Whatsapp 93125-11015 For Details
1. The Union government has informed Kerala that the Wayanad landslides of July 2024 cannot be declared a "National Disaster" under existing guidelines. The Kerala government had requested Rs 900 crore for relief, but the Centre clarified that disaster management is primarily the state’s responsibility, with financial and logistical support from the Centre. Financial relief for affected individuals comes from the State Disaster Response Fund (SDRF) for 12 notified natural disasters, including landslides. In severe cases, additional assistance can be provided from the National Disaster Response Fund (NDRF) after an assessment by the Inter-Ministerial Central Team (IMCT). The Disaster Management Act, 2005 defines a disaster and mandates the creation of both SDRF and NDRF at state and national levels, respectively, for response and recovery operations.
2. The European Central Bank (ECB) has launched the digital euro, a central bank digital currency (CBDC) designed to modernize payments in Europe. It allows direct peer-to-peer transactions without the need for intermediary banks or gateways, functioning like a digital version of cash and enabling offline payments with a level of anonymity. The digital euro aims to reduce transaction costs, including for micro-payments, which are currently expensive with traditional banking. It also serves as a strategic move to counter non-European payment providers and enhance Europe’s digital sovereignty, particularly against US companies. Similarly, the Reserve Bank of India (RBI) introduced the Digital Rupee (e₹) in 2022. Unlike cryptocurrencies, CBDCs are legal tenders issued and backed by central banks, providing a regulated alternative to digital payments.
3. The Supreme Court recently ruled that compassionate employment is not a vested right but a relief measure aimed at assisting the families of deceased government employees. The judgment came in response to a case where claims for compassionate appointments were made long after the employee’s death, which undermined the usual urgency associated with such applications. The Court emphasized that these claims must be made promptly and are subject to the policies and guidelines set by the government, not as an entitlement or service condition. If no policy or rule exists, such appointments cannot be granted. The SC recognized compassionate employment as an exception to merit-based appointments, reflecting the state's responsibility to provide support to affected families, rather than a guaranteed right.
4. The Reserve Bank of India (RBI) has retained State Bank of India (SBI), HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). D-SIBs are banks deemed "Too Big to Fail" due to their size, complexity, and interconnections with the economy. These banks face additional regulatory measures, such as capital buffers and stress tests, to enhance resilience against financial shocks. D-SIBs are classified into buckets based on systemic importance, with SBI in Bucket 4 (highest risk), HDFC Bank in Bucket 3, and ICICI Bank in Bucket 1 (lowest risk). The RBI assesses banks based on size and interconnectedness, requiring additional Common Equity Tier 1 (CET1) capital. This framework, introduced in 2014, ensures D-SIBs are well-capitalized to prevent systemic disruptions. Globally, similar assessments are made for Global Systemically Important Banks (G-SIBs) by the Financial Stability Board (FSB).
5. The 58th Executive Committee meeting of the National Mission for Clean Ganga (NMCG) approved several crucial projects for the conservation of the Ganga River. These include an Environmental Flow Assessment for rivers like Chambal, Son, Damodar, and Tons to improve water quality and biodiversity, and a Dolphin Rescue Initiative to create a dolphin ambulance and raise awareness for Ganga River dolphin conservation. Additionally, a Turtle Conservation project was approved to rehabilitate endangered turtles and reintroduce threatened species in the Ganga basin. The committee also sanctioned the Kolkata Septage Treatment Plant Rehabilitation to enhance water purification at the Keorapukur STP. Finally, the Rag-Rag Mein Ganga Series received funding for its third season to promote Ganga’s conservation and cultural heritage. NMCG, established in 2011, is the implementing arm of the National Ganga Council, working to reduce pollution and rejuvenate the river.