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GS Paper: GS3

  • Is climate change behind more frequent and severe turbulence faced by aircraft?

    Why in the news?

    On May 21, severe turbulence over Myanmar caused one death and 70 injuries on a Singapore Airlines flight. Qatar Airways had 12 minor injuries on May 26.

    What is Turbulence?

    • Turbulence, unpredictable air motion caused by eddies and vertical currents, ranges from minor bumps to severe disruptions, often associated with fronts and thunderstorms.

    Flight Turbulence

    Types of Flight Turbulence

    Note: Attitude is the angular difference measured between an aeroplane’s axis and the line of the Earth’s horizon.

    • Light Turbulence: Slight erratic changes in the aircraft’s orientation.
    • Moderate Turbulence: Notable changes in altitude and attitude, but the aircraft remains under control.
    • Severe Turbulence: Significant and sudden changes of altitude and attitude, momentarily losing control.
    • Extreme Turbulence: The aircraft is violently tossed about and is almost impossible to control.

    Causes of Flight Turbulence

    • Mechanical Turbulence: Caused by friction between the air and the ground, especially over irregular terrain and man-made obstacles. Includes ‘mountain waves’ over mountain ranges.
    • Convective/Thermal Turbulence: Resulting from hot air rising rapidly and cooler air descending, creating convective air currents. Often occurs during the approach.
    • Frontal Turbulence: Created by the lifting of warm air by a sloping frontal surface and friction between opposing air masses, commonly near thunderstorms.
    • Wind Shear: Caused by changes in wind direction and/or speed over specific distances, found in temperature inversion areas, troughs, lows, and around jet streams.
    • Clear Air Turbulence (CAT): Occurs at high altitudes outside of clouds, often near jet streams, and is difficult to predict or see.

    Impact of Climate Change on Flight Turbulence

    • Increased Incidence: Studies indicate a rise in severe turbulence, particularly CAT, with the growth in air traffic and climate change.
    • Jet Stream Intensification: Climate change strengthens jet streams, increasing the frequency and severity of turbulence.
    • Mountain Wave and Near-Cloud Turbulence: Predictions suggest these types of turbulence will also intensify with climate change, leading to more frequent and severe occurrences globally.

    Way forward:

    • Safety Measures: Continuous improvement in aircraft design, weather forecasting, and pilot training helps mitigate the risks associated with turbulence.
    • Passenger Advice: Passengers are advised to keep their seat belts fastened as much as possible to avoid injuries during unexpected turbulence.
    • Regulatory Recommendations: Aviation authorities recommend better communication, real-time information sharing, and enhanced training to prevent turbulence-related incidents.

    Mains PYQ:

    Q Most of the unusual climatic happenings are explained as an outcome of the El-Nino effect. Do you agree? (UPSC IAS/2014)

  • Monsoon Croaks Bioblitz: Protecting Kerala’s Frog Species

    Why in the News?

    The Centre for Citizen Science and Biodiversity Informatics, Kerala Forest Research Institute (KFRI), has organised the event “Monsoon Croaks Bioblitz 2024”.

    About Monsoon Croaks Bioblitz, 2024:

    •  This program aims to document Kerala’s frog species during the monsoon season.
    • Objective: Cultivate scientific curiosity among the public and raise awareness about frog conservation through social media platforms, such as posters and articles.
      • Bioblitz Definition: It’s an intensive survey conducted over time to identify and document as many species as possible within a designated area, a popular participatory survey method globally.

    Project Details:

    • Participation: People of all ages can contribute by uploading frog photographs and sounds via the iNaturalist app.
    • Data Utilization: Scientific observations collected during the bioblits will contribute to the Global Biodiversity Information Facility (GBIF), facilitating biodiversity awareness, habitat conservation, and climate change research.

    Need for such an event

    • Monsoon heralds a festive season for frogs, marking their peak activity and breeding period.
    • However, the survival of frogs, crucial indicators of ecosystem health, faces threats from climate change, habitat loss, and water pollution.
    • As a result, 41% of the world’s frog species are on the IUCN Red List of endangered species, including those in Kerala.

