What is the main objective of a Payments Bank?
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Let us consider an example – You pay salary to your Car driver in cash because he does not have a bank account. Individuals like him generally send money to his family members (who might be residing in his native place, a small village) through known people or he may use Money-order facility to remit the cash. But, more and more people like him are becoming mobile phone savvy. The payments Banks applicants will look to unbanked people like your car driver as low-hanging fruit to harvest as their first customers.(India has around 90 crore mobile users and out of which around 70 crores are active users. The total no of mobile subscribers in rural areas are 38 crores)Don’t get surprised if your neighbourhood supermarket or even your mobile phone can soon be doubled up as a Bank.So, the main objective of Payments Banks is to increase financial inclusion (to get more people into the banking system) by providing Small Savings Accounts, Payment or remittance services to low-income households / labour, small businesses etc.,Payments banks will provide basic banking services to people who currently do not have a bank account, including millions of migrant workers. Almost half of India’s population is unbanked.These banks will aim at providing high volume-low value transactions in deposits and Payments / remittance services in a secured technology-enabled environment.

What is thermoregulation and hypothermia?

Thermoregulation is the ability of an organism to keep its body temperature within certain boundaries, even when the surrounding temperature is very different. A thermoconforming organism, by contrast, simply adopts the surrounding temperature as its own body temperature, thus avoiding the need for internal thermoregulation. The internal thermoregulation process is one aspect of homeostasis: a state of dynamic stability in an organism's internal conditions, maintained far from thermal equilibrium with its environment (the study of such processes in zoology has been called physiological ecology). If the body is unable to maintain a normal temperature and it increases significantly above normal, a condition known as hyperthermia occurs. For humans, this occurs when the body is exposed to constant temperatures of approximately 55 °C (131 °F), and with prolonged exposure (longer than a few hours) at this temperature and up to around 75 °C (167 °F) death is almost inevitable. Humans may also experience lethal hyperthermia when the wet bulb temperature is sustained above 35 °C (95 °F) for six hours. The opposite condition, when body temperature decreases below normal levels, is known as hypothermia.

Indian Railways launches insurance scheme for passengers travelling on e- ticket
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▪️Indian Railways has launched an insurance scheme for passengers travelling on e- ticket. The insurance cover will be upto 10 lakh rupees.

▪️The insurance scheme was launched by Union Railway Minister Suresh Prabhu in New Delhi. For this scheme, Indian Railways has roped in Shriram General Insurance Company, ICICI Lombard and Royal Sundaram General Insurance for providing the insurance cover.

✔️ Key provisions of insurance scheme

▪️Person booking a train ticket through the IRCTC website will be eligible for the travel insurance and it is optional. To avail the facility, train passengers have to pay 92 paisa premium.

▪️The insurance cover will not be applicable for children upto 5 years of age and foreign citizens. The facility will be available only for confirmed and RAC ticket passengers.

▪️The scheme offers travellers or nominees a compensation of 10 lakh Rupees in the event of death or total disabilty, 7.5 lakh Rupees for partial disability.

▪️Besides it will pay upto 2 lakh Rupees for hospitalisation expenses and 10,000 rupees for transportation of mortal remains from the place of a train accident.

Parliament passes NABARD (Amendment) Bill, 2017
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▪️Parliament has passed the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017 with the approval of Rajya Sabha. Lok Sabha already had passed the bill in August 2017.

▪️The Bill seeks to amend National Bank for Agriculture and Rural Development (NABARD) Act, 1981. The Act establishes NABARD for providing and regulating facilities like credit for agricultural and industrial development in the rural areas.

✔️ Key Features of the Bill

▪️The Bill allows Union Government to increase capital of NABARD from Rs. 5000 crore to Rs 30,000 crore. Further, it allows Union Government to increase the capital more than Rs 30,000 crore in consultation with the Reserve Bank of India (RBI), if necessary.

