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Daily Current Affairs : 10-Dec-2019

Major Topics Covered :

  1. SMALL FINANCE BANKS (SFBS)

  2. PARLIAMENT PASSES RECYCLING OF SHIPS BILL

  3. LOK SABHA CLEARS ARMS (AMENDMENT) BILL

  4. HUMAN RIGHTS DAY

  5. HUMAN DEVELOPMENT REPORT (HDR) 2019

  6. WADA BANS RUSSIA FROM INTERNATIONAL SPORTING

  7. PASHU KISAN CREDIT CARDS

  8. MAHARAJA SURAJ MAL

  9. WORLDWIDE ARMS SALES RISE BY NEARLY 5% IN 2018

  10. FINLAND ELECTS SANNA MARIN, THE YOUNGEST-EVER PRIME MINISTER

  11. IS 10500:2012



SMALL FINANCE BANKS (SFBS)

Why in news?

The Reserve Bank of India (RBI) released, “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”.


Highlights:

Major changes from the earlier Guidelines on SFBs are:

  • The licensing window will be open on-tap.

  • minimum paid-up voting equity capital or net worth requirement shall be ₹ 200 crore.

  • RBI had last issued guidelines for licensing of Small Finance Banks in the private sector in 2014.

  • It was mentioned in the guidelines that after gaining experience in dealing with these banks, RBI would consider receiving the applications on a continuous basis.

  • For Primary (Urban) Co-operative Banks (UCBs), desirous of voluntarily transiting into Small Finance Banks (SFBs) initial requirement of net worth shall be at ₹ 100 crore, which will have to be increased to ₹ 200 crore within five years.

  • Consequently, the RBI issued in-principle approval to ten applicants and they have since established the banks.

  • SFBs will be given scheduled bank status immediately upon commencement of operations.

  • Payments Banks can apply for conversion into SFB after five years of operations, if they are otherwise eligible as per these guidelines.


Source : The Hindu


PARLIAMENT PASSES RECYCLING OF SHIPS BILL

Part of GS- 3 Environment


Why in news?

Parliament has passed the Recycling of Ships Bill, 2019, with the Rajya Sabha approving it.


Highlights:

  • The Lok Sabha has already cleared it. The bill restricts the use of hazardous materials on ships and regulates recycling of ships.

  • It defines ship recycling as dismantling it at a facility to recover the components and materials for reuse and taking care of the hazardous material so produced.

  • Under the legislation, every ship recycler must ensure safe and environmentally sound removal and management of hazardous materials from a ship.

  • On contravening these provisions, the ship recycler will be liable to pay environmental damages and cleanup operation compensation as prescribed.

  • Shipping Minister, Mansukh Mandaviya moved the bill. He said the industry provides ample employment in the country and ten per cent steel requirement of the country is fulfilled from the recycling of ships.


Source: PRS


LOK SABHA CLEARS ARMS (AMENDMENT) BILL

Part of GS- 3 Defence and Security


Why in news?

The Arms (Amendment) Bill, 2019 was introduced in Lok Sabha by the Minister of Home Affairs, Mr. Amit Shah, on November 29, 2019. The Bill seeks to amend the Arms Act, 1959.


Highlights: