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  • Parliament is abdicating its oversight role

    Context

    The monsoon session of Parliament which ended on Wednesday was a disappointment in several ways. This was the fourth straight session that ended ahead of the original schedule.

    No scrutiny of the Bills

    •  Both Houses were frequently disrupted as the Government and Opposition parties could not agree on the topics to be debated.
    • Shrinking worktime: The Lok Sabha worked for just 19% of its originally scheduled time, and the Rajya Sabha for 26%.
    • No examination of Bills by Parliament: Of the 18 Bills passed by the Lok Sabha, only one saw discussion over 15 minutes.
    • In 15 of these Bills, not even one member of the Lok Sabha spoke; each Bill was passed after a short statement by the respective Minister.
    • Every Bill introduced during the session was passed within the session.
    • This means that there was no time for any scrutiny by members.
    • In the period of the Fifteenth Lok Sabha (2009-14), 18% of the Bills were passed within the same session.
    • This rose to 33% in the Sixteenth Lok Sabha and is at 70% halfway through the current Parliament.
    • Thus, we see that, Bills are being passed without any serious examination by parliamentarians.
    • They are most often not being referred to committees, there is hardly any discussion on the floor of the House, and in most instances, Bills are passed within a few days of introduction.

    Bills not being referred to parliamentary committees

    • None of the Bills passed in this session was referred to a parliamentary committee for examination.
    • Important role of committee: Parliamentary committees provide a forum for parliamentarians to engage with experts, stakeholders and government officials to understand the implications of Bills.
    • They deliberate on the consequences of various provisions, and recommend amendments.
    • There has been a sharp downward trend in Bills being referred to them — from 71% in the Fifteenth Lok Sabha to 27% in the Sixteenth, and 12% in the current one till date.

    Important Bills passed

    • Allowing States to identify Backward Class: The Constitution was amended to allow States to identify backward classes (i.e., Other Backward Classes) for the purpose of providing reservations.
    • That amendment also specified that the President of India shall specify the list of OBCs.
    • Recently, the Supreme Court of India had interpreted this provision to imply that the State government cannot issue the list of backward classes.
    • Repealing retrospective taxation: In 2012, the Income Tax Act was amended with retrospective effect from 1961 to cover certain transactions.
    • A Bill passed this session reversed this provision of retrospective taxation. 
    • DICGC to pay within 90 days: The Deposit Insurance and Credit Guarantee Corporation insures all bank deposits against default (currently up to ₹5 lakh).
    • The Act was amended to require an interim pay-out within 90 days if a bank was going through a liquidation or reconstruction.
    • The General Insurance Business (Nationalisation) Act was amended to enable the Government to bring its shareholding in general insurance companies below 51%.
    • The Tribunals Reforms Bill was passed: The Bill replaced an ordinance which specified the process of appointment of members and their tenure and service conditions.
    • It retained two provisions struck down last month by the Supreme Court: the four-year tenure which the Court changed to five years, and a minimum age of 50 years for judicial members which the Court revised to allow lawyers with experience of 10 years.

    Conclusion

    The reason for having a legislature separate from the executive is to have a check on executive power.But the Parliament appears to be quite ineffective in all its functions and needs a course correction.

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  • Webinar Alert: Slots are Closing || Mentors Mahapanchayat at Civilsdaily IAS || Why We Failed And What We Learnt || Ask Us Anything (Obviously On UPSC IAS) || An Exclusive Session on What you need to Avoid

    Webinar Alert: Slots are Closing || Mentors Mahapanchayat at Civilsdaily IAS || Why We Failed And What We Learnt || Ask Us Anything (Obviously On UPSC IAS) || An Exclusive Session on What you need to Avoid

    Dear Aspirants,

    You know the struggle of preparing for the UPSC Exam all too well, don’t you? You go through it every day! But do you ever wonder how Mentors at CivilsDaily IAS performed during their time and What did they learn from the Mistakes they Committed? 

    How are they now using the learnings out of their own mistakes and are helping aspirants work out the best strategies suited to them. How are they keeping themselves up-to-date day in and day out now? And on top of them what makes this process so consistent year after year? 

    Register for the free webinar (Click Here)

    How do they prepare the study materials for you? How do they manage their own time? And more…

    Our super mentors Sajal sir, Sudhanshu sir, Ajay sir, Sukanya mam, and Santosh sir will give you an exclusive insight into the work that goes behind mentoring the most serious UPSC candidates over a Freewheeling Open Webinar Session this Saturday.

    Now what will make this session even more meaningful is their unique depth of self-introspection with respect to UPSC IAS, which is often missed by those who clear the exam. So you will hear directly from the horse’s mouth. 

    This would be an Open Session where you’d have an opportunity to interact with the Core Faculties at CivilsDaily IAS and learn from their own experience at handling the issues of many individual aspirants including Toppers too. 

    Learn the best ways of remaining consistent and performing at the highest level every day, just like our mentors. Ask questions and gain from their personal experiences during the “Ask The Mentor” session this Saturday evening. 

    This is a completely FREE opportunity for all serious UPSC. 

    What to Expect: 

    1. Personal learnings from Senior Mentors at CivilsDaily IAS 
    2. Mistakes Committed by them in their very first attempt and what lessons you can take from these mistakes.
    3. Ask the Mentor session as Q&A interaction
    4. Exam Strategy with CivilsDaily IAS  “ 5 Hour Mantra for 2021 “
    5. Exam Strategy for UPSC IAS 2022 
    6. Exam Specific Fact Content for Complete Economics for UPSC Civil Services 
    7. Economic Survey & Budget Videos Exclusively made for CivilsDaily IAS Students 
    8. Three Weeks Samachar Manthan News Analysis for UPSC IAS 
    9. Sample MEP Test Copies handled by Sukanya Madam 
    REGISTER FOR THE FREE WEBINAR (CLICK HERE)

    Date- 14th August

    Time- 5:30 P.M.

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  • How e-RUPI can transform government’s welfare schemes

    Context

    Recently e-RUPI was launched by the Prime Minister.

    About e-RUPI

    • It is a digital prepaid, purpose, and person-specific payment utility. 
    • Built on the UPI platform, e-RUPI is easy to scale by the issuer.
    • At the point of presence, the verification code received by the beneficiary is shared with the service provider to authenticate and authorize the transaction: Contactless, real-time payment, and online settlement of funds into the service provider’s bank account.
    • Fourteen leading banks have already integrated it with their systems.
    • e-RUPI is almost custom-designed for school voucher programs.
    • The efficacy of these programs is well established in many countries. 

    Advantages

    The adoption of e-RUPI in various government programs will enhance business efficiency, simplicity, transparency, and accountability in these programs.

    1) e-RUPI can make cash transfer purpose and person-specific

    • Policymakers have debated whether direct cash transfers deliver benefits more efficiently than in-kind transfers like the Public Distribution System (PDS) and fertilizers.
    • e-RUPI could break the policy logjam with the following advantages:
    • 1) It will make cash transfers purpose- and person-specific.
    • 2) Freeing them from dependence on bank accounts.
    • 3) Providing visibility from the time of issue until redemption.

    2) e-RUPI can make PDS more efficient

    • The inefficiency of PDS is rooted in high overhead costs, leakages, exclusion, and inefficiencies.
    • A food-specific e-RUPI voucher will allow beneficiaries to buy rations from an outlet of their choice.
    • It will also help promote the One Nation, One Ration Card.
    • The move will also help in removing price distortion and the redemption of the voucher at market price by merchants within and outside the PDS network.

    3) Streamline fertilizer subsidy

    • e-RUPI will enable farmers to buy fertilizer at nominal prices with direct credit of the subsidy amount into the account of the authorised dealers.
    • As far back as 2011, a task force on direct transfer of subsidies on kerosene, LPG and fertilisers headed by Nandan Nilekani had suggested a roadmap for direct cash transfer of fertiliser subsidies in a phased manner.
    • The e-RUPI will allay apprehensions about creating an IT infrastructure, managing nearly 3,00,000 fertilizer sale points, the collapse of dealer network due to liquidity squeeze in the event of subsidy payments getting delayed, and a complex system of timely credit of subsidy into an estimated 129 million Aadhaar-linked bank accounts of farm households.

    4) Basic income support

    • The Covid-19 pandemic has revived interest in Universal Basic Income (UBI).
    • The lockdowns to contain the pandemic exposed the poor to acute distress, due to loss of means of livelihood.
    • e-RUPI can mitigate their stress by rapidly distributing food and cash vouchers at scale.

    5) Ayushman Bharat

    • In the Ayushman Bharat healthcare initiative beneficiaries can be given e-RUPI vouchers of designated value tenable at empanelled healthcare facilities, providing them portability and facility choice.
    • The service provider will benefit from the immediate payment.

    Way forward

    • Ownership agency: The Aadhaar experience suggests ownership must vest with a specific agency.
    • Make distribution and acceptance compatible: Making the distribution and acceptance of e-RUPI incentive-compatible is recommended, as demonstrated by the popularisation of prepaid telephony by the telecom industry.
    • Light regulation and competition promotion: Light regulation and the opening of e-RUPI to the competition will spur innovation and adoption.
    • All banks, small and big, NBFCs, non-bank PPI issuers, and telcos may be allowed to issue it later.

    Conclusion

    e-RUPI opens up a world of opportunities to the government, people, and businesses to provide, avail, and pay for services seamlessly.

  • Banking System in India

    13th Aug, 2021

    Functions of Bank

    Primary Functions of Banks

    The primary functions of a bank are also known as banking functions. They are the main functions of a bank.

    These primary functions of banks are explained below.

    1. Accepting Deposits

    The bank collects deposits from the public. These deposits can be of different types, such as:-

    Saving Deposits

    • This type of deposits encourages saving habit among the public.
    • The rate of interest is low. At present it is about 4% p.a. Withdrawals of deposits are allowed subject to certain restrictions.
    • This account is suitable to salary and wage earners. This account can be opened in single name or in joint names.

    Fixed Deposits

    • Lump sum amount is deposited at one time for a specific period. Higher rate of interest is paid, which varies with the period of deposit.
    • Withdrawals are not allowed before the expiry of the period. Those who have surplus funds go for fixed deposit.

    Current Deposits

    • This type of account is operated by businessmen. Withdrawals are freely allowed. No interest is paid.
    • In fact, there are service charges. The account holders can get the benefit of overdraft facility.

    Recurring Deposits

    • This type of account is operated by salaried persons and petty traders.
    • A certain sum of money is periodically deposited into the bank.
    • Withdrawals are permitted only after the expiry of certain period. A higher rate of interest is paid.

    2. Granting of Loans and Advances

    The bank advances loans to the business community and other members of the public. The rate charged is higher than what it pays on deposits. The difference in the interest rates (lending rate and the deposit rate) is its profit.

    The types of bank loans and advances are:-

    Secondary functions of the bank

    In addition to the primary functions of accepting deposits and lending money, banks perform a number of other functions, which are called secondary functions. These are as follows:

    1. Issuing letters of credit, travelers cheque, etc.
    2. Undertaking safe custody of valuables, important document and securities by providing safe deposit vaults or lockers.
    3. Providing customers with facilities of foreign exchange dealings.
    4. Transferring money from one account to another; and from one branch to another branch of the bank through cheque, pay order, demand draft.
    5. Standing guarantee on behalf of its customers, for making payment for purchase of goods, machinery, vehicles etc.
    6. Collecting and supplying business information.
    7. Providing reports on the credit worthiness of customers.
    8. Providing consumer finance for individuals by way of loans on easy terms for purchase of consumer durables like televisions, refrigerators, etc.
    9. Educational loans to students at reasonable rate of interest for higher studies, especially for professional courses.