▪️The Bill provides that Union Government alone must hold at least 51% capital share of NABARD. Further, it transfers share capital held by RBI valued at Rs. 20 crore to Union Government. Currently RBI holds 0.4% of paid-up capital of NABARD and remaining 99.6% is held by Union government and this causes conflict in RBI’s role as banking regulator and shareholder in NABARD.

▪️The Bill replaces terms ‘small-scale industry’ and ‘industry in tiny and decentralised sector’ with terms ‘micro enterprise’, ‘small enterprise’ and ‘medium enterprise’ as defined in MSME Development Act, 2006.

▪️Further, it allows NABARD to provide financial assistance to banks if they provide loans to the MSMEs.

▪️The Bill substitutes references to provisions of the Companies Act, 1956 with references to the Companies Act, 2013. It includes provisions dealing with definition of a government company and qualifications of auditors.

Important World Currencies and Countries
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1. Rupee : India, Nepal, Srilanka, Pakistan, Bhutan
2. Dollar : u.s.a, canada, singapore, ecuador,
australia, honkong, taiwan, newzealand, t&t
3. Euro : france, germany, italy, austria, belgium,
cyprus, netherland, portugal, spain, vatican city
4. Pound : u.k, egypt, sudan 5. rial: iran, qutar, saudi arab, yemen, omen, combodia
6. Dinar : Algeria, iraq, kuwait, tunisia
7. Peso : Phillipines, argentina, chile, cuba, mexico,uruguay
8. Franc : cameroon, switzerland
9. Ruble : Russia, belarus

The Cabinet Committee on Economic Affairs has given its approval for implementation of the Jal Marg Vikas Project (JMVP) for capacity augmentation of navigation on National Waterway-1 (NW-1) at a cost of Rs 5369.18 crore with the technical assistance and investment support of the World Bank.  The Project is expected to be completed by March, 2023.

About Jal Marg Vikas Project:

What is it?

The Jal Marg Vikas Project seeks to facilitate plying of vessels with capacity of 1,500-2,000 tonnes in the Haldia- Varanasi stretch of the River Ganga. The major works being taken up under JMVP are development of fairway, Multi-Modal Terminals, strengthening of river navigation system, conservancy works, modern River Information System (RIS), Digital Global Positioning System (DGPS), night navigation facilities, modern methods of channel marking etc.

NW 1: Ganga-Bhagirathi-Hooghly river system from Allahabad to Haldia was declared as National Waterway No.1.

States covered under NW-1: States: Uttar Pradesh, Bihar, Jharkhand, West Bengal.

Benefits of this project:

Alternative mode of transport that will be environment friendly and cost effective. The project will contribute in bringing down the logistics cost in the country. Mammoth Infrastructure development like multi-modal and inter-modal terminals, Roll on – Roll off (Ro-Ro) facilities, ferry services, navigation aids. Socio-economic impetus; huge employment generation.
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East Asia Summit:
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ASEAN (10) + Australia, China, India , Japan , New Zealand , South Korea, United States and Russia (8)

so India is very well a member of it and North Korea is not a member

Asian Regional Forum:

The ASEAN Regional Forum (ARF) is a formal, official, multilateral dialogue in Asia Pacific region. As of July 2007, it consists of 27 participants. The ARF met for the first time in 1994.

Here also India is a member and North Korea is also a member.

Advance estimates of CSO for National Income
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1. Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2017-18 is likely to attain a level of 129.85 lakh crore, as against the Provisional Estimate of GDP forthe year 2016-17 of 121.90 lakh crore, released on 31st May 2017. The growth in GDP during 2017-18 is estimated at 6.5% as compared to the growth rate of 7.1% in 2016-17.

