Current Affairs in Short: 20 November 2018
The RBI board has decided to set up a high-powered committee to examine issues related to surplus capital of Rs 9.69 lakh crore with the central bank and advised it to consider a scheme for restructuring stressed assets in the MSME sector.
RBI to set up expert panel to look into issues on capital surplus
• The RBI board on November 19, 2018 decided to set up a high-powered committee to examine issues related to surplus capital of Rs 9.69 lakh crore with the central bank and advised it to consider a scheme for restructuring stressed assets in the MSME sector.
• During the crucial meeting, it was also decided that the Board for Financial Supervision (BFS) of the RBI would examine the issues concerning the banks health under Prompt Corrective Action (PCA) framework and the Economic Capital Framework - ECF of RBI.
• On the capital framework issue, RBI will form an expert panel to study if RBI has surplus reserves and whether the same should be transferred to the government.
• The Reserve Bank and the Finance Ministry will decide the committee’s composition. The board decided that the said committee will look into the future and not dwell on past instances.
Centre approves additional assistance of over Rs 546 crore from NDRF to Karnataka
• The Government on November 19, 2018 approved the additional assistance of over Rs 546 crore from National Disaster Response Fund (NDRF) to Karnataka.
• The decision was taken during a High-Level Committee, chaired by Home Minister Rajnath Singh in New Delhi to consider the additional Central Assistance to the State affected by floods during 2018-19.
• Finance Minister Arun Jaitley, Agriculture Minister Radha Mohan Singh, Home Secretary Rajiv Gauba and senior officers of the Ministries were present in the meeting.
Govt asks Twitter to ensure 24x7 mechanism for prompt removal of objectionable content
• The Union Government has asked the social media platform, Twitter to ensure 24x7 mechanism for prompt removal of objectionable content from their platform as per requirement of law enforcement agencies.
• According to an official release, Union Home Secretary Rajiv Gauba had held a meeting with Twitter officials in New Delhi for effective action against objectionable content.
• They were also advised to appoint India based contact persons who would be available round the clock, and put in place an escalation mechanism.
• During the meeting, it was also impressed upon the Twitter representatives that they should improve their system of response to investigations related legal requests of Law Enforcement Agencies.
• They were advised that law provides for strict legal provisions in case of non-compliance which would need to be invoked. During the meeting, specific instances of legal requisitions were shown where Delhi police had sought for removal of content openly inciting violence where response by Twitter had been neither full nor timely.
Maldives to rejoin Commonwealth, 2 years after withdrawing
• The Maldives cabinet has approved the proposal to rejoin the Commonwealth, two years after withdrawing from the 53-nation grouping.
• The announcement was made by the nation’s newly inaugurated President Ibrahim Mohamed Solih on November 19. President Solih said that the proposal will be sent to the Parliament for ratification.
• The country had left the Commonwealth during former President Abdulla Yameen's administration in October 2016, amid mounting pressure over corruption and deteriorating human rights.
• The new government under Solih has begun to reset several decisions and policies of the previous administration.
• The two Supreme Court judges, who were imprisoned since imposition of emergency, have been shifted to house arrest and a committee has been formed to release political detainees.
Cambodian won't allow any foreign military base: PM
• Cambodian Prime Minister Hun Sen has vowed never to allow foreign military bases in his country.
• His remarks come in the wake of a news report that suggested China is pushing for a naval base in southern Cambodia that would potentially provide Beijing with easier access to the South China Sea.
• Hun Sen pushed back against the idea of a foreign military base during the nation’s cabinet meeting on November 19, which was broadcasted live on his Facebook page.
• The Prime Minister said that the country's Constitution does not permit foreign troops in Cambodia. He also noted that he received a letter from US Vice President Mike Pence expressing concern about the report.
India Post announces soft launch of its e-commerce portal
• Leveraging its parcel business network, India Post has announced the soft launch of its e-commerce portal.
• The Department of Posts has done only soft launch of the portal and full fledge operations of the service will start after mid-December.
• The Department of Posts has been focussing on e-commerce sector to increase its revenue receipts.
Nissan Chairman Carlos Ghosn arrested over financial misconduct
• Nissan Chairman Carlos Ghosn has been arrested in Tokyo over claims of financial misconduct.
• The company's Chief Executive Hiroto Saikawa said, Ghosn will be sacked from the Japanese firm after a board meeting on November 22.
• Ghosn, a towering figure in the car industry, has been accused of significant acts of misconduct, including under-reporting his pay package and personal use of company assets.
Bengal to come out with interactive app for restaurants
• The West Bengal Tourism Department has decided to launch an interactive mobile app next month, listing all the good restaurants in Kolkata and other places across the State. The move comes as tourists visit the Department website for locating restaurants.
• The restaurants already listed on the Department's website will find a place in the app. More restaurants will be added gradually. The app will also have provisions for customers to share their experiences.
• The department will also rate the restaurants with stars. A valid trade license is a primary requirement.
• Besides the quality of food, other factors like health-friendly environment and fire-fighting arrangements will be taken into account.