BENEVOLENT IAS ACADEMY, COIMBATORE (DAILY CURRENT AFFAIRS)

BENEVOLENT IAS ACADEMY

#25, Sri Nagar, Hope College, Peelamedu (PO), Coimbatore – 641004.Ph: +91422-4521607, Cell: +91-9787731607, 9787701067/9787701068. Web:www.benevolentacademy.com.E-Mail:admin@benevolentacademy.com

Dated 02.06.2020

TODAY’S IMPORTANT CURRENT AFFAIRS

UPSC-IAS|IPS|IFS (PRELIMS+MAINS FOCUS)

INSPIRING OFFICER

Armstrong Pame is an officer in the Indian Administrative Service (IAS). He belong to Zeme speaking group of Zeliangrong community from Manipur. He is not only acclaimed but has earned the sobriquet 'Miracle Man' for building a 100 km road famously known as the "Peoples' Road" connecting Manipur to Nagaland and Assam. He cracked the examination in 2009, and was posted as Sub-Divisional Magistrate in Tusem, Manipur. He was conferred with India's Most Eminent IAS Officer Award in 2015.

IN NEWS Recently, The Financial Stability and Development Council (FSDC) meeting was held

through video conferencing. The meeting was chaired by the Indian Finance Minister.

EXAM POINT OF VIEW: GS Prelims & GS III (Mains) – Economics

It was noted that the COVID-19 pandemic poses a serious threat to the stability of the global financial

system since its impact and timing of recovery was still

uncertain.

It highlighted the need for the government and regulators

to remain vigilant on financial conditions that could expose

systemic vulnerabilities.

It also assured that the government and regulators would

continue to provide liquidity and capital support to domestic

financial institutions.

Liquidity and solvency positions of non-banking financial

companies, housing finance companies and micro-finance

institutions were reviewed.

BENEVOLENT IAS ACADEMY, COIMBATORE (DAILY CURRENT AFFAIRS)

When did Financial Stability and Development Council established in India?

The Financial Stability and Development Council (FSDC) was constituted in December, 2010.

The FSDC was set up to strengthen and institutionalise the mechanism for

maintaining financial stability, enhancing inter-regulatory coordination and

promoting financial sector development.

Then what is the meaning of financial stability?

Financial stability is a state in which the financial system, i.e. the key financial markets and

the financial institutional system is resistant to economic shocks and is fit to smoothly fulfil

its basic functions: the intermediation of financial funds, management of risks and the

arrangement of payments.

The Financial Stability and Development Council (FSDC)

It is a non-statutory apex council under the Ministry of Finance.

It was constituted by the Executive Order in 2010.

Its constitution was proposed by the Raghuram Rajan committee (2008) on financial sector reforms.

It is chaired by the Finance Minister and its members include:

o The heads of all Financial Sector Regulators (RBI, SEBI, PFRDA & IRDA)

o Finance Secretary

o Secretary of Department of Economic Affairs (DEA)

o Secretary of Department of Financial Services (DFS)

o Chief Economic Adviser

o Minister of State for the Department of Economic Affairs (DEA)

o Secretary of Department of Electronics and Information Technology,

o Chairperson of the Insolvency and Bankruptcy Board of India (IBBI)

o Revenue Secretary.

The Council can invite experts to its meeting if required.

Objectives:

o To strengthen and institutionalize the mechanism for maintaining financial stability

o Enhancing inter-regulatory coordination

o Promoting financial sector development

o Assess the functioning of the large financial conglomerates.

BENEVOLENT IAS ACADEMY, COIMBATORE (DAILY CURRENT AFFAIRS)

TODAY’S IMPORTANT CURRENT AFFAIRS

TNPSC|SSC|RRB|BANK

The Odisha state government presented the Annual Action Plan for the state before the

National Committee headed by Secretary, Drinking Water & Sanitation, Ministry of Jal Shakti for

consideration and approval for 2020-21.

The Science and Engineering Research Board (SERB)

has approved support for research at the Indian

Institute of Technology (IIT) (BHU) Varanasi to identify

lead compounds from available and approved drugs for

anti-SARS-CoV-2 drug molecules.

Telangana Day is celebrated on 2 June each year from 2014. The

day marks the state's bifurcation from Andhra Pradesh. Telangana

State Formation Day 2020 marks the sixth Telangana State Formation

Day. It is the 29th state of India after the Andhra Pradesh

Reorganisation Act was passed in the Parliament.

The Government has announced that it is to provide Kisan Credit Card (KCC) to 1.5 crore dairy

farmers belonging to Milk Unions and Milk producing Companies within the next two months from

1 June-31 July 2020, under a special drive.

Prime Minister Narendra Modi launched CHAMPIONS, the

technology platform on 1 June. The platform aims to

empower Micro, Small & Medium Enterprises (MSMEs). It is

an Information and Communications Technology (ICT) based

system. The entire ICT architecture is created in house with

the help of the National Informatics Centre (NIC) at no cost.

BENEVOLENT IAS ACADEMY, COIMBATORE (DAILY CURRENT AFFAIRS)

TODAY’S IMPORTANT CURRENT AFFAIRS

TNPSC Group I, II, IIA, IV & VAO