2. Real GVA, i.e, GVA at basic constant prices (2011-12) is anticipated to increase from 111.85 lakh crore in 2016-17 to 118.71 lakh crore in 2017-18. Anticipated growth of real GVA at basic prices in 2017-18 is 6.1% as against 6.6% in 2016-1

3. The sectors which registered growth rate of over 7.0% are, 'public administration, defence and other services’, ‘Trade, hotels, transport, communication and services related to broadcasting’, ‘electricity, gas, water supply and other utility services’ and 'financial, real estate and professional services'. The growth in the ‘agriculture, forestry and fishing’, ‘mining and ’,'manufacturing’, and ‘construction’ is estimated to be 2.1%, 2.9%, 4.6 % and 3.6% respectively.



4.The ‘agriculture, forestry and fishing’ sector is likely to show a growth of 2.1% in its GVA during 2017-18, as against the previous year’s growth rate of 4.9%. The GVA estimates of this sector have been compiled using the First Advance Estimates of production of major kharif for 2017-18 and targets based on rabi sowings. According to the information furnished by the Department of Agriculture and Cooperation (DAC), the production of food grains during the Kharif season of agriculture year 2017-18 was 134.67 million tonnes as compared to 138.52 million tonnes during the same period in 2016-17. In case of livestock sector, estimates of production, mainly in the form of production targets for milk, egg, meat and wool from the Department of Animal Husbandry, Ministry of Agriculture has been used.

5. GVA at basic prices for 2017-18 from ‘mining and quarrying’ sector is estimated to grow by 2.9% as compared to growth of 1.8% in 2016-17. The key indicators of mining sector, namely, production of coal, crude oil and natural gas registered growth rates of 1.5 per cent, (-)0.2% and 3.7% respectively during April-November, 2017-18. Annual forecast of production estimated in respect of these items have been used to extrapolate the Provisional Estimates of value of output of coal, crude petroleum, and other major and minor minerals, respectively. IIP of mining registered growth rate of 3.4% during April-October, 2017-18. The advance estimate of IIP of Mining compiled for the current year has been used for compilation. The private corporate sector growth in the mining sector for 2017-18 is estimated using the information available on the performance of major listed companies during the first halfof financial year 2017-18.

6.GVA at basic prices for 2017-18 from ‘manufacturing’ sector is estimated to grow by 4.6 % as compared to growth of 7.9% in 2016-17. . The private corporate sector growth (which has a share of over 70% in the manufacturing sector) as estimated from available dataof listed companies is 7.4% at current prices during 2017-18. The quasi corporate and unorganized segment (which include individual proprietorship and partnerships and khadi &village Industries has a share of around 21% in the manufacturing sector) has been estimated using IIP of manufacturing. The advance estimates of IIP for the current year at 2-digit level isused to extrapolate the previous year’s value added estimates at 2-digit level, separately for the quasi corporate and household sectors. IIP manufacturing registered growth of 2.1% during April-October, 2017-18. The Wholesale Price Index (WPI), in respect of the manufactured registered a growth of 2.6% during April-November, 2017-18.

7. GVA at basic prices for 2017-18 from ‘Electricity, Gas, water supply and other utility services’ sector is expected to grow by 7.5% as compared to growth of 7.2% in2016- 17. Advance Estimate of IIP of Electricity compiled for 2017-18 has b

een used for compilation. IIP of Electricity registered a growth rate of 5.3% during April-October, 2017-18.

8. GVA at basic prices for 2017-18 from ‘Construction’ sector is expected to grow by 3.6 % as compared to growth of 1.7% in 2016-17. Key indicators of construction sector, namely, production of cement and consumption of finished steel registered growth rates of 0.6% and 4.2% respectively during April-November, 2017-18.

9. The estimated growth in GVA for the trade, hotels, transport and communication and services related to broadcasting services during 2017-18 is placed at 8.7% as against growth of 7.8% in the previous year. GVA from Trade sector is estimated using an index of turnover based on Sales tax. With introduction of GST, sales tax data is now subsumed under GST. Therefore, a comparable estimate of turnover based on sales tax has been estimated Among the other services sectors, the key indicators of railways, namely, the net tonne kilometres and passenger kilometres have shown growth rate of 4.8% and 3.2% respectively during April-November 2017- 18. Cargo handled at major sea ports registered growth of 3.5% during April-November, 2017-18. Passengers and cargo handled by civil aviation increased by 15.1% and 18.2% respectively during April- November, 2017-18. Sales of commercial vehicles registered growth of 10.6% during April-November, 2017-18.