    Types of Banks

    • There are various types of banks which operate in our country to meet the financial requirements of different categories of people engaged in agriculture, business, profession, etc.
    • On the basis of functions, the banking institutions in India may be divided into the following types:
    Central Bank
    • A bank which is entrusted with the functions of guiding and regulating the banking system of a country is known as its Central bank.
    • Such a bank does not deal with the general public. It acts essentially as Government’s banker; maintain deposit accounts of all other banks and advances money to other banks, when needed.
    • The Central Bank provides guidance to other banks whenever they face any problem. It is therefore known as the banker’s bank.
    • The Reserve Bank of India is the central bank of our country. The Central Bank maintains record of Government revenue and expenditure under various heads.
    • It also advises the Government on monetary and credit policies and decides on the interest rates for bank deposits and bank loans.
    • In addition, foreign exchange rates are also determined by the central bank. Another important function of the Central Bank is the issuance of currency notes, regulating their circulation in the country by different methods. No other bank than the Central Bank can issue currency.
    Commercial Banks
    • Commercial Banks are banking institutions that accept deposits and grant short-term loans and advances to their customers.
    • In addition to giving short-term loans, commercial banks also give medium-term and long-term loan to business enterprises.
    • Now-a-days some of the commercial banks are also providing housing loan on a long-term basis to individuals.

    Types of Commercial banks

    Commercial banks are of three types i.e., Public sector banks, Private sector banks and Foreign banks.

    1. Public Sector Banks: These are banks where majority stake is held by the Government of India or Reserve Bank of India. Examples of public sector banks are: State Bank of India, Corporation Bank, Bank of Boroda and Dena Bank, etc.
    2. Private Sectors Banks: In case of private sector banks majority of share capital of the bank is held by private individuals. These banks are registered as companies with limited liability. For example: The Jammu and Kashmir Bank Ltd., Bank of Rajasthan Ltd., Development Credit Bank Ltd, Vysya Bank, etc.
    3. Foreign Banks: These banks are registered and have their headquarters in a foreign country but operate their branches in our country. Some of the foreign banks operating in our country are Hong Kong and Shanghai Banking Corporation (HSBC), Citibank, American Express Bank, Standard & Chartered Bank, etc. The number of foreign banks operating in our country has increased since the financial sector reforms of 1991.
    Development Banks
    • Business often requires medium and long-term capital for purchase of machinery and equipment, for using latest technology, or for expansion and modernization.
    • Such financial assistance is provided by Development Banks.
    • They also undertake other development measures like subscribing to the shares and debentures issued by companies, in case of under subscription of the issue by the public.
    • Industrial Finance Corporation of India (IFCI) and State Financial Corporations (SFCs) are examples of development banks in India.
    Co-operative Banks
    • People who come together to jointly serve their common interest often form a co-operative society under the Co-operative Societies Act.
    • When a co-operative society engages itself in banking business it is called a Co-operative Bank.
    • The society has to obtain a license from the Reserve Bank of India before starting banking business.
    • Any co-operative bank as a society is to function under the overall supervision of the Registrar, Co-operative Societies of the State.
    • As regards banking business, the society must follow the guidelines set and issued by the Reserve Bank of India.

    Types of Co-operative Banks

    There are three types of cooperative banks operating in our country. They are primary credit societies, central co-operative banks, and state co-operative banks. These banks are organized at three levels, village or town level, district level, and state level.

    (i) Primary Credit Societies: These are formed at the village or town level with the borrower and non-borrower members residing in one locality. The operations of each society are restricted to a small area so that the members know each other and are able to watch over the activities of all members to prevent fraud.

    (ii) Central Co-operative Banks: These banks operate at the district level having some of the primary credit societies belonging to the same district as their members. These banks provide loans to their members (i.e., primary credit societies) and function as a link between the primary credit societies and state cooperative banks.

    (iii) State Co-operative Banks: These are the apex (highest level) cooperative banks in all the states of the country. They mobilize funds and help in its proper channelization among various sectors. The money reaches the individual borrowers from the state cooperative banks through the central cooperative banks and the primary credit societies.

    Specialized Banks
    • There are some banks, which cater to the requirements and provide overall support for setting up business in specific areas of activity.
    • EXIM Bank, SIDBI and NABARD are examples of such banks.
    • They engage themselves in some specific area or activity and thus, are called specialized banks.
    1. Export Import Bank of India (EXIM Bank): If you want to set up a business for exporting products abroad or importing products from foreign countries for sale in our country, EXIM bank can provide you the required support and assistance. The bank grants loans to exporters and importers and also provides information about the international market. It gives guidance about the opportunities for export or import, the risks involved in it and the competition to be faced, etc.
    2. Small Industries Development Bank of India (SIDBI): If you want to establish a small-scale business unit or industry, loan on easy terms can be available through SIDBI. It also finances modernisation of small-scale industrial units, use of new technology and market activities. The aim and focus of SIDBI is to promote, finance and develop small-scale industries.
    3. National Bank for Agricultural and Rural Development (NABARD): It is a central or apex institution for financing agricultural and rural sectors. If a person is engaged in agriculture or other activities like handloom weaving, fishing, etc. NABARD can provide credit, both short-term and long-term, through regional rural banks. It provides financial assistance, especially, to co-operative credit, in the field of agriculture, small-scale industries, cottage and village industries handicrafts and allied economic activities in rural areas.

    Reserve Bank of India

    • The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
    • The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.
    • Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
    • The Reserve Bank’s affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.
    • The directors are appointed/nominated for a period of four years.
    • RBI is a statutory body. It is responsible for printing of currency notes and managing the supply of money in the Indian economy.

    Functions of Reserve Bank

    Issue of Notes

    • The Reserve Bank has the monopoly for printing the currency notes in the country.
    • It has the sole right to issue currency notes of various denominations except one rupee note (which is issued by the Ministry of Finance).
    • The Reserve Bank has adopted the Minimum Reserve System for issuing/printing the currency notes.

    Banker to the Government

    • The second important function of the Reserve Bank is to act as the Banker, Agent and Adviser to the Government of India and states.
    • It performs all the banking functions of the State and Central Government and it also tenders useful advice to the government on matters related to economic and monetary policy.
    • It also manages the public debt of the government.

    Banker’s Bank

    • The Reserve Bank performs the same functions for the other commercial banks as the other banks ordinarily perform for their customers.
    • RBI lends money to all the commercial banks of the country. 

    Controller of the Credit

    • The RBI undertakes the responsibility of controlling credit created by the commercial banks.
    • RBI uses two methods to control the extra flow of money in the economy. These methods are quantitative and qualitative techniques to control and regulate the credit flow in the country. 
    • When RBI observes that the economy has sufficient money supply and it may cause inflationary situation in the country then it squeezes the money supply through its tight monetary policy and vice versa.

    Custodian of Foreign Reserves

    • For the purpose of keeping the foreign exchange rates stable, the Reserve Bank buys and sells the foreign currencies and also protects the country’s foreign exchange funds.
    • RBI sells the foreign currency in the foreign exchange market when its supply decreases in the economy and vice-versa. Currently India has Foreign Exchange Reserve of around US$ 390bn.

    Other Functions

    • The Reserve Bank performs a number of other developmental works.
    • These works include the function of clearing house arranging credit for agriculture (which has been transferred to NABARD) collecting and publishing the economic data, buying and selling of Government securities (gilt edge, treasury bills etc)and trade bills, giving loans to the Government buying and selling of valuable commodities etc.
    • It also acts as the representative of Government in International Monetary Fund (I.M.F.) and represents the membership of India.

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  • Slots are Closing || Mentors Mahapanchayat at Civilsdaily IAS || Why We Failed And What We Learnt || Ask Us Anything (Obviously On UPSC IAS) || An Exclusive Session on What you need to Avoid

    Slots are Closing || Mentors Mahapanchayat at Civilsdaily IAS || Why We Failed And What We Learnt || Ask Us Anything (Obviously On UPSC IAS) || An Exclusive Session on What you need to Avoid

    Dear Aspirants,

    You know the struggle of preparing for the UPSC Exam all too well, don’t you? You go through it every day! But do you ever wonder how Mentors at CivilsDaily IAS performed during their time and What did they learn from the Mistakes they Committed? 

    How are they now using the learnings out of their own mistakes and are helping aspirants work out the best strategies suited to them. How are they keeping themselves up-to-date day in and day out now? And on top of them what makes this process so consistent year after year? 

    Register for the free webinar (Click Here)

    How do they prepare the study materials for you? How do they manage their own time? And more…

    Our super mentors Sajal sir, Sudhanshu sir, Ajay sir, Sukanya mam, and Santosh sir will give you an exclusive insight into the work that goes behind mentoring the most serious UPSC candidates over a Freewheeling Open Webinar Session this Saturday.

    Now what will make this session even more meaningful is their unique depth of self-introspection with respect to UPSC IAS, which is often missed by those who clear the exam. So you will hear directly from the horse’s mouth. 

    This would be an Open Session where you’d have an opportunity to interact with the Core Faculties at CivilsDaily IAS and learn from their own experience at handling the issues of many individual aspirants including Toppers too. 

    Learn the best ways of remaining consistent and performing at the highest level every day, just like our mentors. Ask questions and gain from their personal experiences during the “Ask The Mentor” session this Saturday evening. 

    This is a completely FREE opportunity for all serious UPSC. 

    What to Expect: 

    1. Personal learnings from Senior Mentors at CivilsDaily IAS 
    2. Mistakes Committed by them in their very first attempt and what lessons you can take from these mistakes.
    3. Ask the Mentor session as Q&A interaction
    4. Exam Strategy with CivilsDaily IAS  “ 5 Hour Mantra for 2021 “
    5. Exam Strategy for UPSC IAS 2022 
    6. Exam Specific Fact Content for Complete Economics for UPSC Civil Services 
    7. Economic Survey & Budget Videos Exclusively made for CivilsDaily IAS Students 
    8. Three Weeks Samachar Manthan News Analysis for UPSC IAS 
    9. Sample MEP Test Copies handled by Sukanya Madam 
    REGISTER FOR THE FREE WEBINAR (CLICK HERE)

    Date- 14th August

    Time- 5:30 P.M.

  • 13th August 2021| Daily Answer Writing Enhancement(AWE)

    Topics for Today’s questions:

    GS-1   Salient features of Indian Society, Diversity of India

    GS-2   Important Aspects of Governance, Transparency and Accountability, E-governance- applications, models, successes, limitations, and potential; Citizens Charters, Transparency & Accountability and institutional and other measures.

    GS-3  Infrastructure: Energy, Ports, Roads, Airports, Railways etc.

    GS-4  Public/Civil service values and Ethics in Public administration: Status and problems; ethical concerns and dilemmas in government and private institutions

    Questions:

    Question 1)

    Q.1 “Empowering women is the key to control the population growth.” Discuss. (10 Marks)

    Question 2)

    Q.2 Growing criminalisation has been a constant theme of Indian politics despite the efforts to curb it. What are the factors driving it? Suggest the way forward. (10 Marks)

    Question 3)

    Q.3 What are the objectives of inviting the private players to run the trains and why the Indian Railways failed to attract private players? Suggest the way forward. (10 Marks)

    Question 4)  

    Q.4 What is meant by ‘crisis of conscience’? How does it manifest itself in the public domain? (10 Marks)

    HOW TO ATTEMPT ANSWERS IN DAILY ANSWER WRITING ENHANCEMENT(AWE)?

    1. Daily 4 questions from General studies 1, 2, 3, and 4 will be provided to you.

    2. A Mentor’s Comment will be available for all answers. This can be used as a guidance tool but we encourage you to write original answers.

    3. You can write your answer on an A4 sheet and scan/click pictures of the same.

    4.  Upload the scanned answer in the comment section of the same question.

    5. Along with the scanned answer, please share your Razor payment ID, so that paid members are given priority.

    6. If you upload the answer on the same day like the answer of 1st August is uploaded on 1st August then your answer will be checked within 72 hours. Also, reviews will be in the order of submission- First come first serve basis

    7. If you are writing answers late, for example, 1st August is uploaded on 3rd August, then these answers will be evaluated as per the mentor’s schedule.