    Results of 2023:

    • In 2023, KFRI conducted the Monsoon Croaks project, witnessing enthusiastic participation from citizens across Kerala.
    • Highlights: Around 200 citizen scientists uploaded 1,223 observations, identifying approximately 80 amphibian species, including those listed on the IUCN Red List.
    • Notable Species:  The top most observed species is the Wayanad Bush Frog (Pseudophilautus wynaadensis).
      • Following closely is the Asian Common Toad (Duttaphrynus melanostictus).
      • Other important amphibian species recorded in the bioblitz include:
      • Critically Endangered Resplendent Shrub frog (Raorchestes resplendens).
      • Endangered Malabar Torrent Toad (Blaira ornata).
      • Small Tree Frog (Rhacophorus lateralis).
      • Vulnerable Anaimalai Flying Frog (Rhacophorus pseudomalabaricus).
      • Near Threatened Purple Frog (Nasikabatrachus sahyadrensis).

    Back2Basics: Global Biodiversity Information Facility (GBIF)

    Details
    Purpose To provide free and open access to biodiversity data for research, conservation, and sustainable development
    Establishment Established in 2001
    Headquarters Copenhagen, Denmark
    Members Over 40 countries and economies, including government agencies, museums, research institutions, and NGOs
    Mission Facilitate the digitisation and mobilization of biodiversity data, making it accessible and usable for scientific research and policy-making
    Core Functions
    • Promote and facilitate collaboration and data sharing among members
    • Develop standards and tools for data mobilisation, quality, and interoperability
    • Provide technical infrastructure for publishing, indexing, and accessing biodiversity data
    Data Availability GBIF provides access to over 2 billion occurrence records of species worldwide, contributed by thousands of data publishers
    Legal Framework GBIF operates under an intergovernmental treaty, the GBIF Agreement, and is governed by its members through an annual Governing Board
    Funding Funding for GBIF comes from member countries and economies, as well as international organizations and private sector partners
    Contributions to Science and Policy
    • Contributes to global assessments such as the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES)
    • Supports the Convention on Biological Diversity (CBD) and other international initiatives related to biodiversity conservation

     

    PYQ:

    [2015] With reference to an organization known as ‘Birdlife International’ which of the following statements is/are correct?

    1. It is a Global Partnership of Conservation Organizations.
    2. The concept of ‘biodiversity hotspots’ originated from this organization.
    3. It identifies the sites known/referred to as ‘Important Bird and Biodiversity Areas’.

    Select the correct answer using the code given below.

    (a) 1 only

    (b) 2 and 3 only

    (c) 1 and 3 only

    (d) 1, 2 and 3

  • Surge in Indian Companies’ External Commercial Borrowings (ECBs)

    Why in the News?

    Indian companies “external commercial borrowings” nearly doubled in FY24, reaching $49.2 billion, according to RBI data.

    Key Statistics:

    • Disbursements: ECB disbursements stood at $38.4 billion in FY24, a significant increase from $23.8 billion in FY23, underscoring the growing reliance on overseas markets for funding.
    • Domestic Pressure: High interest rates in the domestic system have led to increased pressure, prompting companies to explore ECBs as a viable funding alternative.

    External Commercial Borrowing (ECBs) in India:

    Details
    Definition Loans provided by non-resident lenders in foreign currency to Indian borrowers.
    Usage Widely used by Indian corporations and PSUs to access foreign funds.
    Instruments Covered Commercial bank loans, buyers’ credit, suppliers’ credit, securitised instruments (floating rate notes, fixed-rate bonds), credit from official export credit agencies, and commercial borrowings from multilateral financial institutions.
    Regulation Monitored and regulated by the Department of Economic Affairs (DEA) under the Ministry of Finance, Government of India, along with the Reserve Bank of India.
    Contribution Contributed between 20 and 35% of total capital flows into India in 2012.
    Recent Changes RBI raised ECB limit for infrastructure finance companies from 50% to 75% of owned funds.
    Guideline Changes RBI allowed all eligible borrowers to raise ECB up to USD 750 million per financial year under the automatic route (2019).
    Utilisation of Funds 25% of ECB can be used to repay rupee debt; 75% should be allocated for new projects.
    Regulatory Framework Governed by the Foreign Exchange Management Act, 1999.
    Routes for Raising ECBs Automatic Route and Approval Route.

    1. Automatic Route: Cases examined by AD (Authorized Dealer) Category-I Banks.
    2. Approval Route: Borrowers submit requests to RBI through their AD banks for examination.
    Maturity Period ECBs can only be raised for a specific period known as the Minimum Average Maturity Period (MAMP).
    Advantages Offered
    • ECBs offer the opportunity to secure substantial funding.
    • These funds typically come with longer-term repayment options.
    • Interest rates on ECBs are generally lower compared to domestic borrowing rates.
    • ECBs are denominated in foreign currencies, providing corporations with access to foreign currency to fulfil import needs such as machinery procurement.

     

    PYQ:

    [2019] Consider the following statements :

    1. Most of India’s external debt is owed by governmental entities.
    2. All of India’s external debt is denominated in US dollars.

    Which of the statements given above is/are correct?

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

  • KAZA Summit 2024: Delegates renew calls to leave CITES

    Why in the news?

    At the KAZA 2024 Summit in Livingstone, Zambia, delegates reiterated the urge for member states to withdraw from CITES because they seek approval to trade their plentiful ivory and wildlife items.

    About the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES):

    • It is an international agreement adopted in 1973 (entered into force in 1975) between governments.
    • Aim: To ensure that international trade in wild animals and plants does not threaten their survival.
    • Headquarters: Geneva, Switzerland.
    • Although CITES is legally binding on the Parties – in other words, they have to implement the Convention–it does not take the place of national laws.
    • Representatives of CITES nations meet every two to three years at a Conference of the Parties (COP) to review progress and adjust the lists of protected species, which are grouped into three categories with different levels of protection:
      • Appendix I: Includes the world’s most endangered plants and animals, such as tigers and gorillas. International commercial trade in these species, or even parts of them, is completely banned, except in rare cases such as scientific research.
      • Appendix II: Contains species like corals that are not yet threatened with extinction, but which could become threatened if unlimited trade were allowed. Also included are “look-alike” species that closely resemble those already on the list for conservation reasons. Plants and animals in this category can be traded internationally, but there are strict rules.
      • Appendix III: Species whose trade is only regulated within a specific country can be placed on Appendix III if that country requires cooperation from other nations to help prevent exploitation.

    What is Kavango-Zambezi Trans-Frontier Conservation Area (KAZA-TFCA)?

    • The Kavango-Zambezi Trans-Frontier Conservation Area (KAZA-TFCA) spans 520,000 square kilometers. It covers parts of five southern African nations. These nations are Angola, Botswana, Namibia, Zambia, and Zimbabwe.
    • The area is centered around the Okavango and Zambezi river basins. The combined elephant population in these nations represents over two-thirds of Africa’s total, estimated at around 450,000.
    • Botswana has the largest elephant population within the region, with 132,000 elephants. Zimbabwe follows with 100,000 elephants.

    Key Objectives of KAZA 2024 Summit :

    • Conservation: Promote the sustainable management and conservation of wildlife across the five member states: Angola, Botswana, Namibia, Zambia, and Zimbabwe.
    • Economic Benefit: To explore ways to monetize abundant wildlife resources, particularly elephants, to fund conservation efforts and benefit local economies.

