RBI tweaks norms for setting up of - IFSC Banking Units

The RBI has altered norms for invention of IFSC Banking Units by banks in
International Financial Services Centres. In April 2015, Reserve Bank of India had
framed plan for invention of IFSC Banking Units by banks in International Financial
Services Centres.
Key Points :
The alteration makes mandatory for parent bank to deliver and preserve at all times
lowest capital of US $20 million in any overseas currency to its IFSC Banking Units.
However, lowest given regulatory capital, including for exposures of IFSC Banking Unit,
should be preserved on on-going basis at parent level.
Moreover, parent bank will be also needed to issue Letter of Comfort for extending
financial assistance, as and when needed, in the form of capital or liquidity support to
IFSC Banking Units. The norms are applicable to IBUs set up in Gujarat International
Finance Tec-City (GIFT) and in other International Financial Services Centres which
may be form in India.
The alteration was done based on proposals from shareholders to consider lowest given
regulatory capital at parent level rather than at IBU level. The government has formed
an International Financial Services Centres in Gujarat namely Gujarat International
Finance Tec-City in Gandhinagar.
NASA Satellites reveal major shifts in - Global freshwater
In a 1st, researchers have found that the Earth’s wet land areas are turning wetter and
dry areas are turning drier due to different reasons, including human water
management, climate change and natural cycles. The study was issued on May 16th,
2018 in the journal Nature.
Key Findings

Freshwater is found in lakes, rivers, soil, snow and ice. On land, freshwater is one of the
necessary Earth's resources for drinking water and agriculture purposes.

Though the water loss in some regions like the melting ice-sheets and alpine glaciers is
evidently driven by global warming, however, it may take extra time and information to
determine the driving forces behind other patterns of fresh-water alterations.
Freshwater Trends witnessed in various regions

In California, pumping groundwater for agricultural purposes is considered as a

 significant contributor to depletion in freshwater levels, however, one should not forget
that groundwater levels are also delicate to cycles of determined drought or rainy
conditions.
This was the reason of the noteworthy groundwater depletion seen in California’s
Central Valley from 2007-2015. A gigaton of water would fill 400,000 Olympic
swimming pools.

Freshwater levels decrease was also seen in Saudi Arabia, that indicating the agricultural
compressions. From 2002-2016, the region vanished 6.1 gigatons annually of stored
groundwater.

In Africa’s western Zambezi basin and Okavango Delta, the team also acknowledged
large inclinations in terrestrial freshwater storage that do not appear to be straight
related to human activities, but the result of the natural cycles of high/low rainfall.

In Xinjiang province in north-western China, a mixture of natural and human pressures

resulted into compound scenarios in the Xinjiang province of north-western China.
During the 1st decades of this century, water deteriorations occurred in Xinjiang, which
vanished 5.5 gigatons of terrestrial water storage yearly.
Who has been appointed as Chairman of Lalit Kala
Akademi ?- Uttam Pacharne
Uttam Pacharne was designated as the regular Chairman of the Lalit Kala Akademi, on
May 17th, 2018. His designation was sanctioned by the President Ram Nath Kovind.
Uttam Pacharne is a renowned artist and sculptor.

Uttam Pacharne succeeds M.L.Srivastava, Joint Secretary (Akademies), Union Ministry

of Culture, who was nominated as Protem Chairman of the Lalit Kala Akademi in March
2018, due to the awaiting nomination of a regular Chairman.

