World Consumer Rights Day being observed today: 15 March

World Consumer Rights Day is being observed today (15 March 2017) which is an awareness day and theme for this year is 'Building a Digital World Consumers can Trust’.

Several functions are being organized across the country to mark the occassion. Consumer Affairs Minister Ram Vilas Paswan will also preside over a function in New Delhi. The day is an opportunity to promote basic rights of all consumers, demanding that those rights are respected and protected. 

On this day in 1962, President John F Kennedy formally addressed the issue of consumer rights in US congress. He was the first world leader to do so, and the consumer movement now marks that date every year as a means of raising global awareness about consumer rights. 

The first World Consumer Rights Day was observed on 1983, and has since become an important occasion for mobilizing citizen action. In India, besides the World Consumer Rights Day, we observe the National Consumer Day on 24th of December every year.

Maritime Admiralty Bill passed by Lok Sabha

The Lok Sabha on 10 March 2017 passed the Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill,2016. 

The Bill aims to establish a legal framework to consolidate the existing laws relating to admiralty jurisdiction of courts, admiralty proceedings on maritime claims, arrest of vessels and related issues. 

It also aims to replace archaic laws which are hindering efficient governance.

Apollo Munich and Dena Bank Enters Into Bancassurance Tie-Up

Standalone health insurer Apollo Munich Health Insurance expanding its footprint across the country with bancassurance tie-up with state-owned Dena Bank.

Under the tie-up the bank will distribute customized Apollo Munich Health insurance and personal accident policies to the bank's 20 million customers nationwide. 

Apollo Munich Health has developed specialized health insurance solutions with distinctive benefits and an uncomplicated application process, exclusively for Dena Bank customers.

Bharat Financial launches instant microloan facility

Hyderabad based non-banking finance company Microfinance institution Bharat Financial Inclusion Ltd launched an instant loan approval at a village near Bassi in Jaipur district, Rajasthan.

The objective of this initiative to help rural areas embrace cashless transactions. The loan amount will be deposited directly to the loanees bank account.

The loan facility based on a three-step verification process of Aadhar-based eKYC, credit bureau authentication and eSign and non collateral loans up to Rs 60,000 for one year to rural women. It will be rolled out by June 2017 in all microfinance companys nationwide network with several being in Rajasthan, Bihar and Delhi.

EDII wins International Mercury Award 2016-17

The Ahmedabad-based Entrepreneurship Development Institute of India (EDII), an acknowledged national resource institute for entrepreneurship education, research, training and institution-building, has received the prestigious International Mercury Awards (IMA) for the year 2016-17 for the best overall presentation of its 2015-2016 annual report.

Instituted by MerComm Inc. the world's only independent awards organization, the International Mercury Awards honor outstanding achievement in professional communications in around 80 countries, EDII Director Dr. Sunil Shukla stated.

Fabindia removes ‘Khadi’ brand name from its products

Fabindia has started removing the brand name ‘Khadi’ it uses to promote its cotton products after a legal notice by Khadi India that the use of the word amounted to unfair trade practice and misusing its trade name.

The Khadi & Village Industries Commission (KVIC) had sent a legal notice to Fabindia Overseas Pvt Ltd, a chain of ethnic wear retail outlet, asking it to immediately stop using the word Khadi from all its cotton products and remove display banners from its showrooms.

Indian Navy inducts first all-women global circumnavigation vessel 'Tarini'

The Indian Navy's second sailboat 'Tarini' was inducted into service at a ceremony in Goa. The vessel is slated to be the platform for the first Indian all-women global circumnavigation by the Indian Navy to begin in August.

The Indian Navy is operating four sailing vessels capable of open ocean deployments - Tarangini, Sudarshini, Mhadei and Tarini, all four of which have been built in shipyards at Goa.

Sumitra Mahajan inaugurated 2-day South Asian Speaker’s summit at Indore in Madhya Pradesh

Lok Sabha Speaker Sumitra Mahajan inaugurated the two-day South Asian Speaker’s summit at Indore in Madhya Pradesh.

Speakers of six countries will deliberate on ways to achieve sustainable development goals. Summit is organized by the Indian Parlianment and Inter-Parliamentary Union which is focused on Achieving Sustainable Development Goals in member countries. 

Representive from Afganistan, Bangladesh, Bhutan, India, Maldives, Nepal and Sri lanka are attending the summit. Representatives from Pakistan and Myanmar are not attending the sumit due to their personal reasons.

Vetiver Network launched

India Vetiver Network (INVN) has been launched at Tamil Nadu Agricultural University.

