Daily Current Affairs Blog: 20 June 2024
Table of Contents
- PM Inaugurates Nalanda University in Rajgir (Bihar)
- RBI Cancels Licenses of Urban Co-operative Banks
- Union Cabinet Approves Development of Greenfield Major Port at Vadhavan, Maharashtra
- World Economic Forum Releases "Fostering Effective Energy Transition 2024" Report
- UNESCO Warns Against Generative AI Creating False Historical Content
- Health Effects Institute Releases 'State of Global Air-2024' Report
1. PM Inaugurates Nalanda University in Rajgir (Bihar)
Main Issue
Topic: Governance and Polity
The Prime Minister of India inaugurated the new Nalanda University campus in Rajgir, Bihar, which is envisioned as a center for inter-civilizational dialogue and a 'Net Zero Green Campus.'
Background
Nalanda University, established under the Nalanda University Act 2010, is located near the ancient ruins of the original Nalanda University, founded in the 5th century CE by Kumargupta I. The idea for its revival was proposed during the 2nd East Asia Summit in 2007.
Key Points
- Historic Significance: Nalanda was a renowned center of learning in ancient times, attracting scholars from across Asia.
- Educational Excellence: It offered diverse disciplines like Veda, fine arts, medicine, mathematics, astronomy, politics, and warfare.
- Global Recognition: The ancient site of Nalanda was declared a UNESCO World Heritage site in 2016.
- Modern Initiative: The new campus aims to continue this legacy, promoting educational and cultural exchanges globally.
Significance
The new Nalanda University aims to serve as a global center for learning, fostering international collaboration and sustainable practices.
Possible Questions for Examinations
- What were the major disciplines taught at the ancient Nalanda University?
- Discuss the significance of the 2nd East Asia Summit in the revival of Nalanda University.
- Explain the concept of a 'Net Zero Green Campus' in the context of Nalanda University.
2. RBI Cancels Licenses of Urban Co-operative Banks
Main Issue
Topic: Economy
The Reserve Bank of India (RBI) cancelled the licenses of City Cooperative Bank (Maharashtra) and Purvanchal Cooperative Bank (Uttar Pradesh) for not complying with the Banking Regulation (BR) Act, 1949.
Background
Urban Co-operative Banks (UCBs) in India operate under dual regulation by the RBI and respective state governments. They play a significant role in providing banking services in urban and semi-urban areas.
Key Points
- Non-Compliance: These banks lacked adequate capital and earning prospects and violated the BR Act.
- Liquidation: On liquidation, depositors are entitled to receive up to ₹5,00,000 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
- Challenges: UCBs face high non-performing assets (NPA), lack of professional management, and competition from Small Finance Banks (SFBs) and FinTechs.
Significance
This move underscores the RBI's commitment to maintaining financial stability and protecting depositor interests.
Possible Questions for Examinations
- What are Urban Co-operative Banks, and what regulatory challenges do they face?
- Discuss the implications of RBI cancelling the licenses of non-compliant UCBs.
- Explain the deposit insurance mechanism in India.
3. Union Cabinet Approves Development of Greenfield Major Port at Vadhavan, Maharashtra
Main Issue
Topic: Infrastructure and Development
The Union Cabinet approved the development of a Greenfield Major Port at Vadhavan in Maharashtra through a Special Purpose Vehicle (SPV).
Background
Greenfield infrastructure refers to projects developed on previously undeveloped land. The Vadhavan port project aligns with the PM Gati Shakti program, aiming to improve India's logistics and transportation network.
Key Points
- Location: The port will be constructed in Palghar District.
- Landlord Model: Port authority acts as a regulatory body while private companies manage operations.
- Capacity: The port will have a total capacity of 23.2 million TEUs, with a draft of 20 meters for handling mega vessels.
Significance
The port will enhance trade efficiency, support EXIM trade through IMEC and INSTC, and reduce turnaround time for goods.
Possible Questions for Examinations
- What is the significance of the Greenfield Major Port at Vadhavan, Maharashtra?
- Explain the landlord model in port operations.
- How does the Vadhavan port project align with the PM Gati Shakti program?
4. World Economic Forum Releases "Fostering Effective Energy Transition 2024" Report
Main Issue
Topic: Environment and Energy
The World Economic Forum (WEF) released the "Fostering Effective Energy Transition 2024" report, which evaluates 120 countries on their energy system performance and readiness for secure, sustainable, and inclusive energy systems.
Background
The energy transition refers to the global shift from fossil fuels to renewable energy sources to reduce CO2 emissions and combat climate change.
Key Points
- Investment Trends: Clean energy investments reached $1.8 trillion in 2023.
- Top Performers: Sweden, Denmark, Finland, Switzerland, and France.
- India's Rank: India is ranked 63rd on the Energy Transition Index.
- Challenges: Lack of incentives for private sector investment, ongoing fossil fuel subsidies, and rollback of energy transition commitments by some economies.
Significance
The report highlights the progress and challenges in global energy transition efforts, emphasizing the need for sustained investment and policy support.
Possible Questions for Examinations
- What are the key findings of the WEF's "Fostering Effective Energy Transition 2024" report?
- Discuss the challenges in achieving a global energy transition.
- How does India's performance on the Energy Transition Index compare globally?
5. UNESCO Warns Against Generative AI Creating False Historical Content
Main Issue
Topic: Technology and Society
UNESCO cautioned that Generative AI could create false or misleading content about historical events, potentially spreading disinformation and hate-fueled narratives.
Background
Generative AI refers to artificial intelligence that generates content in response to prompts. Concerns have been raised about its potential misuse in distorting historical facts.
Key Points
- Risks: AI-generated content may invent facts and spread biased information.
- Privacy: AI systems can limit individuals' control over their information.
- Biases: Lack of transparency and algorithmic biases in AI systems.
Significance
This warning underscores the need for ethical guidelines and monitoring to ensure the responsible use of AI technologies.
Possible Questions for Examinations
- What are the potential risks of Generative AI as highlighted by UNESCO?
- Discuss the importance of ethical guidelines in the development and use of AI technologies.
- How can AI systems spread disinformation, and what measures can be taken to prevent this?
6. Health Effects Institute Releases 'State of Global Air-2024' Report
Main Issue
Topic: Health and Environment
The Health Effects Institute, in partnership with UNICEF, released the 'State of Global Air-2024' report, detailing the health impacts of air pollution from 1990 to 2021.
Background
Air pollution is a major global health risk, contributing to millions of deaths annually. The report provides insights into exposure levels and health outcomes related to common air pollutants.
Key Points
- Global Impact: Air pollution was the second largest risk factor for death in 2021, after high blood pressure.
- PM2.5 Pollution: 99% of the world's population lives in areas with unhealthy levels of PM2.5.
- Health Risks in India: India accounted for a significant portion of global disease burden related to air pollution.
- COVID-19 Impact: Air pollution worsened COVID-19 outcomes by compromising immune systems.
Significance
The report highlights the urgent need for effective air quality management policies to mitigate health risks associated with air pollution.
Possible Questions for Examinations
- What are the key findings of the 'State of Global Air-2024' report?
- Discuss the health risks associated with PM2.5 pollution.
- How does air pollution exacerbate the health impacts of COVID-19?
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