UPSC Daily Current Affairs – Prelims [15th February 2023]
Aldermen
Source: TOI
In News
According to the Supreme Court’s ruling, it is not permissible for the nominated members of the Delhi Municipal Corporation, known as aldermen, to participate in the election of Delhi’s Mayor by casting their vote.
Who are Aldermen?
The Municipal Corporation comprises elected representatives known as Councillors, who have the authority to nominate distinguished individuals of the city as members of this governing body, referred to as ‘Aldermen’.
However, as per Article 243R of the Constitution, all seats in a Municipality must be filled through direct elections from territorial constituencies within the Municipal area. To facilitate this, each Municipal area is divided into territorial constituencies called wards.
Digital lending
Source: BS
In News
The Reserve Bank of India (RBI) has announced that loans provided through debit cards, including those with equated monthly installment (EMI) options, will be regulated under the bank’s digital lending guidelines.
What is Digital Lending?
Digital lending refers to the process of providing loans through web platforms or mobile applications that leverage technology to authenticate borrowers and evaluate their creditworthiness.
This form of lending typically involves online applications and verification processes, which are faster and more convenient than traditional lending methods. Digital lending may also include the use of alternative data sources, such as social media profiles, to assess a borrower’s creditworthiness.
Significance of Digital Lending
- Digital lending is significant for a number of reasons. First, it has the potential to promote financial inclusion by providing access to credit to individuals and businesses who have been underserved by traditional lending channels. This helps to address the huge unmet credit need in many parts of the world.
- Second, digital lending simplifies the borrowing process, making it easier for borrowers to obtain loans and reducing their reliance on informal borrowing sources. This can help to reduce the cost of borrowing and increase financial stability for borrowers.
- Finally, digital lending platforms have been shown to significantly reduce the time and overhead costs associated with traditional lending, which can lead to more efficient and streamlined lending processes. This can benefit both borrowers and lenders by reducing costs and increasing access to credit.
Mutual Fund Trustee
Source: IE
In News
SEBI (Securities and Exchange Board of India) has put forth proposals to review the accountability and role of trustees of mutual funds, along with recommendations to improve the accountability of the board of asset management companies (AMCs).
The proposed measures aim to increase the transparency and governance of the mutual fund industry in India. The move comes as part of SEBI’s ongoing efforts to strengthen investor protection and boost investor confidence in the Indian capital markets.
Recommendations given by SEBI
SEBI has made several recommendations to enhance the accountability of trustees of mutual funds and the board of asset management companies (AMCs). These recommendations include:
- Trustees should engage audits, legal firms, and merchant bankers to conduct due diligence on their behalf to ensure compliance with regulatory requirements.
- The board of AMC should constitute a ‘Unit Holder Protection Committee‘ (UHPC) to safeguard the interests of mutual fund investors. The UHPC would be responsible for monitoring the actions of the AMC and ensuring that they are in the best interests of investors.
What are Mutual Funds?
A mutual fund is a type of investment vehicle that pools money from multiple investors to invest in a variety of financial assets, such as stocks, bonds, and other securities.
- The mutual fund is managed by a professional fund manager who uses the pooled money to invest in various assets with the goal of generating a profit for the investors.
Who are Mutual fund trustees?
- Mutual fund trustees are responsible for overseeing the management of the mutual fund on behalf of the investors.
- They hold the assets of the mutual fund in trust for the benefit of the unit holders and ensure that the mutual fund is being managed in accordance with the trust deed and regulatory guidelines.
- The trustees appoint an Asset Management Company (AMC) to manage the investments made by the mutual fund and to provide administrative and operational support.
- The AMC is responsible for the day-to-day operations of the mutual fund, including managing the investment portfolio, accounting, and investor services.
Liquid Nano Urea
Source: PIB
In News
The Union Ministry of Chemicals and Fertilizers in India has recently launched the IFFCO Nano Urea Liquid Plants in Aonla and Phulpur, Uttar Pradesh.
What is liquid nano urea?
- To clarify, liquid nano urea is not exactly the same as traditional urea in the form of a nanoparticle.
- While both are nitrogen fertilizers that provide plants with the nitrogen they need to grow, the liquid nano urea is produced using nanotechnology, which allows for more efficient and effective delivery of nitrogen to the plants.
- The liquid nano urea is a specially formulated solution that contains urea in a suspended form that is broken down into smaller particles using nanotechnology.
- These smaller particles provide more efficient delivery of nitrogen to the plants, as they are able to penetrate the plant cells more easily than traditional urea fertilizers.
- This results in the more effective use of the fertilizer, leading to improved crop yields, reduced fertilizer use, and greater cost savings for farmers.
Benefits of Liquid nano urea
- First, it is more cost-effective, making it a more affordable option for farmers.
- Second, the efficiency of liquid nano urea can be as high as 85-90 percent, compared to the 25 percent efficiency of conventional urea.
- Additionally, liquid nano urea has a shelf life of up to a year and does not cake when exposed to moisture, eliminating the need for farmers to worry about storage conditions.
- The targeted delivery of nutrients provided by the nano form of the fertilizer further improves crop yields and reduces the government’s fertilizer subsidy bill.
Driving Holistic Action for Urban Rivers (DHARA)
Source: PIB
In News
The National Mission for Clean Ganga (NMCG) and the National Institute of Urban Affairs (NIUA) are jointly organizing the annual meeting of the members of the River Cities Alliance (RCA) called DHARA.
About DHARA
This meeting serves as a platform for members to come together, co-learn, and discuss solutions for managing local water resources.
About River Cities Alliance:
- The River Cities Alliance (RCA) is a dedicated platform for river cities to ideate, discuss and exchange information on the sustainable management of urban rivers.
- It includes cities from both the Ganga basin and non-Ganga basin states and is being implemented by a partnership of the Ministry of Jal Shakti and the Ministry of Housing and Urban Affairs.
- As of now, RCA has 95 cities as members across India, starting with 30 cities in 2021.
- It has strong synergies with the Urban20 (U20) initiative under India’s G20 Presidency to promote urban water security.
Filariasis
Source: TH
In News
The Union Health Ministry has initiated a mass drug administration (MDA) campaign across the nation to eliminate filariasis disease by 2027, three years before the global target.
What is Filariasis?
- Filariasis, also known as lymphatic filariasis or elephantiasis, is a neglected tropical disease that can cause tissue or limb swelling.
- The condition is caused by filarial parasites, which are nematodes (roundworms) transmitted to humans through mosquitoes.
- Wuchereria bancrofti is one of the three parasites responsible for 90% of the cases.
- Treatment for lymphatic filariasis involves mass drug administration (MDA), which is the strategy recommended by the World Health Organization (WHO) for the elimination of the disease.
Government Initiatives
- The government has launched a nationwide mass drug administration (MDA) campaign to end filariasis disease transmission. The campaign involves door-to-door administration of anti-filarial drugs and is being carried out in 10 affected states, including Bihar, Chhattisgarh, Jharkhand, Maharashtra, and Uttar Pradesh.
- The Accelerated Plan for Elimination of Lymphatic Filariasis (APELF) was launched in 2018 to support the nationwide MDA campaign.
- World Neglected Tropical Diseases Day is observed on January 30 each year to raise awareness about the impact of neglected tropical diseases, including filariasis.
- The London Declaration on Neglected Tropical Diseases was adopted on January 30, 2012, to recognize the global burden of neglected tropical diseases and to support the fight against them.
Agasthyarkoodam
Source: TH
In News
Research has revealed new insights into the Agasthiyar Observatory, which was among the rare magnetic observatories in the world during the 19th century.
What are Magnetic Observatories?
- Magnetic observatories are permanent measurement stations that monitor the Earth’s magnetic field with high precision and accuracy over different time scales, ranging from a few seconds to several decades or even longer.
- The observatories are designed to operate in environments that are free from significant cultural or magnetic interference to ensure accurate readings.
- One such observatory is located at Agasthyarkoodam, the second-highest peak in the state of Kerala. This location was specifically chosen for its remote and natural environment, which minimizes the effects of human interference on magnetic field measurements.
- Agasthyarkoodam is part of the Agasthyamala Biosphere Reserve, recognized by UNESCO’s World Network of Biosphere Reserves, and is located in both the states of Kerala and Tamil Nadu.
- The mountain gets its name from the sage Agasthya, who is credited with being a pioneer of Tamil Siddha Ayurveda.
Black/Dark galaxy (Invisible galaxy)
In News
Recently, researchers have used the gravitational lensing technique to discover a potential dark galaxy. This technique involves observing how the gravity of a massive object, such as a galaxy cluster, bends and distorts the light from more distant objects behind it.
Dark Galaxies
A dark galaxy is a theoretical type of galaxy that is believed to contain little to no stars. These galaxies are called “dark” because they have no visible stars, but they may still be detectable if they contain significant amounts of gas.
The existence of dark galaxies is still a topic of ongoing research and debate among astronomers, as they are difficult to detect using traditional observation methods. However, scientists have hypothesized that dark galaxies may play a significant role in the formation and evolution of larger galaxies.
Gravitational Lensing Technique
By studying this gravitational lensing effect, scientists can infer the presence of dark matter and, potentially, dark galaxies. This discovery could help shed new light on the nature of dark matter and the role that dark galaxies play in the cosmos.
What is ALMA?
- ALMA, or the Atacama Large Millimeter/submillimeter Array, is a cutting-edge telescope designed to study light from some of the coldest objects in the Universe.
- The telescope is uniquely equipped to detect millimeter and submillimeter wavelengths of light emitted by the earliest and most distant galaxies in the Universe. This allows scientists to study objects that are invisible to optical telescopes and observe the formation and evolution of galaxies.
- ALMA is situated in the Atacama desert in Chile, South America, and is the result of an international collaboration between teams from Europe, Japan, the US, Canada, and Chile. The telescope’s location was specifically chosen for its high altitude and dry, arid climate, which provide optimal observing conditions for millimeter and submillimeter astronomy.
- ALMA is made up of 66 individual radio antennas, each of which is 12 meters in diameter.
- These antennas work together in a process called interferometry to create a single, high-resolution image of astronomical objects.
- The telescope has a range of advanced capabilities, including the ability to map the distribution of molecules and dust in space and observe the birth of stars and planets.
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