators across the global action plan’s seven strategic areas.

Source : Free dementia support line and online memory clinic launched in India

8. Satkosia Tiger Reserve

Highly decomposed carcasses of two elephants were recently found in Satkosia Tiger Reserve.

About Satkosia Tiger Reserve:

Location: It is located in the heartland of Odisha and spread over four districts viz. Angul, Cuttack, Boudh and Nayagarh.
The river Mahanadi flows through the valleys in the middle of the Reserve.
The Reserve has an area of 1136.70 sq km with 523.61 sq km as the core area. The area is also a part of the Mahanadi Elephant Reserve.
Satkosia is the meeting point of two bio-geographic regions of India: the Deccan Peninsula and the Eastern Ghats.
Landscape: The terrain is hilly, with moderate to steep slopes and narrow valleys.
Vegetation: The forest vegetation comprises North Indian tropical moist deciduous Forests and Moist peninsular low-level sal.
Flora:
- The main tree species is sal, which grows in gregarious formations.
- Other associate species are Asan (Terminalia alata), Dhaura (Anogeissus latifolia), Bamboo (Dendrocalamus strictus), and Simal (Bombax ceiba).
Fauna:
- The reserve has a low population of tiger, leopard, elephant, spotted deer, sambar, chowsingha, barking deer, bison, wild dog, sloth bear, jackal, giant squirrel and porcupine.
- It is the natural habitat of two endangered species, viz., freshwater crocodile and the gharial.

Source : Two jumbos die of electrocution in live wire set by ‘poachers’

9. Insurance Regulatory and Development Authority of India (IRDAI)

The Insurance Regulatory and Development Authority of India (IRDAI) is planning to unveil a host of new measures, including 100 per cent cashless claim settlement in health coverage.

About the Insurance Regulatory and Development Authority of India (IRDAI):

It is a statutory body formed under an Act of Parliament, i.e., the Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999), for overall supervision and development of the Insurance sector in India.
It is also responsible for registering and/or licensing insurance, reinsurance companies and intermediaries according to the regulations.
Entities regulated by IRDAI:
- Life Insurance Companies - Both public and private sector Companies
- General Insurance Companies - Both public and private sector Companies. Among them, there are some standalone Health Insurance Companies which offer health Insurance policies.
- Re-Insurance Companies
- Agency Channel
- Intermediaries which include the following:
  - Corporate Agents
  - Brokers
  - Third-Party Administrators
  - Surveyors and Loss Assessors.
Composition: It is a 10-member body- a chairman, five full-time members and four part-time members appointed by the Government of India.
To protect the interests of policyholders, the IRDAI was granted significant responsibilities, including:
- Efficiently conducting insurance business and protecting the interests of the policyholders in matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of the policy and other terms and conditions of contracts of insurance.
- Approving product terms and conditions offered by various insurers.
- Regulating investment of funds by insurance companies and maintaining a margin of solvency.
- Specifying financial reporting norms of insurance companies.
- Ensuring insurance coverage is provided in the rural areas and also to the vulnerable sections of society.
IRDAI’s Head Office is in Hyderabad.

Source : IRDAI plans 100% cashless health claims, more long-term products, flexible plans for old people

10. Association of Southeast Asian Nations (ASEAN)

Prime Minister Modi recently arrived in Indonesia to attend the ASEAN-India and the East Asia summits.

About the Association of Southeast Asian Nations (ASEAN):

It is a regional intergovernmental organisation of ten Southeast Asian countries.
It was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration).
Member States: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.
It promotes intergovernmental cooperation and facilitates economic, political, security, military, educational, and sociocultural integration between its members and other countries in Asia.
Secretariat: The ASEAN Secretariat, located in Jakarta, Indonesia, and led by a secretary-general, coordinates the work of ASEAN member states and their associated bodies.
Functioning:
- It is headed by a chair—a position that rotates annually among member states.
- Important decisions are usually reached through consultation and consensus guided by the principles of non-interference in internal affairs and peaceful resolution of conflicts.

What is the East Asia Summit?

It is a unique Leaders-led forum of 18 countries of the Asia-Pacific region formed to further the objectives of regional peace, security and prosperity.
Established in 2005, EAS allows the principal players in the Asia-Pacific region to discuss issues of common interest and concern in an open and transparent manner at the highest level.
The membership of EAS consists of ten ASEAN Member States: Australia, China, India, Japan, New Zealand, the Republic of Korea, the Russian Federation and the USA.
EAS is an initiative of ASEAN and is based on the premise of the centrality of ASEAN.

Source : PM Modi arrives in Indonesia to attend ASEAN-India and East Asia Summits.

07 Sep 23 | Daily Defence Exam Current Affairs | UPSC CDS CAPF NDA SSB

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