Daily Current Events – 20th April 2021
Topics/Highlights
- Khajuraho Temples
- RBI sets up committee to review the working of Asset Reconstruction Companies (ARCs)
- Startup India Seed Fund Scheme
- NASA Mars helicopter makes first flight on another planet.
Focus
1. Khajuraho Temples
In News
Recently, the Ministry of Tourism organized a webinar on Khajuraho under “Dekho Apna Desh”.
- Dekho Apna Desh – It is a webinar series showcasing India’s rich diversity, being run under the Ek Bharat Shreshta Bharat Mission.
About Khajuraho Temples:
- Located in Madhya Pradesh
- Built by Chandela Dynasty between 950-1050 AD
- Includes both Hindu and Jain Temples
- Located in the Vindhya Mountain Range
- Received the status of UNESCO World Heritage Site in 1986.
- Built in Nagara Style
- First time reported by Abu Rihan al Biruni (1022 AD) and Ibn Batutta (1335 AD)
Source – PIB
2. RBI sets up committee to review the working of Asset Reconstruction Companies (ARCs)
In News
Sudarshan Sen committee has been set up to undertake a comprehensive review to analyze the working of the Asset Reconstruction Companies (ARCs) in the finance ecosystem. It would recommend suitable measures to improve the functioning of these ARCs.
Key Points/Prelims Perspective – What is an Asset Reconstruction Company (ARC)?
- It is a financial institution which buys the Non-Performing Assets (NPAs) from banks and financial institutions
- Idea is to clean up balance sheets
- Banks, instead of chasing the defaulters, can sell the bad assets to these ARCs.
- ARCs – Registered under RBI
- Legal Basis – The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 provides the legal basis for the setting up of ARCs in India.
- Recent Amendments
- As per SARFAESI Act 2016 amendment, minimum net owned fund of ARC should be Rs. 2 crores.
- The RBI raised this amount to Rs. 100 crores in 2017.
- They also need to maintain a capital adequacy ratio of 15% of its risk weighted assets.
- As per SARFAESI Act 2016 amendment, minimum net owned fund of ARC should be Rs. 2 crores.
Source – thehindu
3. Startup India Seed Fund Scheme
In News
The Startup India Seed Fund Scheme (SISFS) has been launched.
Key Points
- The Fund aims at providing financial assistance to startups.
- Nodal Department: Department for Promotion of Industry and Internal Trade.
- Focus on the startup ecosystem, particularly in Tier 2 and 3 towns of India.
- Would focus on providing seed funding to startups.
Source – thehindu
4. NASA Mars helicopter makes first flight on another planet.
In News
NASA successfully flew its tiny helicopter Ingenuity on Mars on 19th April.
- It would demonstrate how technology works.
- It won’t contribute to Perseverance’s science goals.
Key Point/Prelims Perspective
- Launched in July of 2020.
- Key objective – Mission on Mars – A key objective for Perseverance’s mission on Mars is astrobiology, which includes searching signs of microbial life.
Source – thehindu