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18th September Part-1: Daily News Analysis
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Rishab Arora
Graduate in Economics. Gold medal in Dissertation, Prepared various documents on Demonetisation and GST, Share-trading and many more

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Deepshikha Goswami
7 months ago
😀 welcome
RBI has put in place some trigger points to assess, monitor, control and take corrective actions on banks which are weak and troubled. The process or mechanism under which such ac tions are taken is known as Prompt Corrective Action, or PCA.
Prompt Corrective Action is a us federal law mandating progressive penalties against banks that exhibit progressively deteriorating capital ratio.
  1. Merger of BoB, Vijaya & Dena banks proposed (GS-3) (Page-1) The Centre on Monday proposed the amalgamation of state-owned Bank of Baroda, Dena Bank and Vijaya Bank to create India's third-largest bank. The decision was taken at the meeting of a ministerial panel, headed by Finance Minister Arun Jaitley, which oversees merger proposals of state-owned banks The other members of the panel include Railways Minister Piyush Goyal and Defence Minister Nirmala Sitharamarn "This major decision was taken by Alternative Mechanism today to amalgamate Bank of Baroda, Dena Bank and Vijaya Bank.While making this suggestion, we have borne in mind that we don't want a merger of what are relatively weak banks" Mr. Jaitley said, adding, "You can have two well-performing banks absorbing a weak one in the amalgamation process and hopefully creating a mega bank which will be sustainable, whose lending ability which will be far higher."

  2. On the choice of banks, Mr. Jaitley said it was the government's assessment because one of the banks [Dena Bank] had been placed under the prompt corrective action framework. "We want to save all the banks. When you make a merger, you want to make sure the merged entity is a stronger entity." Therefore, our capacity to subsume that weaker bank into the merged entity, which will be a stronger bank, is the principal factor that weighs with the government. Of course, we see the all India expanse and so on..."

  3. 'Machines will rule workplace by 2025' (GS-3) (Page-1) In less than seven years, by 2025, machines are projected to overtake humans in workplace task hours in 12 key industry sectors, according to a 'Future of Jobs report by the World Economic Forum (WEF). Globally, almost half of all companies expect automation to cut their full-time workforce in the next four years; however, new jobs will still lead to a net gain in employment opportunities if sufficient reskilling is done. In India, 54% of employees in these sectors will need reskilling by 2022, the WEF said in the report released on Monday. 'Significant shift' "Workforce transformations are no longer an aspect of the distant future,"WEF founder and executive chairman Klaus Schwab, said in a preface to the report. Instead, technological changes such as high-speed mobile Internet and cloud technology, artificial intelligence, robots and automation are expected to drive a significant shift on the frontier between humans and machines when it comes to existing work tasks between 2018 and 2022." In 2018, humans Performed an average of 71% of total task hours across the 12 industries spanning manufacturing, services and high tech. By 2025, that will drop to just 48%, according to the WEF Machines will perform the remaining 52%. The companies surveyed represent more than 15 million workers in 20 developed and emerging countries.

  4. However, there are grounds for cautious optimism. "One set of estimates indicates that 75 million jobs may be displaced by a shift in the division of labour between humans and machines, while 133 million new roles may emerge that are more adapted to the new division of labour between humans, machines and algorithms," the authors of the report wrote, even while warning that if managed poorly, these transformations posed the risk of widening skill gaps, heightening inequality and raising polarisation. The WEF, therefore, identified the reskilling and upskilling of employees as an urgent imperative. Broadly, in line with global trends, 54% of Indian workers in these industries would need reskilling by 2022. Of this, while 35% would need at least six months worth of reskilling, 10% would need more than a year of training in order to meet the demands of the new economy, the WEF said in the report

  5. Maharashtra to set up cyber varsity (GS-3) The Maharashtra Government has taken the first step towards setting up a varsity dedicated to mitigating cyber threats. It has set aside 80 crore for the first round of its funding and the proposal for the project will be tabled in the State cabinet's consideration in the first week of October, sources said The new Cyber University will train 3,000 professionals to fight online space cyber attacks, Internet crimes, and conduct cyber forensics. It will also impart training in 15 other Internet of Things (loT) areas such as Data Analytics and Artificial Intelligence (AI). A team of senior government officials recently visited the Massachusetts Institute ofTechnology (MIT)'s Computer Science and Artificial Intelligence Laboratory (CSAIL), which monitors cyber attacks in real time, to acquire technical knowhow. CSAIL's latest system correctly predicts about 85% of the world's cyber attacks using machine learning and Al. "At the lab we saw in real time that the majority of the world's cyber attacks are directed towards Russia, Japan and India," an official said.

