Current Affairs 19th May 2018

Current Affairs 19th May 2018 - Important Points

• RBI tweaks norms for setting up of - IFSC Banking Units
• NASA Satellites reveal major shifts in - Global freshwater
• Who has been appointed as Chairman of Lalit Kala Akademi - Uttam Pacharne
• Gujarat Government to launch free treatment scheme for - Road accident victims
•  Norms for setting up of IFSC Banking Units  tweaked by - RBI
• NASA Satellites revealed major shifts in global freshwater on - 16th May 2018
• Uttam Pacharne appointed as Chairman of Lalit Kala Akademi on - 17th May 2018
• Gujarat Government to launch free treatment scheme for road accident victims on - 18th May 2018

Current Affairs 19th May 2018 - Details

RBI tweaks norms for setting up of - IFSC Banking Units

The RBI has altered norms for invention of IFSC Banking Units by banks in International Financial Services Centres. In April 2015, Reserve Bank of India had framed plan for invention of IFSC Banking Units by banks in International Financial Services Centres.

Key Points :

The alteration makes mandatory for parent bank to deliver and preserve at all times lowest capital of US $20 million in any overseas currency to its IFSC Banking Units. However, lowest given regulatory capital, including for exposures of IFSC Banking Unit, should be preserved on on-going basis at parent level.

Moreover, parent bank will be also needed to issue Letter of Comfort for extending financial assistance, as and when needed, in the form of capital or liquidity support to IFSC Banking Units. The norms are applicable to IBUs set up in Gujarat International Finance Tec-City (GIFT) and in other International Financial Services Centres which may be form in India.

The alteration was done based on proposals from shareholders to consider lowest given regulatory capital at parent level rather than at IBU level. The government has formed an International Financial Services Centres in Gujarat namely Gujarat International Finance Tec-City in Gandhinagar.

NASA Satellites reveal major shifts in - Global freshwater

In a 1st, researchers have found that the Earth’s wet land areas are turning wetter and dry areas are turning drier due to different reasons, including human water management, climate change and natural cycles. The study was issued on May 16th, 2018 in the journal Nature.

Key Findings

Freshwater is found in lakes, rivers, soil, snow and ice. On land, freshwater is one of the necessary Earth's resources for drinking water and agriculture purposes. 

Though the water loss in some regions like the melting ice-sheets and alpine glaciers is evidently driven by global warming, however, it may take extra time and information to determine the driving forces behind other patterns of fresh-water alterations.

Freshwater Trends witnessed in various regions 

In California, pumping groundwater for agricultural purposes is considered as a significant contributor to depletion in freshwater levels, however, one should not forget that groundwater levels are also delicate to cycles of determined drought or rainy conditions. 
This was the reason of the noteworthy groundwater depletion seen in California’s Central Valley from 2007-2015. A gigaton of water would fill 400,000 Olympic swimming pools.

Freshwater levels decrease was also seen in Saudi Arabia, that indicating the agricultural compressions. From 2002-2016, the region vanished 6.1 gigatons annually of stored groundwater.

In Africa’s western Zambezi basin and Okavango Delta, the team also acknowledged large inclinations in terrestrial freshwater storage that do not appear to be straight related to human activities, but the result of the natural cycles of high/low rainfall. 

In Xinjiang province in north-western China, a mixture of natural and human pressures resulted into compound scenarios in the Xinjiang province of north-western China. During the 1st decades of this century, water deteriorations occurred in Xinjiang, which vanished 5.5 gigatons of terrestrial water storage yearly. 

Who has been appointed as Chairman of Lalit Kala Akademi ?- Uttam Pacharne

Uttam Pacharne was designated as the regular Chairman of the Lalit Kala Akademi, on May 17th, 2018. His designation was sanctioned by the President Ram Nath Kovind. Uttam Pacharne is a renowned artist and sculptor. 

Uttam Pacharne succeeds M.L.Srivastava, Joint Secretary (Akademies), Union Ministry of Culture, who was nominated as Protem Chairman of the Lalit Kala Akademi in March 2018, due to the awaiting nomination of a regular Chairman.

Uttam Pacharne will join office for a 3 years term from the date of assuming the charge of the office.

More about Uttam Pacharne

• Presently, Uttam Pacharne is a Member of Advisory Committee of Kala Academy, Goa and a Member of the Advisory Committee at P.L. Deshpande State Lalit Kala Academy.
• He is also working as the Director of Janseva Sahakari Bank Borivali.
• He received the National Lalit Kala Award in 1985, Maharashtra Gaurav Puraska in 1985, Junior National Award in 1986 and Jeevan Gaurav Puraskar in 2017 from Prafulla Dahanukar Foundation.

Gujarat Government to launch free treatment scheme for - Road accident victims

The state government of Gujarat would be releasing free treatment plan for the road accident victims on May 18th, 2018. The declaration for the same was done past week by Gujarat’s Deputy CM Nitin Patel, who also handles Health selection.

Key Provisions

• Under the plan, the state government will tolerate medical expenses of about 50,000 Rupees for each victim of a road accident in the state for the 1st 48 hours.
• The government would compensate the amount to the hospital concerned upon submission of bills.
• The free treatment facility will contain wounds dressings, X-ray, blood transfusion, ICU treatments, MRI and all other treatment presented in the hospital.
• In an instance where a hospital refers the patient to another hospital within 2 days, both the hospitals will be entitled for the compensation of their joint bills of Rupees 50,000.
• The initiative is focused at issuing in-timely and better treatment, that in-turn would be minimising the loss of life due to road accidents.