    Dominant Issues:

    • At the 19th meeting of the CITES conference in Panama in 2022, KAZA states and five other southern African countries advocated for opening up trade in ivory and elephant products.
    • Southern African countries, including those in the KAZA region, argue that their large elephant populations contribute to habitat loss and human-wildlife conflict.
    • Despite repeated requests, CITES delegates rejected the proposal, leading to frustration among African countries.
    • Ten countries, including KAZA states and others like Eswatini, Lesotho, Mozambique, South Africa, and Tanzania, declared a dispute with CITES. They criticized CITES for straying from its founding principles and adopting ideologies over science-based conservation strategies.

    Way forward:

    • Lobbying for Change: Advocacy for a more equitable and science-based approach to wildlife trade regulations within international frameworks like CITES.
    • Regional Cooperation: Enhance collaboration among member states to develop joint conservation strategies and share best practices for managing human-wildlife conflicts.
    • Diversification of Revenue Streams: Explore alternative sources of funding for conservation efforts, such as ecotourism, carbon credits, and sustainable agriculture.

    Mains PYQ:

    Q How does biodiversity vary in India? How is the Biological Diversity Act, 2002 helpful in the conservation of flora and fauna? (250 Words, 15 Marks) (UPSC IAS/2018)

  • 40 Years since Operation Blue Star

    Why in the News?

    June 1, the day Punjab votes in the last phase of the Lok Sabha election, happens to be the anniversary of “Operation Blue Star” which has influenced the recent history and politics of the state.

    Operation Blue Star

    • Operation Blue Star was a military operation carried out by the Indian Army in June 1984 to remove  Khalistani group-based militants who were hiding inside the Golden Temple complex in Amritsar, Punjab.
    • The militants, led by Jarnail Singh Bhindranwale, had fortified the temple complex and were advocating for an independent Sikh state called Khalistan.
    • The operation aimed to flush out the militants from the Golden Temple complex and restore law and order in the region.
    • However, it resulted in significant casualties and damage to the sacred shrine.
    • The operation began on June 1, 1984, and lasted for 10 days

    The operation was highly controversial and led to widespread outrage among Sikhs, both in India and abroad. It also had political repercussions, including the assassination of Prime Minister Indira Gandhi by her bodyguards later that year, which sparked anti-Sikh riots across India.

    What is the Khalistan movement?

    • The Khalistan movement is a Sikh separatist movement aiming to establish a sovereign state called Khalistan (Land of the Khalsa) in the Punjab region of India and Pakistan.

    Factors Contributing to Khalistan’s Rise:

    • Partition of India (1947): The division of Punjab and the loss of Sikh holy sites in Pakistan led to a sense of displacement and marginalisation among Sikhs.
    • Linguistic Reorganization of States (1966): The creation of a Sikh-majority Punjab but with reduced territorial size and economic potential further fueled the desire for greater autonomy and cultural rights.
    • Anandpur Sahib Resolution (1973): The demand for greater autonomy and cultural rights for Punjab was seen as a secessionist threat by the central government, leading to increased tensions.
    • External Support: The involvement of external forces, such as Pakistan, which have supported and funded some Khalistani groups for their strategic interests, has also played a significant role in the movement’s persistence.

    PYQ:

    [2016] Has the formation of linguistic states strengthened the cause of Indian unity?

  • K-9 Vajra Howitzers and Su-30 MKI Fighter Aircraft Engines                                  

    Why in the news?

    Several critical ‘Make in India’ defence projects, including acquisitions of K-9 Vajra self-propelled howitzers and Su-30 MKI fighter aircraft engines, are pending final approval from the Centre post-elections.

    About K-9 Vajra Self-Propelled Howitzers:

    • It is a self-propelled howitzer.
    • Technology: It incorporates technology transferred from South Korean defence major Hanwha Defense based on its K9 Thunder.
    • Development: The K9 gun has been developed under the ‘Buy Global’ programme of the Defence Procurement Procedure (DPP) where foreign companies are allowed to participate.
    • Features: The platform boasts all-welded steel armour protection. Initially intended for desert use, it has been deployed in mountainous regions due to the India-China standoff.
    • Winterisation: To ensure optimal performance in extreme cold conditions, the Army procured winterisation kits for the regiment deployed in mountainous areas.