INVN is a not-for-profit scientific network to promote vetiver in India. Vetiver has worldwide application to tackle many environmental issues like soil erosion, mitigation of soil and water pollution. 

The mission of INVN is environmental protection using vetiver. Promotion of research in vetiver identification of varieties, improved production technologies and distillation techniques.

Axiscades partners Slovakian firm

Axiscades, a aerospace and defence technologies company and Virtual Reality Media a Slovakian firm have signed an industrial cooperation agreement (ICA) at the Aero India 2017.

Sudhakar Gande, Vice-Chairman of Axiscades, stated in a statement that Under the ICA, both companies will evaluate opportunities for full flight simulator for the aerospace and defence sector and to address the requirements for Russian platforms such as the Dornier 228 aircraft and other platforms.

Science Express Climate Action Special to be flagged off

Science Express Climate Action Special (SECAS II) will be flagged off today (17 February, 2017) from Safdarjung Railway station in Delhi.

The train will be open for public viewing at Delhi Cantonment Railway Station tomorrow (18 February 2017) and the day after (19 February 2017). The train will later embark upon its journey across the country. 

The SECAS II will run till 8th September and culminate its journey at Gandhinagar.During its journey, the Science Express will cover over 19,000 kilometres, and will be exhibited at 68 stations across 20 states. SECAS will roll into Tripura for the first time. 

Science Express, redesigned as SECAS, intends to contribute towards increasing understanding of the science of climate change, the observed and anticipated impacts, and different possible responses. 

The exhibition will convey a message about Climate Change and will also be a good opportunity to generate a dialogue and discussion. It aims to create awareness among various sections of society, as to how climate change can be combated through mitigation and adaptation. 

Scientists develop Thubber, stretchable rubber material with high thermal conductivity

Scientists have developed novel rubber like material nicknamed ‘thubber’ which has high thermal conductivity and elasticity. It is an electrically insulating composite material that exhibits an unprecedented combination of metal-like thermal conductivity, elasticity similar to soft, biological tissue. 

Key Facts 

Thubber consists of a soft elastomer with non-toxic, liquid metal microdroplets suspended within it. This semi-liquid state allows the metal to deform with the surrounding rubber at room temperature. When it is pre-stretched at room temperature, it stretches up to six times its initial length. During this phase, liquid metal microdroplets form into elongated pathways through which heat can easily travel through. At the same time, the material is electrically insulating. Potential applications: In developing wearable computing and soft robotics, industries like athletic wear and sports medicine and in advanced manufacturing, energy, and transportation etc.

Government to come out with 2nd PSB recapitalisation plan Indradhanush 2.0

The Union Government is planning to come out with ‘Indradhanush 2.0’, a comprehensive plan for recapitalisation of public sector lenders. Indradhanush 2.0 will be finalised by Reserve Bank of India (RBI) after completion of Asset Quality Review (AQR) which is likely to be completed by end of March 2017. It aims to clean up the balance sheets of PSBs to ensure banks remain solvent and fully comply with global capital adequacy norms, Basel-III. Besides, revised programme of capitalisation will be also issued as part of it. 

Background 

The RBI had embarked on the AQR exercise from December 2015 and had set a deadline of March 2017 to complete the exercise. As part of it, RBI had asked banks to recognise some top defaulting accounts as non-performing assets (NPAs) and make adequate provisions for them. Under ‘Indradhanush’ roadmap announced in 2015, the Union Government had announced an infusion of Rs. 70,000 crore in state-run banks over four years. Banks also were allowed to raise a further Rs. 1.1 lakh crore from the markets to meet their capital requirement in line with global risk norms, Basel-III. In line with the plan, PSBs were given Rs. 25,000 crore in 2015-16, and a similar amount was earmarked for the current fiscal 2016-17. Besides, Rs. 10,000 crore each will be infused in 2017-18 and 2018-19. 

About Basel III (Third Basel Accord) 

Basel III is a global, voluntary regulatory framework on bank capital adequacy, market liquidity risk and stress testing. It was agreed by Basel Committee on Banking Supervision (BCBS) members in 2010–11. It focuses primarily on the risk of a run on the bank, requiring differing levels of reserves for different forms of bank deposits and other borrowings. It does not, supersedes the guidelines known as Basel I and Basel II for the most part, rather works alongside them. In March 2014, RBI had extended Basel III deadline up to March 31, 2019, instead of as on March 31, 2018. Note: Basel series of norms are broad supervisory standards formulated by BCBS to ensure that financial institutions have enough capital on account to meet obligations and absorb unexpected losses.

