Current Affairs for BANK, IBPS Exams - 06 May 2021

::NATIONAL::

Maratha reservation stayed in Supreme Court

The apex court has referred the case to a larger constitution bench, adding that the status of those who have already taken benefits of the 2018 law will not be disturbed.
A three-judge bench headed by Justice L N Rao referred to a larger constitution bench, to be set up by Chief Justice of India S ABobde, the batch of pleas challenging the validity of the law granting reservation to Marathas in education and jobs.
The Socially and Educationally Backward Classes (SEBC) Act, 2018 was enacted to grant reservation to people of Maratha community in Maharashtra in jobs and admissions.
The Bombay High Court, while upholding the law in June last year, had held that 16 per cent reservation was not justifiable and said that quota should not exceed 12 per cent in employment and 13 per cent in admissions.
On July 27, the Maharashtra government had assured the top court that it would not proceed with the recruitment process to fill up the vacancies on the basis of 12 per cent Maratha reservation till September 15, except for departments, Public Health and Medical Education and Research.
Advocates AmitAnandTiwari and Vivek Singh, appearing for one of the petitioners, had earlier told the apex court that the last date for admission to PG medical courses should be deferred.
The high court, in its June 27 last year order, had said that 50-per cent cap on total reservations imposed by the Supreme Court could be exceeded in exceptional circumstances.

Printed Study Materials for IBPS, SBI Bank Exam

::International::

ADB President MasatsuguAsakawa outlines a 5-point agenda for sustainable recovery in the Asia-Pacific region

The Asian Development Bank (ADB) has said that the Asia and the Pacific regions can emerge from the Coronavirus disaster even stronger than before by focussing on five areas to achieve a prosperous, inclusive, resilient, and sustainable future. Speaking before the Board of Governors during the 54th Annual Meeting on Wednesday, ADB President MasatsuguAsakawa outlined a five point agenda that includes climate action, addressing inequality and gender gap and enhancing regional integration among others.
The ADB President said that the climate action must be put at the centre of development with increased focus on adaptation and resilience and with full commitment to the goal of Paris agreement.
The five point agenda called for addressing the issue of inequality including gender gap by investing in health, education and social protection.
The ADB seeks to promote high quality green and digital infrastructure to enable economies to rebuild smartly while closing the digital gap and attracting substantial private investment.
Calling upon the developing member countries to deepen the regional cooperation and integration, the ADB said that it will help in seizing the opportunities provided by globalisation and strengthen regional health security.
The five point agenda also included the call to strengthen domestic resource mobilisation so that the governments have the resources to finance sustainable growth and respond effectively to future crises.

::Economy::

RBI announces Rs 50,000 crore COVID-19 healthcare loan package for vaccine manufacturers, medical device suppliers, hospitals and patients in need of funds

The Reserve Bank of India (RBI) on Wednesday announced a Covid package of Rs 50,000 crore for vaccine makers, medical equipment suppliers, hospitals, and even patients in need of funds to treat the disease, while opening up another round of restructuring of loans for individual and small borrowers for up to two years.
The RBI also said it would be buying Rs 35,000 crore of bonds from the secondary market on May 20. This will be part of the Rs 1 trillion Government Securities Acquisition Programme (G-SAP) scheduled for the quarter, of which Rs 25,000 crore has already been done. Yields reacted positively to the RBI measures and the 10-year bonds dropped below 6 per cent.
RBI Governor Shaktikanta Das announced these and other measures in an unscheduled press conference on Wednesday morning, in the first concrete effort by a central agency to fight the stress brought forward by the rising second wave of Covid.
“The immediate objective is to preserve human life and restore livelihoods through all means possible,” Das said, adding, “We are committed to go unconventional and devise new responses as and when the situation demands.”
The central bank stood in “battle readiness” to ensure that financial conditions remain congenial and markets continue to work efficiently.
The Rs 50,000 crore emergency health services loans, which can be given by banks till March 31, 2022, will be classified as priority sector loans for three years or repayment, whichever is earlier. Priority sector loans are exempted from maintaining cash reserve or statutory liquidity ratios, and so banks can extend them at concessional rates too.

Cabinet approves Strategic Disinvestment and Management Control in IDBI Bank Ltd.

The Cabinet Committee on Economic Affairs, chaired by Prime Minister ShriNarendraModi, has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd. The extent of respective shareholding to be divested by GoI and LIC shall be decided at the time of structuring of transaction in consultation with RBI.
Government of India (GoI) and LIC together own more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). LIC is currently the promoter of IDBI Bank with Management Control and GoI is the co-promoter.
LIC’s Board has passed a resolution to the effect that LIC may reduce its shareholding in IDBI Bank Ltd. through divesting its stake along with strategic stake sale envisaged by the Govt. with an intent to relinquish management control and by taking into consideration price, market outlook, statutory stipulation and interest of policy holders.
This decision of LICs Board is also consistent with the regulatory mandate to it to reduce its stake in the Bank.
It is expected that strategic buyer will infuse funds, new technology and best management practices for optimal development of business potential and growth of IDBI Bank Ltd.

::Science and tech::

Parker Solar Probe: Radio signal from Venus

Venus has been in the news a lot since last September, when researchers announced the possible detection of phosphine, a possible life sign, in its atmosphere. On May 3, 2021, NASA’s Parker Solar Probe announced another discovery: a never-before-observed natural low-frequency radio signal in the atmosphere of Venus. The probe, designed primarily to study the sun, came close to Venus to use it as a gravity slingshot, needed to propel the probe sunward. Parker Solar Probe was at its closest to Venus yet – only about 500 miles (800 km) above Venus’ surface on July 11, 2020 – when it found the surprising signal.
The measurements from Parker Solar Probe are the first new direct measurements of Venus’ atmosphere in nearly 30 years. The results also show that the atmosphere undergoes changes during the sun’s 11-year solar cycle, and that it is now quite different from what it was in the past.
He had seen the exact same kind of radio signal before from the Galileo orbiter, which had explored Jupiter and its moons. That mission ended in 2003. In this case, the signal, which looked like a thin “frown” in the data, was found in the ionospheres of some of the moons. The similarity of the signal meant that Parker Solar Probe had unexpectedly skimmed through the upper atmosphere of Venus, or more specifically, its ionosphere.
The ionosphere is a region of charged gases or plasma in the upper atmosphere that emits natural radio waves. Galileo had detected those radio waves at Jupiter’s moons, and now Parker Solar Probe had also found them in Venus’ atmosphere. The last time Venus’ ionosphere was measured directly was in 1992 by the Pioneer Venus Orbiter. The sun also happened to be at the peak of its solar cycle at the time.