10. The estimated growth in GVA for this Financial, insurance, real estate and professional services sector during 2017-18 is placed at 7.3% as compared to growth of 5.7% in 2016-17. corporate sector for real estate sector and computer related activities which are estimated using latest available information on listed companies for the first half of financial year 2017-18. The combined growth in aggregate bank deposits and credits as on 10 November 2017 was 8.4 per cent.

11. GVA at basic prices for 2017-18 from Public administration and defence and other services is expected to grow by 9.4% as compared to growth of 11.3% in 2016-17. The key indicator of this sector namely, Union Government expenditure net of interest payments and subsidies grew by 14.6% during April November2017-18.

12.The per capita income in real terms (at 2011-12 prices) during 2017-18 is likely to attain a level of 86660 as compared to 82269 for the year 2016-17. The growth rate in per capita income is estimated at 5.3% during 2017-18, as against 5.7% in the previous year.

13. GDP is derived by adding taxes on products net of subsidies on products to GVA at basic prices. GDP at current prices in the year 2017-18 is likely to attain a level of 166.28 lakh crore, asagainst 151.84 lakh crore in 2016-17 showing a growth rate of 9.5%.

14. The nominal Net National Income (NNI), also known as national income (at current prices) is likely to be 147.11 lakh crore during 2017-18, as against 134.08 lakh crore for the year 2016-17. In terms of growth rates, the national income registered a growth rate of 9.7% in 2017- 18 as against the previous year’s growth rate of 11.0%.Per Capita Income

15. The per capita net national income during 2017-18 is estimated to be 111,782 showing a rise of 8.3% as compared to 103,219 during 2016-17 with the growth rate of 9.7%.

16. Private Final Consumption Expenditure (PFCE) at current prices is estimated at 97.75 lakh crore in 2017-18 as against 89.27 lakh crore in 2016-17. At constant (2011-12) prices, the PFCEis estimated at 72.38 lakh crore in 2017-18 as against 68.07 lakh crore in 2016-17. In terms of GDP, the rates of PFCE at current and constant (2011-12) prices during 2017-18 are estimated at58.8% and 55.7%, respectively, as against the corresponding rates of 58.8% and 55.8%, respectively in 2016-17.

~cont
#KARPATHUIAS
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17. Government Final Consumption Expenditure (GFCE) at current prices is estimated at 19.77 lakh crore in 2017-18 as against 17.69 lakh crore in 2016-17. At constant (2011-12) prices, the GFCE is estimated at 14.54 lakh crore in 2017-18 as against 13.40 lakh crore in

2016-17. In terms of GDP, the rates of GFCE at current and constant (2011-12) prices during 2017-18 are estimated at 11.9% and 11.2%, respectively, as against the corresponding rates of 11.7 % and 11.0%, respectively in 2016-17.Gross Fixed Capital Formation

18. Gross Fixed Capital Formation (GFCF) at current prices is estimated at 43.84 lakh crore in 2017-18 as against 41.18 lakh crore in 2016-17. At constant (2011-12) prices, the GFCF is estimated at 37.65 lakh crore in 2017-18 as against 36.02 lakh crore in 2016-17. In terms of GDP, the rates of GFCF at current and constant (2011-12) prices during 2017-18 are estimated at 26.4% and 29.0%, respectively, as against the corresponding rates of 27.1% and 29.5%, respectively in 2016-17.The GFCF is expected to register growth rate of 6.5% at current prices and 4.5% at constant prices.