Norms for setting up of IFSC Banking Units  tweaked by - RBI

The RBI has altered norms for invention of IFSC Banking Units by banks in International Financial
Services Centres. In April 2015, Reserve Bank of India had framed plan for invention of IFSC Banking
Units by banks in International Financial Services Centres.
Key Points

• The alteration makes mandatory for parent bank to deliver and preserve at all times lowest capital of US $20 million in any overseas currency to its IFSC Banking Units.
• However, lowest given regulatory capital, including for exposures of IFSC Banking Unit, should be preserved on on-going basis at parent level.
• Moreover, parent bank will be also needed to issue Letter of Comfort for extending financial assistance, as and when needed, in the form of capital or liquidity support to IFSC Banking Units.
• The norms are applicable to IBUs set up in Gujarat International Finance Tec-City (GIFT) and in other International Financial Services Centres which may be form in India.
• The alteration was done based on proposals from shareholders to consider lowest given regulatory
  capital at parent level rather than at IBU level.
• The government has formed an International Financial Services Centres in Gujarat namely Gujarat International Finance Tec-City in Gandhinagar.

NASA Satellites revealed major shifts in global freshwater on - 16th May 2018

In a 1st, researchers have found that the Earth’s wet land areas are turning wetter and dry areas are turning drier due to different reasons, including human water management, climate change and natural cycles. The study was issued on May 16th , 2018 in the journal Nature.
Key Findings

• Freshwater is found in lakes, rivers, soil, snow and ice. On land, freshwater is one of the necessary Earth's resources for drinking water and agriculture purposes.
• Though the water loss in some regions like the melting ice-sheets and alpine glaciers is evidently driven by global warming, however, it may take extra time and information to determine the driving forces behind other patterns of fresh-water alterations.
  Freshwater Trends witnessed in various regions
• In California, pumping groundwater for agricultural purposes is considered as a significant contributor to depletion in freshwater levels, however, one should not forget that groundwater levels are also delicate to cycles of determined drought or rainy conditions.
• This was the reason of the noteworthy groundwater depletion seen in California’s Central Valley from 2007-2015. A gigaton of water would fill 400,000 Olympic swimming pools.
• Freshwater levels decrease was also seen in Saudi Arabia, that indicating the agricultural compressions. From 2002-2016, the region vanished 6.1 gigatons annually of stored groundwater.
• In Africa’s western Zambezi basin and Okavango Delta, the team also acknowledged large inclinations in terrestrial freshwater storage that do not appear to be straight related to human activities, but the result of the natural cycles of high/low rainfall.
• In Xinjiang province in north-western China, a mixture of natural and human pressures resulted into compound scenarios in the Xinjiang province of north-western China.
• During the 1st decades of this century, water deteriorations occurred in Xinjiang, which vanished 5.5 gigatons of terrestrial water storage yearly.

Uttam Pacharne appointed as Chairman of Lalit Kala Akademi on - 17th May 2018

Uttam Pacharne was designated as the regular Chairman of the Lalit Kala Akademi, on May 17th , 2018. His designation was sanctioned by the President Ram Nath Kovind. Uttam Pacharne is a renowned artist and sculptor.
Uttam Pacharne succeeds M.L.Srivastava, Joint Secretary (Akademies), Union Ministry of Culture, who was nominated as Protem Chairman of the Lalit Kala Akademi in March 2018, due to the awaiting nomination of a regular Chairman.
Uttam Pacharne will join office for a 3 years term from the date of assuming the charge of the office.
Uttam Pacharne Presently, Uttam Pacharne is a Member of Advisory Committee of Kala Academy, Goa and a Member of the Advisory Committee at P.L. Deshpande State Lalit Kala Academy.
He is also working as the Director of Janseva Sahakari Bank Borivali.
He received the National Lalit Kala Award in 1985, Maharashtra Gaurav Puraska in 1985, Junior National Award in 1986 and Jeevan Gaurav Puraskar in 2017 from Prafulla Dahanukar Foundation.

Gujarat Government to launch free treatment scheme for road accident victims on - 18th May 2018

The state government of Gujarat would be releasing free treatment plan for the road accident victims on May 18th , 2018. The declaration for the same was done past week by Gujarat’s Deputy CM Nitin Patel, who also handles Health selection.
Key Provisions

• Under the plan, the state government will tolerate medical expenses of about 50,000 Rupees for each victim of a road accident in the state for the 1st 48 hours.
• The government would compensate the amount to the hospital concerned upon submission of bills.
• The free treatment facility will contain wounds dressings, X-ray, blood transfusion, ICU treatments, MRI and all other treatment presented in the hospital.
• In an instance where a hospital refers the patient to another hospital within 2 days, both the hospitals will be entitled for the compensation of their joint bills of Rupees 50,000.
• The initiative is focused at issuing in-timely and better treatment, that in-turn would be minimising the loss of life due to road accidents.

Plan Benefit

• Apart from covering the people of Gujarat, the plan would cover people related to other states and also inhabitants from other nations.
• As per to a Government Resolution released by the state’s Health and Family Welfare department on May 17th , even individuals addressing from other states or other nations will receive free treatment, if they suffer with a road accident and then admitted to a government or a private hospital in Gujarat, irrespective of their income.