    About Su-30MKI:

      • The Sukhoi Su-30MKI is a two-seater, twinjet multirole air superiority fighter. It is built under license by India’s Hindustan Aeronautics Limited (HAL).
    • Design: 
      • It was designed by Russia’s Sukhoi Corporation beginning in 1995 and built under licence by India’s Hindustan Aeronautics Limited (HAL).
      • The first squadron was inducted into the Indian Air Force (IAF) in 2002.
    • Characteristics:
      • It is a heavy, all-weather, long-range fighter with a highly integrated twin-finned airframe.
      • The construction materials include titanium and high-strength Aluminium alloy.

    Engine Upgrade:

    India’s “Super Sukhoi” Program aims to enhance the performance and longevity of AL-31F engines, addressing long-standing engine failure issues and deficiencies.

     

    PYQ:

    [2016] Which one of the following is the best description of ‘INS Astradharini’, that was in the news recently?

    (a) Amphibious warfare ship
    (b) Nuclear-powered submarine
    (c) Torpedo launch and recovery vessel
    (d) Nuclear-powered aircraft carrier

  • Agnibaan Sub Orbital Technology Demonstrator (SOrTeD)

    Why in the News?

    Agnikul Cosmos Private Limited, a space start-up from Chennai, made history by launching the world’s first rocket with a single-piece 3D-printed engine, named Agnibaan Sub Orbital Technology Demonstrator (SOrTeD), from Sriharikota.

    About 3D Printed PS4 Engine

    • The PS4 engine, which forms the uppermost stage of the Polar Satellite Launch Vehicle (PSLV), comprises two Earth-storable liquid engines.
    • It uses a bipropellant combination of nitrogen tetroxide as the oxidizer and monomethyl hydrazine as the fuel, both developed by ISRO’s Liquid Propulsion Systems Centre.
    • This same engine is employed in the Reaction Control System (RCS) of the first stage (PS1) of PSLV.
    • ISRO redesigned the PS4 engine for production using 3D printing technology.
    • The technology helped ISRO bring down the number of parts in the engine from 14 to a single piece.
    • ISRO was able to eliminate 19 weld joints and saved 97% of raw material.
    • It also reduced the overall production time by 60%.

    What is Agnibaan SOrTeD (Suborbital Tech Demonstrator)?

    • Agnibaan SOrTeD is a single-stage launch vehicle powered by Agnikul’s patented Agnilet semi-cryogenic engine.
    • In contrast to traditional sounding rockets, Agnibaan SOrTeD’s vertical take-off and precise trajectory enable orchestrated manoeuvres during flight.

    PYQ:

    [2018] With reference to India’s satellite launch vehicles, consider the following statements:

    1. PSLVs launch the satellites useful for Earth resources monitoring whereas GSLVs are designed mainly to launch communication satellites.
    2. Satellites launched by PSLV appear to remain permanently fixed in the same position in the sky, as viewed from a particular location on Earth.
    3. GSLV Mk III is a four-staged launch vehicle with the first and third stages using solid rocket motors; and the second and fourth stages using liquid rocket engines.

    Which of the statements given above is/are correct?

    (a) 1 only
    (b) 2 and 3
    (c) 1 and 2
    (d) 3 only

  • Open access is crucial for self-reliance in science

    Why in the News?

    As per Nature Index” India’s scientific prowess is rising but lacks essential research infrastructure. Initiatives like I-STEM aim to bridge this gap by democratizing access to advanced facilities.

    The Indian Science Ecosystem:

    • Growth in Research: India ranks third globally in research output and eleventh in research quality according to the “Nature Index”.
    • Infrastructure Shortfalls: Despite an increase in the number of universities from 760 in 2014 to 1,113 in 2021, many lack essential resources such as advanced labs, instrumental access, and research literature.

