UPSC Prelims 2019 - General Studies (Paper I)

Explanation

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank. Its mission is to improve social and economic outcomes in Asia and beyond. It began its operations in 2016. By the end of 2020, it had 103 approved members. These member countries are representing approximately 79% of the global population and 65% of global GDP. The AIIB has received AAA ratings since 2017 from the top three credit rating agencies: Standard & Poor’s, Moody’s and Fitch. It was granted the Permanent Observer status in both the United Nations General Assembly and the Economic and Social Council in the year 2018. The bank has approved more loans for India than any other member country. China is its biggest shareholder in the AIIB, and India is the second-largest. Recently, it has emphasised on green projects and supporting public health initiatives during the Covid-19 pandemic besides infrastructure. In 2021, the AIIB approved a USD356.67 million loan to the Indian government. This loan will support the expansion of the Chennai metro rail system.

Explanation

A panel led by PNB chairman Sunil Mehta has proposed Project Sashakt. The bank will manage the bad loans of up to Rs. 50 crores at its level within 90 days. The banks will enter an Inter-Creditor Agreement for the bad loans of Rs. 50-500 crore, authorizing the lead bank to implement a resolution plan within 180 days, or the asset can be referred to the National Company Law Tribunal (NCLT).

Explanation

The Banks Board Bureau recommends for selection of heads - Public Sector Banks and Financial Institutions. It also helps banks in developing strategies and capital raising plans. The Committee to Review Governance of Boards of Banks in India in May 2014 gave its recommendations for the establishment of the Banks Board Bureau (BBB). The chairman of the committee was P. J. Nayak. The government of India approved the constitution of the Banks Board Bureau as an autonomous recommendatory body of eminent professionals and officials to make recommendations for the appointment of the heads of Public Sector Banks (PSBs) and state- owned financial institutions. The Ministry of Finance takes the final decision on the appointments in consultation with the Prime Minister’s Office. It is a public authority as defined in the Right to Information Act, 2005.

Explanation

The Petroleum and Natural Gas Regulatory Board Act, 2006. provide for the establishment of Petroleum and Natural Gas Regulatory Board to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to promote competitive markets and for matters connected in addition to that or incidental to it. Section 110 of the Electricity Act, 2003 (Central Act 36 of 2003), an Appellate Tribunal for the purposes of Petroleum and Natural Gas Regulatory Board Act, 2006, having jurisdiction throughout India has been set up to hear appeals.

Explanation

VoLTE is an update version of technology to the LTE protocol. It is used by mobile phone networks. LTE only allows transmission of data while voice calls are routed to their older 2G or 3G networks. It means under the LTE protocol one cannot access 4G data services while on a call, and it leads to poor voice quality or slow internet. VoLTE allows voice calls to be ‘packaged’ and carried through LTE networks. It allows 4G data accessibility even during calls. LTE is commonly marketed as 4G LTE.