13 January

January 13 is the 13th day of the year in the Gregorian calendar. There are 352 days remaining until the end of the year (353 in leap years). This date is slightly more likely to fall on a Wednesday, Friday or Sunday (58 in 400 years each) than on Monday or Tuesday (57), and slightly less likely to occur on a Thursday or Saturday (56).

Events

532 - Nika riots in Constantinople.1435 - Sicut Dudum, forbidding the enslavement of the Guanche natives in Canary Islands by the Spanish, is promulgated by Pope Eugene IV.1547 - Henry Howard, Earl of Surrey is sentenced to death.1607 - The Bank of Genoa fails after announcement of national bankruptcy in Spain.1793 - Nicolas Jean Hugon de Bassville, representative of Revolutionary France, lynched by a mob in Rome1797 - French Revolutionary Wars: A naval battlebetween a French ship of the line and two British frigates off the coast of Brittany ends with the French vessel running aground, resulting in over 900 deaths.1815 - War of 1812: British troops capture Fort Peter in St. Marys, Georgia, the only battle of the war to take place in the state.1822 - The design of the Greek flag is adopted by the First National Assembly at Epidaurus.1830 - The Great Fire of New Orleans begins.1833 - United States President Andrew Jacksonwrites to Vice President Martin Van Burenexpressing his opposition to South Carolina's defiance of federal authority in the Nullification Crisis.1840 - The steamship Lexington burns and sinks four miles off the coast of Long Island with the loss of 139 lives.1842 - Dr. William Brydon, an assistant surgeon in the British East India Company Army during the First Anglo-Afghan War, becomes famous for being the sole survivor of an army of 4,500 men and 12,000 camp followers when he reaches the safety of a garrison in Jalalabad, Afghanistan.1847 - The Treaty of Cahuenga ends the Mexican-American War in California.1849 - Establishment of the Colony of Vancouver Island.1879 - In Mozart Gardens Brooklyn Ada Anderson completed a great feat of pedestrianism - 2700 quarter miles in 2700 quarter hours, earning her $8000.1888 - The National Geographic Society is founded in Washington, D.C.1893 - The Independent Labour Party of the United Kingdom holds its first meeting.1893 - U.S. Marines land in Honolulu, Hawaiifrom the USS Boston to prevent the queen from abrogating the Bayonet Constitution.1895 - First Italo-Ethiopian War: the war's opening battle, the Battle of Coatit, occurs; it is an Italian victory.1898 - Émile Zola's J'accuse…! exposes the Dreyfus affair.1908 - The Rhoads Opera House fire in Boyertown, Pennsylvania kills 171 people.1910 - The first public radio broadcast takes place; a live performance of the operas Cavalleria rusticana and Pagliacci are sent out over the airwaves from the Metropolitan Opera House in New York.1915 - The 6.7 MwAvezzano earthquake shakes the Province of L'Aquila in Italy with a maximum Mercalli intensity of XI (Extreme), killing between 29,978-32,610.1935 - A plebiscite in Saarland shows that 90.3% of those voting wish to join Nazi Germany.1939 - The Black Friday bush fires burn 20,000 square kilometers of land in Australia, claiming the lives of 71 people.1942 - Henry Ford patents a plastic automobile, which is 30% lighter than a regular car.1942 - World War II: First use of an aircraft ejection seat by a German test pilot in a Heinkel He 280 jet fighter.1950 - British submarine HMS Truculent collides with an oil tanker in the Thames Estuary, killing 64 men.1951 - First Indochina War: The Battle of Vĩnh Yên begins.1953 - An article appears in Pravda accusing some of the most prestigious and prominent doctors, mostly Jews, in the Soviet Union of taking part in a vast plot to poison members of the top Soviet political and military leadership.1958 - The Moroccan Army of Liberationambushes a Spanish patrol in the Battle of Edchera.1963 - Coup d'état in Togo results in the assassination of president Sylvanus Olympio.1964 - Anti-Muslim riots break out in Calcutta, resulting in 100 deaths.1964 - In Manchester, New Hampshire, fourteen