QUIZ – 2017: Insights Current Affairs Quiz, 29 DECEMBER 2017

Solution: d.

The Versova Beach Clean Up project was initiated in 2015. On the other hand, UN Environment launched #CleanSeas campaign in February 2017. It has the aim of engaging governments, the general public, civil society and the private sector in the fight against marine plastic litter; it aims to increase global awareness of the need to reduce marine litter.

The campaign contributes to the goals of the Global Partnership on Marine Litter (the next question is related to this), a voluntary open-ended partnership for international agencies, governments, businesses, academia, local authorities and non-governmental organizations hosted by UN Environment.

https://cleanseas.org/about;

Improvisation: http://www.thehindu.com/news/international/bali-declares-garbage-emergency-amid-sea-of-waste/article22291714.ece;

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Solution: b.

• The GPA is the only global intergovernmental mechanism directly addressing the connectivity between terrestrial, freshwater, coastal and marine ecosystems.
• It was created in 1995 when over 108 governments declared “their commitment to protect and preserve the marine environment from the impacts of land-based activities, through the Washington Declaration.
• UNEP hosts the GPA Coordinating Unit and coordinates some activities in support of the programme.
• Intergovernmental Review Meetings (IGR) are organised every 5 years, it is a forum where Governments and other stakeholders meet to review the status of the implementation of the GPA and decide on action to be taken to strengthen its implementation. Three such meetings have been held so far, none have been hosted by India.
• The GPA secretariat has established and is strengthening three global multi-stakeholder partnerships: the Global Partnership on Nutrient Management (GPNM), the Global Partnership on Marine Litter (GPML) and the Global Wastewater Initiative (GWI).

http://web.unep.org/gpa/who-we-are/overview;

Improvisation: http://www.thehindu.com/news/international/bali-declares-garbage-emergency-amid-sea-of-waste/article22291714.ece; https://cleanseas.org/about;

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Solution: b.

The RBI’s FSR is a biannual publication. It reflects the overall assessment on the stability of India’s financial system and its resilience to risks emanating from global and domestic factors. The Report also discusses issues relating to development and regulation of the financial sector.

http://www.thehindu.com/opinion/editorial/testing-times/article22320376.ece;

https://m.rbi.org.in//SCRIPTS/BS_PressReleaseDisplay.aspx?prid=42642;

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Solution: d.

“According to the report released last week, gross non-performing assets (NPAs) in the banking system as a whole (Scheduled Commercial Banks) rose to 10.2% at the end of September, from 9.6% at the end of March… The RBI stated further that it expects NPAs to continue to rise to as high as 11.1% of total outstanding loans by September 2018, so the end to the bad loans mess seems nowhere near. The bad loans problem has also not spared private sector banks – these lenders have seen their asset quality deteriorate at a faster pace than public sector banks. Private bank NPAs increased by almost 41%, as compared to 17% in the case of public sector banks at the end of September. Non-banking financial companies that compete against banks also saw a jump in NPAs.”

Scheduled Commercial Banks (these are regulated under Banking Regulation Act, 1949) include:

• State Bank of India and its Associates (PSBs)
• Nationalised Banks (PSBs)
• Foreign Banks
• Regional Rural Banks
• Other Scheduled Commercial Banks (this refers to Private Sector Banks)

NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:

1. NBFC cannot accept demand deposits;
2. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;

iii. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

Improvisation: http://www.thehindu.com/opinion/editorial/testing-times/article22320376.ece;

The report: https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/0FSR201730210986ADDA44E2A946A3F6C4408581.PDF;

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Solution: c.

Adjudicatory Authorities (http://www.prsindia.org/uploads/media/Bankruptcy/Bankruptcy%20Code%20As%20Reported%20by%20Committee%20Bill%20Summary.pdf): The Code proposes two to adjudicate insolvency resolution cases: (i) the National Company Law Tribunal will adjudicate  companies and limited liability partnerships i) the Debt Recovery Tribunal will adjudicate  and partnership firms.

• The Central Government constituted the National Company Law Tribunal (http://nclt.gov.in) under the Companies Act, 2013 (18 of 2013).
• The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunal (DRATs) (https://www.drt.gov.in/Home.aspx) were established under the Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI Act), 1993 with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institution. Presently 38 DRT’s and 5 DRAT’s are functioning in India.

Improvisation (http://www.thehindu.com/opinion/editorial/testing-times/article22320376.ece): “The resolution of bankruptcy cases, particularly against large borrowers that contribute a major share of bank NPAs, under the new Insolvency and Bankruptcy Code should help bring the NPA situation under some control. In fact, despite its many imperfections and the slow pace of resolutions by the National Company Law Tribunal, the Code can be helpful in cleaning up bank books in future credit cycles..”

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