    8. We encourage you to write answers on the same day. However, if you are uploading an answer late then tag the mentor like @Staff so that the mentor is notified about your answer.

    *In case your answer is not reviewed, reply to your answer saying *NOT CHECKED*. 

    For the philosophy of AWE and payment: 

    CLICK HERE To join Daily AWE

  • Registrations Closing Soon || Mentors Mahapanchayat at Civilsdaily IAS || Why We Failed And What We Learnt || Ask Us Anything (Obviously On UPSC IAS) || An Exclusive Session on What you need to Avoid

    Registrations Closing Soon || Mentors Mahapanchayat at Civilsdaily IAS || Why We Failed And What We Learnt || Ask Us Anything (Obviously On UPSC IAS) || An Exclusive Session on What you need to Avoid

    Dear Aspirants,

    You know the struggle of preparing for the UPSC Exam all too well, don’t you? You go through it every day! But do you ever wonder how Mentors at CivilsDaily IAS performed during their time and What did they learn from the Mistakes they Committed? 

    How are they now using the learnings out of their own mistakes and are helping aspirants work out the best strategies suited to them. How are they keeping themselves up-to-date day in and day out now? And on top of them what makes this process so consistent year after year? 

    Register for the free webinar (Click Here)

    How do they prepare the study materials for you? How do they manage their own time? And more…

    Our super mentors Sajal sir, Sudhanshu sir, Ajay sir, Sukanya mam, and Santosh sir will give you an exclusive insight into the work that goes behind mentoring the most serious UPSC candidates over a Freewheeling Open Webinar Session this Saturday.

    Now what will make this session even more meaningful is their unique depth of self-introspection with respect to UPSC IAS, which is often missed by those who clear the exam. So you will hear directly from the horse’s mouth. 

    This would be an Open Session where you’d have an opportunity to interact with the Core Faculties at CivilsDaily IAS and learn from their own experience at handling the issues of many individual aspirants including Toppers too. 

    Learn the best ways of remaining consistent and performing at the highest level every day, just like our mentors. Ask questions and gain from their personal experiences during the “Ask The Mentor” session this Saturday evening. 

    This is a completely FREE opportunity for all serious UPSC. 

    What to Expect: 

    1. Personal learnings from Senior Mentors at CivilsDaily IAS 
    2. Mistakes Committed by them in their very first attempt and what lessons you can take from these mistakes.
    3. Ask the Mentor session as Q&A interaction
    4. Exam Strategy with CivilsDaily IAS  “ 5 Hour Mantra for 2021 “
    5. Exam Strategy for UPSC IAS 2022 
    6. Exam Specific Fact Content for Complete Economics for UPSC Civil Services 
    7. Economic Survey & Budget Videos Exclusively made for CivilsDaily IAS Students 
    8. Three Weeks Samachar Manthan News Analysis for UPSC IAS 
    9. Sample MEP Test Copies handled by Sukanya Madam 
    REGISTER FOR THE FREE WEBINAR (CLICK HERE)

    Date- 14th August

    Time- 5:30 P.M.

  • General Insurance Business (Nationalization) Amendment Bill, 2021

    The General Insurance Business (Nationalization) Amendment Bill, 2021, was recently passed by both houses of parliament.

    What is the amendment?

    • The Bill seeks to amend the General Insurance Business (nationalization) Act, 1972.

    What is the GIB Act?

    • The 1972 Act set up the General Insurance Corporation of India (GIC).
    • The businesses of the companies nationalized under the Act were restructured in four subsidiary companies of GIC: (i) National Insurance, (ii) New India Assurance, (iii) Oriental Insurance, and (iv) United India Insurance.
    • The Act was subsequently amended in 2002 to transfer the control of these four subsidiary companies from GIC to the central government, thereby making them independent companies.
    • Since 2000, GIC exclusively undertakes the reinsurance business.

