RBI imposed curbs on Paytm

GS Paper III- Indian Economy and issues relating to planning.

Context:
The Reserve Bank of India (RBI) imposed additional curbs on Paytm Payments Bank Ltd (PPBL), prohibiting it from operating its mobile wallet after February.

RBI's Directions:

• Paytm Payments Bank has been prohibited from offering its key services, including accepting deposits, prepaid instruments, and wallets.
• The RBI has instructed the termination of nodal accounts for One97 Communications and Paytm Payments Services by February 29, with the settlement of all pipeline transactions and nodal accounts by March 15.
• Customers can still use or withdraw their money from their Paytm accounts, including savings and current accounts, prepaid instruments, FASTags, and NCMC, as long as they do not exceed their available balance.

The Payments Bank was established by RBI in 2014 based on the recommendations of the Nachiket Mor Committee to advance financial inclusion.

Its objective is to offer banking and financial services to under-banked areas, low-income households, small entrepreneurs, and migrant labor force.

Currently, India has six Payment Banks, including Airtel Payment Bank, Fino, India Post Payment Bank, Jio Payment Bank, NSDL Payment Bank, and Paytm Payment Bank.

Features of PB:
These banks are not universal and operate on a smaller scale, with a minimum paid-up capital of Rs. 100,00,00,000.
Promoters must contribute at least 40% of the initial equity capital for the first five years of business.
These banks are known as Payment Banks.

Functions:
A payments bank is a financial services company that can't accept over ₹2 lakh per account deposit and can promote third-party loan products but cannot lend directly.
They are allowed to make personal payments, receive cross-border remittances, and issue debit cards.

Proposed CBSE plan for Class 10 & 12

GS Paper II- Government policies and Interventions

Context:
The Central Board of Secondary Education (CBSE) is reported to have proposed significant changes to the academic framework for secondary and higher secondary education.

Major Proposed changes:

• The Central Board of Secondary Education (CBSE) in India is proposing changes to the Class 10 and 12 curriculum as part of a broader initiative to implement a national credit framework in school education.
• Proposed changes for Class 10 include studying three languages, with at least two being native Indian languages, and passing exams in 10 subjects instead of five.
• Class 12 changes involve studying two languages, with at least one being a native Indian language, and passing exams in six subjects instead of five.
• An academic year would comprise 1200 notional learning hours or 40 credits.
• Each subject has been allotted a certain number of hours so that students spend a total of 1200 learning hours to be declared passed.
• The credits earned will be digitally stored in the Academic Bank of Credits and accessible through a linked Digilocker account.

National Credit Framework:

• The draft National Credit Framework (NCrF) was unveiled by the Union Ministry of Education in 2022.
• It provides guidelines for schools, colleges, and universities to adopt the credit system and includes the entire school education system for the first time.
• The NCrF covers skill and vocational education and lists theoretical, applied sciences, and vocational and skill disciplines that can count towards earned credits.
• The National Institute of Open Schooling (NIOS) was the only system to previously follow a credit system.

The NCrF aims to implement the vision of the National Education Policy 2020.

It is done by promoting the integration of academic and vocational domains to ensure flexibility and mobility between the two.

The center also aims to mainstream skilling and vocational education, enable re-entry of students who have dropped out, and promote recognition of prior learning for workers who have acquired knowledge and skills informally.

Bluetongue disease

Context:
China has banned the direct and indirect import of ruminants and its related products from Iraq due to an outbreak of bluetongue disease.

About Bluetongue disease:
Bluetongue (BT) is a non-contagious viral disease affecting domestic and wild ruminants, transmitted by insects, particularly biting midges of the Culicoides species.
The virus belongs to the Reoviridae family, with 24 different serotypes identified, and its severity varies among species.
In sheep, symptoms are most severe, resulting in deaths, weight loss, and disruption in wool growth.

Geographical distribution:
The virus has a global distribution in regions where the insect vector is present, including Africa, Asia, Australia, Europe, North America, and several islands in the tropics and subtropics.
It can be maintained in areas with a climate suitable for the survival of biting midges over winter.

Transmission and spread:
The insect vector plays a crucial role in transmitting the BT virus between animals.
Vectors become infected after consuming blood from infected animals, and without them, the disease cannot spread.
Transmission can occur year-round, especially during rainy periods.

Neuralink brain chip

Context:
A year after being cleared for the test, billionaire Elon Musk’s Neuralink has implanted its wireless brain chip in a human for the first time.

About:

• A device that involves implanting a coin-sized chip into the skull, connected to the brain through ultra-thin wires, thereby creating a brain-computer interface.
• Neuralink's technology has the potential to revolutionize how we interact with devices and restore motor functionality to those with neurological disorders.
• Human testing is crucial for determining safety and effectiveness, and ethical concerns must be addressed.
• While there are significant risks associated with brain surgery, successful testing on animals is promising, and the technology should continue to advance responsibly.