Flash Card

Day#90 Current Affairs Flash Cards [PRELIMS 2020]

Location of El Salvador; ‘No Frills accounts’ or Basic Savings Bank Deposits account (BSBD); Financial Literacy Week; Status of living person to animals; National Security Council; National Security Advisor;
By IASToppers
December 04, 2019

 

 

Who presides the National Security Council in India? a) National Security Advisor OR b) Cabinet Secretary

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Answer:

The National Security Advisor presides over National Security Council in India.

Enrich Your Learning:

National Security Advisor:

  • The National Security Advisor presides over the National Security Councils and is also the primary advisor to the prime minister of India.

Why is NSA in news?

  • The government reappointed Ajit Doval as National Security Adviser and gave him a Cabinet rank.
  • He became the first NSA to get Cabinet status in the table of precedence.
  • Previously he had the stature of a Minister of State.
  • His appointment will be co-terminus with the term of the Prime Minister or until further orders, whichever is earlier.

Need to bestow a Cabinet rank:

  • The decision was taken since NSA leads strategic dialogues with many countries and a Cabinet rank will facilitate his interactions with the most senior officials.
  • The External Affairs Minister and NSA have differed on various issues pertaining to foreign policy.

National Security Council (NSC) of India:

  • The National Security Council (NSC) of India is a three-tiered organization that oversees political, economic, energy and security issues of strategic concern.
  • It operates within the executive office of the prime minister of India.

Function of NSC:

  • Liaising between the government’s executive branch and the intelligence services,
  • Advising leadership on intelligence and security issues.

NSC comprises:

  • The Strategic Policy Group
  • The National Security Advisory Board
  • A secretariat from the Joint Intelligence Committee.

Key Fact:

  • The NSA’s post was first created in 1998 when Atal Bihari Vajpayee was the Prime Minister.

 

 

Give the location of the smallest country in Central America.

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Solution & Enrich Your Learning:

Location of El Salvador:

Location of El Salvador

  • It is in the continent of Central America.
  • It is bordered by the Pacific Ocean, Guatemala, and Honduras.
  • It is the most densely populated country in Latin America.

Key facts on El Salvador:

  • It is known as the Land of Volcanoes due to frequent earthquakes and volcanic activity.
  • It is the smallest country in Central America.
  • It was part of the Spain till 1821.
  • Also, it is the only country in Central America that does not have a coastline on the Caribbean Sea.
  • Coffee cultivated in the western part of the country is famous all over the world.
  • The indigenous language spoken in El Salvador is called Nawat or Pipil.

 

 

Recently, which state government granted the status of living person to animals?

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Solution:

  • The Punjab and Haryana has accorded the status of ‘legal person or entity’ to animals in Haryana granting them the corresponding rights, duties and liabilities of a living person.

Enrich Your Learning:

  • The Punjab and Haryana High Court has accorded the status of ‘legal person or entity’ to animals in Haryana granting them the corresponding rights, duties and liabilities of a living person.

What does it mean to grant status of living person to animals?

  • They are entitled to justice such as draught animals should not carry more than prescribed load while pulling a vehicle.
  • The animals should be healthy, comfortable, well nourished, safe, able to express innate behaviour without pain, fear and distress. For instance, animals shall be covered with stripes of fluorescent reflectors for their identification at night.
  • The animals cannot be treated as objects or property.

Similar effort done by Uttarakhand:

  • In 2018, Uttarakhand High Court also passed a similar order to protect and promote greater welfare of animals.
  • In 2017, Uttarkahand declared rivers Ganga and Yamuna as living entities, however, it was later stayed by the Supreme Court.

 

 

The Financial Literacy Week is an initiative of which financial organisation in India? a) National Bank for Agriculture and Rural Development OR b) Reserve bank of India

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Solution:

  • Reserve bank of India

Enrich Your Learning:

Financial Literacy Week:

  • The Financial Literacy Week is an initiative of RBI to promote awareness on key topics (like-Financial Inclusion and Education etc.) every year through a focused campaign.
  • For the year 2019 the theme is ‘Farmers and how they benefit by being a part of the formal banking system’.
  • It is yearly conducted from June 3-7.
  • Through this initiative, RBI undertook a centralized mass media campaign on Doordarshan and All India Radio to disseminate essential financial awareness messages to farmers.

Importance:

  • In India, growth in agriculture is necessary for the overall economic growth & finance.
  • These efforts are made to build awareness and disseminate financial literacy messages to the farming community.
  • Agriculture contributes around 15% of India’s GDP and 58 per cent people of total population of the country earn lively hood from agriculture sector.

 

 

Recently Reserve bank of India directed the banks in India on ‘No Frills accounts’. What are No Frills accounts?

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Solution:

The basic savings bank deposit account or no-frills account is a savings account which offers certain minimum facilities that are free of charge to the holders of such accounts.

As per the norms specified by the RBI, account holders of such accounts are not required to maintain minimum balance and can get certain minimum facilities for free.

Enrich Your Learning:

‘No Frills accounts’ or Basic Savings Bank Deposits account (BSBD):

  • The Reserve Bank of India had made it mandatory for all banks to roll out no-frills accounts in a move to induce financial inclusion in 2005.
  • In 2012 the RBI told the banks to convert the existing ’no-frills’ accounts into ‘Basic Savings Bank Deposit Accounts’.

Why is it news?

  • In June 2019 the RBI directed banks to offer to basic savings bank deposit (BSBD) account holders five services for free and without any requirement for maintaining minimum balance.

New Directive of RBI:

  • As per the new directive of the RBI bank is free to provide additional value-added services, including issue of cheque book, beyond the above minimum facilities, which may or may not be priced and must be disclosed.
  • The RBI also stated that offering such additional services will not make it a non-BSBD account, and customers should have the option of not availing such value-added services.
  • Holders of BSBD accounts will not be eligible for opening any other savings bank deposit account in the same bank.
  • If a customer already has a savings account, they are required to close it within 30 days from the date of opening a BSBD.
  • The minimum free withdrawals available to the BSBD account holders can be made at all ATMs (own-bank or other bank ATMs).

The five services are:

  • Deposit of cash at bank branches as well as ATMs and cash deposit machines (CDMs).
  • Receipt of money through any electronic channel or by means of deposit or collection of cheques drawn by government agencies and departments.
  • Unlimited deposits.
  • A minimum of four withdrawals in a month.
  • Including ATM withdrawals.
  • An ATM card or ATM-cum-debit card.

Key Facts:

  • The ‘Basic Savings Bank Deposit Account’ is available to all customers through branches.
  • There is no requirement for any initial deposit for opening a BSBDA.
  • Banks offer the ATM Debit Cards free of charge and no Annual fee is levied on such Cards.
  • Balance enquiry through ATMs is not counted in the four withdrawals allowed free of charge at ATMs.
 
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Daily Current Flash Cards 2020 Prelims 2020
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