Prelims Focus – 8th April 2024

Small finance banks (SFB)

Recent News:

The RBI has rejected the request of small finance banks to remove the “small finance” label from their name, stating that these banks have unique objectives such as promoting financial inclusion.

About Small finance banks (SFB)

• History and Evolution: Small Finance Banks were established following the issuance of guidelines by the Reserve Bank of India (RBI) in 2014. The first SFB, Capital Small Finance Bank, started operations in April 2016.

• Objectives:Financial Inclusion: Extending banking services to unbanked sections of society.
  • Credit Availability: Providing loans to small businesses, marginal farmers, and micro industries.
  • Savings Options: Offering savings and deposit services to those lacking access to formal banking.
• Regulatory Framework: SFBs operate under the regulatory purview of the RBI and must adhere to the Banking Regulation Act, 1949, among other relevant statutes.
• Operations: SFBs can perform basic banking activities like accepting deposits and lending. They are required to allocate at least 75% of their loans to priority sectors identified by the RBI.
• Small Finance Banks play a crucial role in the Indian banking sector by bridging the gap between traditional banking services and the needs of the economically weaker sections of the society.

Agnibaan SOrTeD

Recent News:

The launch of AgniKula ‘Agnibaan SOrTeD’ has been postponed for the second time.

Details:

• The Agnibaan SubOrbital Technological Demonstrator (SOrTeD) is a rocket powered by Agnibaan’s patented Agnilet engine. 
• It is the first 3D-printed, single-piece, semi-cryogenic engine in the world. The rocket will be launched from India’s ALP-01 private launchpad at the Sriharikota spaceport. 
• It is equipped with the Agnilet engine, which is a subcooled liquid oxygen-based propulsion system, and can carry a 100-kg payload up to a height of 700 km. 
• The rocket is also designed for launch from multiple launch ports and has a unique avionics architecture and autopilot software. 
• Agnibaan has also developed a launch pedestal called ‘Dhanush’ to ensure the rocket’s compatibility with different launch ports.

Plankton Crash

In News: The panel formed to probe the cause of the sea turning red in Pondicherry in October and November 2023 has attributed the phenomenon to plankton crash. 

• As consistent with a report by Annamalai University, the bulk of a particular unicellular species of phytoplankton — Noctiluca scintillans — in the sea were found ruptured, leading to the discharge of red pigment into the ocean.
• The environmental parameters consisting of sea surface temperature (31°C), salinity(41psu), pH (6.5), and dissolved oxygen (5.8ppm) had been assessed and related to the phytoplankton proliferation. 
  • The parameters were discovered to be conducive to the development of this species
• Recommendations: Strict vigilance on quality of sewage carried in the canal which confluences at Kuruchikuppam and to take long time measures on untreated sewage currently being let into the sea.

Coordinated Lunar Time

In News: The White House has recently directed NASA to establish a unified standard of time for the moon and other celestial bodies.

• • It could offer a time-maintaining benchmark for lunar spacecraft and satellites that require excessive precision for their missions.
  • It is aimed at making space missions more efficient by providing enhanced assistance. 
  • The new time zone needs to be developed by the end of 2026.

• Need 
• • A unified time zone will be vital for coordinating operations, ensuring the reliability of transactions and managing the logistics of lunar commerce.
  • Under its Artemis program, NASA is aiming to send astronaut missions to the moon in the coming years and set up a scientific lunar base that could help set the stage for future missions to Mars. 
• Without a unified lunar time preferred it might be hard to ensure that data transfers between spacecraft are stable and that communications between Earth, lunar satellites, bases and astronauts are synchronised.

Germany Legalised Recreational Cannabis

In News: The German government has recently legalised recreational consumption of cannabis (or marijuana).

• Cannabis refers to the dried leaves, flowers, stems, and seeds from the Cannabis sativa or Cannabis indica plant. 
• The plant consists of the mind-altering chemical delta-9 tetrahydrocannabinol (THC) and other similar compounds. 
• The Mexican term ‘marijuana’ is frequently used in relation to cannabis leaves.
• Compounds that are structurally similar to THC are known as cannabinoids.
• Marijuana is grown in the United States, Canada, Mexico, South America, Caribbean, and Asia.

Download as PDF