Daily Current Events – 20th April 2021

Topics/Highlights

1. Khajuraho Temples
2. RBI sets up committee to review the working of Asset Reconstruction Companies (ARCs)
3. Startup India Seed Fund Scheme
4. 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:

1. Located in Madhya Pradesh
2. Built by Chandela Dynasty between 950-1050 AD
3. Includes both Hindu and Jain Temples
4. Located in the Vindhya Mountain Range
5. Received the status of UNESCO World Heritage Site in 1986.
6. Built in Nagara Style
7. 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.

Source – thehindu

3. Startup India Seed Fund Scheme

In News

The Startup India Seed Fund Scheme (SISFS) has been launched.

Key Points

1. The Fund aims at providing financial assistance to startups.
2. Nodal Department: Department for Promotion of Industry and Internal Trade.
3. Focus on the startup ecosystem, particularly in Tier 2 and 3 towns of India.
4. 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

1. Launched in July of 2020.
2. 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