India to host counter-radicalisation conference with ASEAN

India is planning to host a conference on counter-radicalisation with the Association of Southeast Asian Nations (ASEAN) in October 2017. It will provide common platform to countries for sharing experiences and ideas on prevention of radicalisation amid rise of Islamic State and other extremist ideologies 

Key Facts 

This conference will also help participating countries to learn from each other’s best practices on promoting deradicalisation. It will mainly deal with the growing IS threat and make effort to counter radicalisation and misuse of religion by groups and countries for inciting hatred and terrorism India will also share its experience and also benefit from that of ASEAN countries, especially Malaysia. Besides, more countries may be also invited as observers depending on the interest. UAE will one of such country as it has expertise in deradicalisation that was one of the key areas of discussions during the recent India-UAE bilateral interactions. 

About Association of South East Asian Nations (ASEAN) 

ASEAN is a group of 10 South Asian nations is a regional organisation comprising that aims to promote intergovernmental cooperation and facilitates economic integration amongst its members. It came into existence on August 8, 1967 after ASEAN declaration (also known as Bangkok declaration). Motto: “One Vision, One Identity, One Community”. Headquarters: Jakarta, Indonesia. 10 Members: Malaysia, Indonesia, Singapore, Philippines and Thailand were founder countries. Later 5 more countries Brunei Darussalam, Lao PDR, Cambodia, Myanmar and Vietnam were added. Cambodia was the last entrant added in the group in 1999. Principal aims: (i) Accelerating economic growth, social progress, and sociocultural evolution among its members, (ii) Protection of regional stability and the provision of a mechanism for member countries to resolve differences peacefully.

INS Sarvekshak becomes India’s first ship to go green

Indian Navy’s survey vessel INS Sarvekshak, based at the Southern Naval Command in Kochi became the first naval ship to go green by installing a solar power system on board. It has innovatively deployed the zero-maintenance solar power system, capable of generating 5.4KW electricity and replacing the ship’s traditional 4.4KW emergency diesel alternator. 

Key Facts 

The solar power generating system has been installed by customising and installing ‘razor-thin, flexible’ solar panels on the canopy of its telescopic (retractable) helicopter deck. It has light weight, extra-thin and flexible unbreakable solar panels imported from US along with no-fume solid electrolyte batteries. These industrial grade panels are found to be performing well in all-light conditions and are shade-tolerant. They also have a maintenance free life for 24 years making it maintenance free. The system is 100% reliable for power source that can be used for communication equipment, general lightings onboard and battery charging round the clock with battery outputs during night. The low cost system will slash a yearly carbon emission of 60,225 kg and save around 22,995 litres of diesel used to run the vessel’s emergency diesel alternator.

India ranks 43rd out of 45 nations in 2017 International Intellectual Property Index

India ranked low 43rd among the surveyed 45 nations in 2017 International Intellectual Property Index (IIPI). In this edition, India is just above Pakistan (44th) and Venezuela (45th). The fifth annual index was released by US Chamber of Commerce’s Global Intellectual Property Centre (GIPC) in its report titled ‘The Roots of Innovation’. 

Key Facts 

This year the index includes 90% of global gross domestic product (GDP) and seven new economies Egypt, Hungary, Kenya, Pakistan, Philippines, Saudi Arabia, and Spain were included. India scored a meagre 8.75 out of a total of 35 points, falling significantly behind the median score of 15.39. Besides, the average score of India’s regional neighbours was 17.64. This is for fifth consecutive year India has been ranked at the near bottom in the index. Last year, India was placed 37 out of 38 countries. India was ranked last or next-to-last in the previous four years. Top 5 Countries in 2017 IIPI: United States (1st), United Kingdom (2nd), Germany (3rd), Japan (4th), Sweden (5th), France (6th), Switzerland (7th), Singapore (8th), South Korea (9th) and Italy (10th). BRICS countries: China (27th), South Africa (33rd), Brazil (32nd) and Russia (23rd). This year India has made some increment, but still has to do a lot more to build up a positive impression of its IPR policy with adequate legislative reforms required by innovators. There was slight improvement in India’s overall scores in this edition mainly because of the inclusion of five new indicators in the index on which India performed very strong. 

About International Intellectual Property Index (IIPI) 

The index started in 2012 by USGIPC ranks countries based upon 35 parameters each having one point weightage. Some of the parameters are patents, copyrights, trademarks, trade secrets and market access, enforcement, and ratification of international treaties.