  6. Cost of courses The varsity, officials said, will provide for and prepare internet professionals on the lines of the Microsoft Certified Professional Program. The courses will cost less than 5 lakh for courses in data analytics, cloud computing, blockchain, Al, cyber forensics and cyber investigations. Skill gap "The current supply of cyber professionals in the country is about a lakh while the demand hovers around 30 lakh. A cyber attack is taking place every 10 minutes as opposed to 12 minutes previously. The varsity will remedy this," an official said. The government will provide different levels of training and enable affiliated colleges to impart certification for the 15 courses. The State will also supply infrastructure for training and education. A 2015 skill gap analysis for Maharashtra by the consultancy firm KPMG had pointed to a gap of 1.5 crore professionals in 10 sectors. "Of these, there was a greater shortfall in the loT and Cyber Forensics sectors. The new varsity will bridge this skill gap," the official said. Maharashtra is already in the process of setting up its version of the Indian Computer Emergency Response Team to ward off external cyber threats. In 2016, the State had even appointed a consortium of M/s C-DAC (Centre for Development of Advanced Computing) and Railtel Corporation of India for the 1838-crore project. The consortium in its analysis used the same technology as GARUDA, India's national grid computing initiative, and the Graphics and Intelligence Based Script Technology, officials said.

  7. Modi-Ghani talks to focus on security (GS-2) Afghanistan President Ashraf Ghani will visit New Delhi this week to meet Prime Minister Narendra Modi to discuss bilateral ties as well as the regional security situation, officials in Delhi and Kabul confirmed. Mr. Ghani will land in Delhi on Wednesday, and meet Mr. Modi over lunch. He will also address a "civic reception" organised by the think-tank, India Foundation, before flying out on Wednesday evening. In the run-up to Mr. Ghani's visit, Foreign Secretary Vijay Gokhale travelled to Kabul to chair the meeting of the "Joint Working Group on Political and Security Cooperation between India and Afghanistan" last week. Mr. Ghani is expected to apprise Mr. Modi on the recent moves on reconciliation efforts with the Taliban.As part of the process, U.S. envoy Alice Wells is expected to hold a second round of talks with Taliban representatives in Doha two months after she last met them. India has backed Mr. Ghani on an "Afghan-led and Afghan-owned peace and reconciliation process"

  8. Chinese intrusions declined by 10% this year, says official (GS-2) There has been a 10% decline in the number of Chinese transgressions this year, a senior government official told The Hindu. The official said the presence of Chinese troops along the Line of Actual Control (LAC) has also reduced by around 3096.The manpower has been substituted with powerful surveillance equipment, he said Minister of State for Defence Subhash Bhamre informed the Rajya Sabha on February 5 that the number of transgressions was 426 in 2017. The official claimed that the transgressions dropped after the 73-day standoff between the Indian Army and the Chinese People's Liberation Army at Doklam on the China-Sikkim-Bhutan tri-junction near Nathu La last year. The transgressions continue to take place due to the difference in perception of the actual boundary. But after Doklam, the diplomatic manoeuvring and dialogue with the counterparts at the border ensured there was no steep increase," he said. According to him, there was enhanced cooperation along the China border and many incidents were not being reported.

  9. On July 20 at 9.53 a.m., Chinese troops transgressed 18.5 km in North Ladakh's Depsang, the report said. The official claimed that there were only 10-12 locations along the China border which saw dispute. "Both sides send long patrols into the disputed areas, particularly in summer months to assert territorial claims. These patrols are undertaken at key disputed locations, mostly in Ladakh and Arunachal Pradesh," he said. Along the Ladakh border in Jammu and Kashmir, India sticks mostly to a boundary drawn by British civil servant W.H. Johnson in 1865, which showed Aksai Chin as part of Jammu and Kashmir. China disputes this claim and in the 1950s built a road connecting Xinjiang and Tibet which ran through Aksai Chin. In the northeast of India, New Delhi sticks to the McMahon Line, as agreed by British representatives and Tibet at Simla in 1914. China claims that Tibet is not a sovereign nation and the McMahon Line has no legal standing. It stakes claim to the entire Arunachal Pradesh as part of Tibet. The Middle Sector along Himachal Pradesh and Uttarakhand is almost settled, with both sides not differing much in perception.

  10. Smart fencing will end infiltration: Rajnath Singh (GS-2) Union Home Minister Rajnath Singh on Monday inaugurated the first phase of hi-tech"smart fencing, of a l l km stretch on the International Border (IB) in Jammu The Comprehensive Integrated Border Management System (CIBMS) would provide for round-the-clock laser- guided surveillance of the borders, he said at the BSF Headquarters in Jammu's Ploura. Mr. Singh said border security was his top most priority. "The smart fencing project will initially be implemented to cover gaps in the physical fencing. Eventually, this technology will be implemented across the entire border" he said * The smart fencing is a web of surveillance, communication and data storage devices. It will enable surveillance during difficult weather conditions and reduce the need for physical patrolling of the borders. It will rely on thermal imaging, infra-red and laser-based intruder alarms to stop infiltration