    Why is the Open Access Crucial for Self-Reliance in Science?

    • Open Access (OA) ensures that scientific knowledge is freely available to all, regardless of geographical or financial barriers.
    • It promotes inclusivity and allows researchers from diverse backgrounds to access the latest research findings, fostering collaboration and innovation.

    Initiatives to Address Gaps:

    • I-STEM: Catalogues all publicly funded research facilities nationwide and makes them available to researchers based on need.
    • One Nation, One Subscription (ONOS): Proposes a centralized model of subscription to scientific journals to make them universally available to all publicly funded institutions, addressing the high cost of accessing commercial journals.

    What is the Optimal Solution?

    • The optimal solution lies in prioritizing Open Access (OA) initiatives. With a global shift towards OA and increasing mandates from major funding bodies, India should leverage this trend to reduce dependency on costly subscriptions and ensure widespread access to scientific literature.
      • Major funding bodies and countries are pushing for OA, with the U.S. mandating immediate open accessibility of publicly funded research by 2025.
    • Challenges with ONOS: The high cost and oligopolistic academic publishing market make negotiation difficult. OA reduces the necessity of a costly unified subscription. ONOS does not ensure long-term access or global accessibility of Indian research.
    • The Green Open Access: Green Open Access allows authors to deposit a version of their work in a university repository, making it freely accessible globally. Ensures long-term preservation and accessibility of research funded by taxpayer money.

    Limitations:

    • Indian funding agencies have mandated green OA, but it has not been enforced effectively.
    • Recent issues should catalyze a stronger push for green OA.

    Conclusion: India should enhance its journal system, avoiding payment burdens on authors or readers. Utilise digital technology capabilities to create and share low-cost, high-quality scientific publishing infrastructure for the global south.

    Mains PYQ:

    Q  India’s Traditional Knowledge Digital Library (TKDL) which has a database containing formatted information on more than 2 million medicinal formulations is proving a powerful weapon in the country’s fight against erroneous patents. Discuss the pro and cons of making the database available publicly available under open-source licensing. (UPSC IAS/2015)

  • What is Golden Rice?

    Why in the News?

    • The Court of Appeals in the Philippines revoked biosafety permits for GM Golden Rice and BT eggplant, citing safety violations and ordering a halt until issues are resolved.

    Golden Rice and Bt Eggplant in the Philippines 

    What is Golden Rice? 

    • Golden Rice is a variety of rice (Oryza sativa) developed through genetic engineering to produce beta-carotene, a precursor of vitamin A, in the edible parts of the rice.
    • This modification aims to address vitamin A deficiency, particularly in areas where it’s prevalent.
    • The Philippines approved its commercial production in 2021.
    • The Philippines became the first country to officially issue a biosafety permit for commercially propagating golden rice in July 2021.

    Bt Eggplant: Developed by the University of the Philippines Los Banos (UPLB), Bt eggplant is engineered to resist pests, aiming to enhance farmer productivity and reduce environmental impact.

     

    Development of Golden Rice:

    • Research for golden rice began as a Rockefeller Foundation initiative in 1982.
    • Peter Bramley discovered in the 1990s that a single phytoene desaturase gene (bacterial CrtI) could be used to produce lycopene from phytoene in genetically modified tomato.
    • Ingo Potrykus of the Swiss Federal Institute of Technology and Peter Beyer of the University of Freiburg published the scientific details of golden rice in 2000 after an eight-year project.

    Genetics:

    • Golden rice incorporates Psy and CrtI genes from daffodils and a soil bacterium into the rice genome to enhance beta-carotene production in the endosperm.

    Field Trials and Approvals:

    • The first field trials of golden rice cultivars were conducted by Louisiana State University Agricultural Center in 2004.
    • Additional trials were conducted in the Philippines, Taiwan, and Bangladesh.
    • In 2018, Canada and the United States approved golden rice as safe for consumption.
    • In 2019, the Philippines approved golden rice for use as human food, animal feed, or for processing.