    Answer this PYQ:

    Microfinance is the provision of financial services to people of low-income groups. This includes both the consumers and the self-employed. The service/ services rendered under micro-finance is/are: (CSP 2011)

    1. Credit facilities
    2. Savings facilities
    3. Insurance facilities
    4. Fund Transfer facilities

    Select the correct answer using the codes given below the lists:

    (a) 1 only

    (b) 1 and 4 only

    (c) 2 and 3 only

    (d) 1, 2, 3 and 4

     

    Post your answers here:

    Key highlights of the Amendment Bill

    • Government shareholding threshold: The Act requires that shareholding of the central government in the specified insurers (the above five companies) must be at least 51%.  The Bill removes this provision.
    • Change in definition of general insurance business: The Act defines general insurance business as fire, marine or miscellaneous insurance business.
    • Transfer of control from the government: The Bill provides that the Act will not apply to the specified insurers from the date on which the central government relinquishes control of the insurer.
    • Notifying terms and conditions: The Bill provides that schemes formulated by the central government in this regard will be deemed to have been adopted by the insurer.
    • Liabilities of directors: The Bill specifies that a director of a specified insurer, who is not a whole-time director, will be held liable only for certain acts.

    Significance of the bill

    • De-regulation: The move is part of the government’s strategy to open up more sectors to private participation and improve efficiency.
    • Capital infusion: Privatization will bring in more private capital in the general insurance business and improve its reach to make more products available to customers.
    • Insurance coverage: This will enhance insurance penetration and social protection to better secure the interests of policyholders and contribute to faster growth of the economy

    Concerns of the opposition

    • The Opposition is of the view that privatization will be detrimental to the interests of the public.
    • They wanted a proper discussion on the pros and cons of the Bill rather than passing it in a hurry.
    • They wanted an expert committee of the Cabinet to study the impact before passing the legislation.
    • They are worried about large-scale employee layoffs and short-term investors entering and exiting these entities once the Act comes into force.

    Also read:

    [Burning Issue] Divestment of LIC

  • Who is a Whip?

    The party in the opposition has appointed two members as the party’s whips in the Upper House.

    Who is a Whip?

    • A whip is an official of a political party whose task is to ensure party discipline in a legislature.
    • This means ensuring that members of the party vote according to the party platform, rather than according to their own individual ideology or the will of their donors or constituents.
    • Whips are the party’s “enforcers”.
    • They try to ensure that their fellow political party legislators attend voting sessions and vote according to their party’s official policy.
    • Members who vote against party policy may “lose the whip”, effectively expelling them from the party.

    Answer this PYQ:

    Which one of the following Schedules of the Constitution of India contains provisions regarding anti-defection? (CSP 2017)

    (a) Second Schedule

    (b) Fifth Schedule

    (c) Eighth Schedule

    (d) Tenth Schedule

     

    Post your answers here.

    Whips in India

    • In India, the concept of the whip was inherited from colonial British rule.
    • Every major political party appoints a whip who is responsible for the party’s discipline and behaviors on the floor of the house.
    • Usually, they direct the party members to stick to the party’s stand on certain issues and directs them to vote as per the direction of senior party members.

    What happens if a whip is disobeyed?

    • A legislator may face disqualification proceedings if she/he disobeys the whip of the party unless the number of lawmakers defying the whip is 2/3rds of the party’s strength in the house.
    • Disqualification is decided by the Speaker/Chairman of the house.

    Limitations of whip

    • There are some cases such as Presidential elections where whips cannot direct a Member of Parliament (MP) or Member of Legislative Assembly (MLA) to vote in a particular fashion.

    Types of whips

    There are three types of whips or instructions issued by the party

    • One-line whip: One-line whip is issued to inform members of a party about a vote. It allows a member to abstain in case they decide not to follow the party line.
    • Two-line whip: Two-line whip is issued to direct the members to be present in the House at the time of voting.
    • Three-line whip: Three-line whip is issued to members directing them to vote as per the party line.

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