QUIZ – 2017: Insights Current Affairs Quiz, 31 July 2017

Solution: b.

What is the ‘sandbox approach’? Fintech innovations are not risk-free, and their transformative implications are being scrutinized by regulators, including the Financial Stability Board. Regulators are exploring ways to apply innovation responsibly – ways to manage systemic risks that may arise from technological change.

• Although publicized as novel, the “sandbox” is not a new concept; it is just a new expression. Quite sometime back in many developing countries, regulators adopted a flexible “test and learn” approach to foster innovation.
• The sandbox approach gives limited authorization for fintech startups to test new products and models with a small number of actual users in a simulated environment.
• This gives them more time to build and test business ideas, instead of spending time navigating complex financial services regulations. Focusing on regulatory compliance eats up seed capital before anyone knows whether an idea could work and be scaled up.
• Piloting a product or business model in the sandbox will help companies manage their regulatory risk during testing. Restricting transaction size will limit any large adverse consequence of product or model failure.
• Globally, regulatory sandboxes have been introduced in the U.K., Singapore, Australia, Malaysia and UAE. All these countries have so far created a sandboxed environment to support financial institutions (FIs) and fintech firms.

TH: Regulators shouldn’t restrain innovation;

Solution: a.

• Regarding Statement 1: The Bill declares 20 existing Indian Institutes of Management (IIMs) as institutions of national importance and confers on them the power to grant degrees.
• Regarding Statement 2: Currently, the central government has a role in the functioning of IIMs which includes appointment of the Chairperson of their Boards, their Directors and pay to the Director. In contrast, the Bill extends greater autonomy to the Board in the performance of these functions. The Board will appoint its own Chairperson and also the Director of each IIM. Directors of IITs and AIIMS on the other hand, are appointed by the Central Government.
• Regarding Statement 3: Certain recommendations of expert committees have not been addressed in the Bill. These relate to, among others – the Board having the autonomy to determine faculty pay.

PRS Legislative Brief: The IIM Bill, 2017;

Improvisation: TH: LS passes bill for more autonomy to IIMs;

Solution: c.

“My dear countrymen, the month of August is the month of Revolution. We have been hearing this as a natural fact right from our childhood and the reason is, the Non-Cooperation Movement was launched on the 1^st of August 1920; the Quit India Movement, which is also known as ‘Agast Kranti’ began on the 9th of August 1942; and on 15^th August 1947 India became independent. In a way, there are many events in the month of August that are closely associated with the history of our freedom movement. This year, we are going to observe the 75th Anniversary of the Quit India Movement. But very few people know the fact that the slogan, ‘Quit India’ was coined by Dr. Yusuf Meher Ali..”

TH: It’s Sankalp Parva on August 15;

PIB: Mann ki Baat;

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Solution: d.

Introduction of new vaccines is key to reducing childhood and infant mortality and morbidity in the country.

• In the last two years, through the UIP, Inactivated Polio Vaccine (IPV), Rotavirus vaccine (RVV) against diarrhoea, and the measles-rubella (MR) vaccine, to protect against both measles and rubella have been introduced.
• The latest weapon in the arsenal being introduced is pneumococcal conjugate vaccine (PCV). More than 130 countries worldwide have introduced PCV as part of their childhood immunization programmes, in line with World Health Organization (WHO) global recommendations.
• This vaccine provides protection against one of the most common causes of pneumonia—a bacterium called pneumococcus, which also causes other diseases such as ear infections, meningitis and blood infections, with some of these resulting in death or serious disabilities.
• This vaccine has long been available in the private sector in India, so children of wealthy families who could afford it could be protected. But by introducing it in the UIP this vaccine will reach all children, especially those who need it the most, the underprivileged and underserved.

PIB: A strike against Pneumonia;

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Solution: a.

• National technical advisory bodies to guide immunization policies are often referred to as National Immunization Technical Advisory Groups (NITAGs).
• A NITAG is a technical resource providing guidance to national policy-makers and programme managers to enable them to make evidence-based immunization-related policy and programme decisions.
• The Global Vaccine Action Plan calls for all country to establish or have access to such a NITAG by 2020.
• India’s NTAGI (Click HERE for source; no need to go through it): The National Technical Advisory Group on Immunisation (NTAGI) was established in August 2001 by the Department of Family Welfare. The NTAGI was intended to provide technical advice to inform decision-making on both technical and operational matters pertaining to immunisation and choice and scheduling of existing and planned vaccines.
• Procedure for introduction of a new vaccine in UIP: NTAGI reviews disease burden and epidemiology of a particular vaccine preventable disease and vaccine availability along with its cost effectiveness before making recommendations for any new vaccine introduction. The Ministry introduces new vaccines only when NTAGI recommendations are subsequently approved by the empowered programme committee and Mission Steering Group.

WHO: NITAG;

PIB: A strike against Pneumonia;

Solution: b.

• India-Taiwan: Over the last two decades, India-Taiwan relations have progressed considerably despite not having diplomatic status to their ties. Although because of the constraints of one-China policy the two sides do not have diplomatic ties, their bilateral working relations have always generated a political context.
• India-North Korea: Diplomatic relations between India and North Korea were established in 1973.
• India-Palestine: India was one of the first countries to recognise the State of Palestine in 1988.

Improvisation: TH: US prods India on Pyongyang;

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