    In the context of India 

    • Currently, there is no cultivation or commercialization of Golden Rice in India. Growing and selling GM brinjal remains banned in India.
    • Recently, the Supreme Court has also intervened on the issue of stubble burning and paddy cultivation in India esp, Punjab and Haryana states.
      • India has approved commercial cultivation of only one GM crop, Bt cotton. No GM food crop has ever been approved for commercial cultivation in the country.
      • We can have some lessons from the Philippines.

    Controversy over its Use

    • Legal challenges emerged in the Philippines in 2023 and 2024, leading to a halt in commercial propagation.
    • Critics have raised concerns about its safety, environmental impact, and efficacy compared to other interventions like supplements and dietary diversification.
    • Greenpeace opposes the use of genetically modified organisms in agriculture and opposes the cultivation of golden rice.
    • Vandana Shiva, an Indian anti-GMO activist, has argued against golden rice, citing potential issues with loss of biodiversity and availability of diverse and nutritionally adequate food.

    Golden Rice 2:

    • In 2005, researchers at Syngenta developed Golden Rice 2, which contains the phytoene synthase (psy) gene from maise combined with the crtl gene from the original golden rice.
    • Golden Rice 2 produces significantly higher levels of carotenoids, particularly beta-carotene, compared to the original golden rice.

     

    PYQ:

    [2018] With reference to the Genetically Modified mustard (GM mustard) developed in India, consider the following statements:

    1. GM mustard has the genes of a soil bacterium that give the plant the property of pest resistance to a wide variety of pests.
    2. GM mustard has the genes that allow the plant cross-pollination and hybridisation.
    3. GM mustard has been developed jointly by the IARI and Punjab Agricultural University.

    Which of the statements given above is/are correct?

    (a) 1 and 3 only

    (b) 2 only

    (c) 2 and 3 only

    (d) 1, 2 and 3

    [2021] What are the research and developmental achievements in applied biotechnology? How will these achievements help to uplift the poorer sections of the society?

  • RBI launches PRAVAAH, Retail Direct mobile app and FinTech Repository

    Why in the News?

    • The Reserve Bank of India (RBI) recently introduced three significant initiatives: the PRAVAAH portal, the RBI Retail Direct mobile application, and the FinTech Repository.
      • These initiatives aim to streamline regulatory processes, empower retail investors, and provide insights into the fintech sector.

    1. PRAVAAH Portal:

    • The PRAVAAH portal (Platform for Regulatory Application, VAlidation, and AutHorisation) serves as a centralised web-based platform for individuals and entities to seek regulatory approvals from the RBI.
    • Offering features like online application submission and status tracking, the portal covers 60 different application forms across various regulatory departments, ensuring efficiency and transparency in the authorisation process.

    2. RBI Retail Direct Mobile App:

    • The RBI Retail Direct Mobile App provides retail investors with convenient access to government securities (G-Secs) trading directly from their smartphones.
    • Accessible on both Android and iOS platforms, the app simplifies transactions in both primary and secondary markets, empowering retail investors to participate more actively in the securities market.

    3. FinTech Repository:

    The FinTech Repository aims to provide comprehensive data on Indian fintech firms, facilitating better regulatory understanding and policy formulation in the rapidly evolving fintech landscape.

    Other initiatives launched:

    • EmTech Repository: It focuses on RBI-regulated entities’ adoption of emerging technologies like AI, ML, Cloud Computing, and Quantum, providing valuable insights for policymakers and industry stakeholders.
    • Reserve Bank Innovation Hub (RBIH): Both repositories are managed by the RBIH, underscoring the central bank’s commitment to fostering innovation and collaboration in the financial sector.

     

    PYQ:

    [2013] In the context of the Indian economy, ‘Open Market Operations’ refers to:

    (a) borrowing by scheduled banks from the RBI

    (b) lending by commercial banks to industry and trade

    (c) purchase and sale of government securities by the RBI

    (d) None of the above