Senior IAS officer Ajay Tyagi appointed as SEBI Chairman

The Appointments Committee of the Cabinet (ACC) has appointed senior bureaucrat Ajay Tyagi (58) as the new chairman of the Securities and Exchange Board of India (SEBI). Mr. Tyagi will have tenure of 5 years or till the age of 65 years or until further orders. He will succeed UK Sinha whose term ends on March 1, 2017. His name was recommended by the search-cum-selection panel headed by the cabinet secretary along with some other candidates. 

About Ajay Tyagi 

Ajay Tyagi is 1984 batch IAS (Indian Administrative Services) officer of Himachal Pradesh cadre. Prior to this appointment, he was Additional secretary (investment) in the Department of Economic Affairs, Ministry of Finance, handling the capital market division. He had served as the chairman of the finance ministry-appointed panel which monitored the merger of the Forward Markets Commission (FMC) with the SEBI. He had represented India at the Financial Action Task Force (FATF), an intergovernmental body set up to combat money laundering, terror financing and other related threats. Currently he is also representing India at the Financial Stability Board (FSB), an international body to monitor global financial systems. He also had led the initiatives on corporate bonds markets. 

About Securities and Exchange Board of India (SEBI) 

SEBI is the statutory regulator for the securities market in India established in 1988. It was given statutory powers through the SEBI Act, 1992. Mandate: Protect the interests of investors in securities, promote the development of securities market and to regulate the securities market. SEBI has is responsive to needs of three groups, which constitute the market, issuers of securities, investors and market intermediaries. It has three functions: quasi-legislative (drafts regulations in its legislative capacity), quasi-judicial (passes rulings and orders in its judicial capacity) and quasi-executive (conducts investigation and enforcement action in its executive function). Headquarters: Mumbai, Maharashtra.

RBI to set up separate Enforcement Department

The Reserve Bank of India (RBI) has decided to set up separate Enforcement Department to effectively monitor banks in case they violate regulations and speed up regulatory compliance. The department will be operational from April 1, 2017 i.e. the next financial year (2017-18). It will mainly deal with the penalties imposed on banks for violation of norms. 

Key Facts 

Currently, the penalties are determined by the banking and non-banking supervision departments against banks violating rules. The Enforcement Department will serve as centralised department to deal with penalties imposed on banks. This will help RBI follow-up and maintain a record on banks performance. It will deal with cases of non-compliance with regulations noticed either through the surveillance process or otherwise. 

Background 

Regulation, enforcement and surveillance are three important facets of financial sector oversight mechanism. Regulations determine the framework in which financial entities function so that transparency, prudence and comparability are ensured on the one hand and customer interests are protected on the other. Surveillance is the process through which adherence to the regulations is monitored. Currently, in the RBI, there is a clear demarcation of the surveillance and regulatory functions, but it was not in the case with enforcement of rules.

Union Cabinet apprised of MoU between India and France in S&T and Innovation

The Union Cabinet has been apprised of the signing of the Memorandum of Understanding (MoU) of Cooperation in the field of Science and Technology and innovation. The MoU was signed between India’s Technology Development Board (TDB), Department of Science & Technology and France’s public Investment Bank Bpifrance. 

Key Facts 

The agreement will ensure exchange of best practices and setting up of coordinated measures to foster technological exchanges. The exchanges under it will be through collaboration between companies, organizations and institutions of France and India. The agreement also aims to carry out activities related to exchange of best practices in the field of Science & Technology through the India’s Technology Development Board and Bpifrance. 

About Technology Development Board (TDB) 

TDB is a statutory body established under Technology Development Board Act, 1995. Its mandate is to promote development and commercialisation of indigenous technology and adaptation of imported technology for wider application. It consists of 11 Board members. The board plays a pro-active role by encouraging enterprises to take up technology oriented products. The Union Government had reconstituted the board in March 2000. It is the first organization of its kind within the government framework with the sole objective of commercializing the fruit of indigenous research. It provides financial assistance to research and development institutions and equity capital or loans to industrial concerns. The loan carries a simple interest rate of 5% per annum.

India to host World Billiards Championship for next four years

The Billiards and Snoooker Federation of India (BSFI) informed that India will host the World Billiards Championship for the next four years.

In 2016, the World Billiards Championship was held in Bengaluru. In the prestigious tournament, Pankaj Advani won in the 150-UP format beating Peter Gilchrist of Singapore.

The Billiards and Snooker Federation of India (BSFI) is the central authority that deals with the growth and development of cue sports in India.