Uttam Pacharne will join office for a 3 years term from the date of assuming the charge
of the office.
More about Uttam Pacharne
 Presently, Uttam Pacharne is a Member of Advisory Committee of Kala Academy, Goa
and a Member of the Advisory Committee at P.L. Deshpande State Lalit Kala Academy.
 He is also working as the Director of Janseva Sahakari Bank Borivali.
 He received the National Lalit Kala Award in 1985, Maharashtra Gaurav Puraska in
1985, Junior National Award in 1986 and Jeevan Gaurav Puraskar in 2017 from Prafulla
Dahanukar Foundation.
Gujarat Government to launch free treatment scheme for -
Road accident victims
The state government of Gujarat would be releasing free treatment plan for the road
accident victims on May 18th, 2018. The declaration for the same was done past week by
Gujarat’s Deputy CM Nitin Patel, who also handles Health selection.
Key Provisions
 Under the plan, the state government will tolerate medical expenses of about 50,000
Rupees for each victim of a road accident in the state for the 1st 48 hours.
 The government would compensate the amount to the hospital concerned upon
submission of bills.
 The free treatment facility will contain wounds dressings, X-ray, blood transfusion, ICU
treatments, MRI and all other treatment presented in the hospital.
 In an instance where a hospital refers the patient to another hospital within 2 days, both
the hospitals will be entitled for the compensation of their joint bills of Rupees 50,000.
 The initiative is focused at issuing in-timely and better treatment, that in-turn would be
minimising the loss of life due to road accidents.
Norms for setting up of IFSC Banking Units tweaked by -
RBI
The RBI has altered norms for invention of IFSC Banking Units by banks in
International Financial
Services Centres. In April 2015, Reserve Bank of India had framed plan for invention of
IFSC Banking
Units by banks in International Financial Services Centres.
Key Points
 The alteration makes mandatory for parent bank to deliver and preserve at all times
lowest capital of US $20 million in any overseas currency to its IFSC Banking Units.
 However, lowest given regulatory capital, including for exposures of IFSC Banking Unit,
should be preserved on on-going basis at parent level.
 Moreover, parent bank will be also needed to issue Letter of Comfort for extending
financial assistance, as and when needed, in the form of capital or liquidity support to
IFSC Banking Units.
 The norms are applicable to IBUs set up in Gujarat International Finance Tec-City
(GIFT) and in other International Financial Services Centres which may be form in
India.
 The alteration was done based on proposals from shareholders to consider lowest given
regulatory
capital at parent level rather than at IBU level.
 The government has formed an International Financial Services Centres in Gujarat
namely Gujarat International Finance Tec-City in Gandhinagar.
NASA Satellites revealed major shifts in global freshwater
on - 16th May 2018
In a 1st, researchers have found that the Earth’s wet land areas are turning wetter and
dry areas are turning drier due to different reasons, including human water
management, climate change and natural cycles. The study was issued on May 16th ,
2018 in the journal Nature.
Key Findings
 Freshwater is found in lakes, rivers, soil, snow and ice. On land, freshwater is one of the
necessary Earth's resources for drinking water and agriculture purposes.
 Though the water loss in some regions like the melting ice-sheets and alpine glaciers is
evidently driven by global warming, however, it may take extra time and information to
determine the driving forces behind other patterns of fresh-water alterations.
Freshwater Trends witnessed in various regions
 In California, pumping groundwater for agricultural purposes is considered as a
significant contributor to depletion in freshwater levels, however, one should not forget
that groundwater levels are also delicate to cycles of determined drought or rainy
conditions.
 This was the reason of the noteworthy groundwater depletion seen in California’s
Central Valley from 2007-2015. A gigaton of water would fill 400,000 Olympic
swimming pools.
 Freshwater levels decrease was also seen in Saudi Arabia, that indicating the agricultural
compressions. From 2002-2016, the region vanished 6.1 gigatons annually of stored
groundwater.
 In Africa’s western Zambezi basin and Okavango Delta, the team also acknowledged
large inclinations in terrestrial freshwater storage that do not appear to be straight
related to human activities, but the result of the natural cycles of high/low rainfall.
 In Xinjiang province in north-western China, a mixture of natural and human pressures
resulted into compound scenarios in the Xinjiang province of north-western China.
 During the 1st decades of this century, water deteriorations occurred in Xinjiang, which
vanished 5.5 gigatons of terrestrial water storage yearly.
Uttam Pacharne appointed as Chairman of Lalit Kala
Akademi on - 17th May 2018
Uttam Pacharne was designated as the regular Chairman of the Lalit Kala Akademi, on
May 17th , 2018. His designation was sanctioned by the President Ram Nath Kovind.
Uttam Pacharne is a renowned artist and sculptor.
Uttam Pacharne succeeds M.L.Srivastava, Joint Secretary (Akademies), Union Ministry
of Culture, who was nominated as Protem Chairman of the Lalit Kala Akademi in March
2018, due to the awaiting nomination of a regular Chairman.
Uttam Pacharne will join office for a 3 years term from the date of assuming the charge
of the office.
Uttam Pacharne Presently, Uttam Pacharne is a Member of Advisory Committee of Kala
Academy, Goa and a Member of the Advisory Committee at P.L. Deshpande State Lalit
Kala Academy.
He is also working as the Director of Janseva Sahakari Bank Borivali.
He received the National Lalit Kala Award in 1985, Maharashtra Gaurav Puraska in
1985, Junior National Award in 1986 and Jeevan Gaurav Puraskar in 2017 from Prafulla
Dahanukar Foundation.