Why in news? India and Seychelles have signed pacts for cooperation in cyber security and sharing of white shipping info.
MoUs between India and Seychelles:
India and Seychelles have recently signed six agreements in key areas, including cyber security and on sharing of white shipping information.
These would enable the two countries to exchange data regarding identity and movement of non-military commercial vessels.
A Memorandum of Understanding (MoU) was also signed on cooperation in the area of cyber security.
A twinning agreement on the establishment of friendship and cooperation between the Corporation of the City of Panaji and the City of Victoria of the Republic of Seychelles was signed.
A key MoU was inked on sharing white shipping information between the Indian Navy and the National Information Sharing and Coordination Center of Seychelles.
This pertains to exchanging data regarding identity and movement of non-military commercial vessels.
Seychelles, an east African island nation, is crucially located along one of the important Sea Lanes of Communication (SLOC).
A pact was signed for training of Seychellois diplomats.
Agreements were signed to promote cultural exchange programmes for the years 2018-2022.
India will also grant assistance for implementation of small development projects through local bodies, educational and vocational institutes.
FACT # 2
Board Of Management (BoM)
Why in news?The Reserve Bank of India (RBI) has proposed setting up of Board of Management (BoM) in all Urban Co-operative Banks (UCBs).
Board of Management (BoM):
Under the present legal framework, the BoD of an UCB performs both the executive and supervisory role and is responsible to oversee the functioning of the UCB as a cooperative society as well as a bank.
Since UCBs are accepting public deposits, it is imperative that a separate mechanism be put in place to protect the interests of depositors.
The RBI has proposed the constitution of a board of management (BoM) in every urban cooperative bank (UCB) in addition to the board of directors (BoD).
It has been done to protect the interests of depositors and also overcome constraints imposed by dual regulation.
It is also proposed to implement a BoM consisting of members with special knowledge and practical experience in banking.
The BoMs will be constituted by the BoDs.
Existing UCBs having deposit size exceeding ₹100 crore will put in place a BoM within a year.
Other banks have two years’ time.
BoM will carry out functions such as:
considering loan proposals as per the board-approved policy
making recommendations to the loan committee or BoD for sanction
recommending action for recovery of bad loans
one-time settlement or compromise settlement
management of funds and borrowings
implementing sound internal controls and systems and preparation/implementation of risk management policy
overseeing internal audit and inspection functions
The BoM will have a minimum of three members in UCBs having deposit size up to ₹100 crore, and five members in UCBs having deposit size above ₹100 crore.
The maximum number of members in a BoM is 12.
UCBs having deposits above ₹100 crore will obtain prior approval of the RBI for appointment of CEO.
To overcome constraints imposed by dual regulation (the State Registrar of Cooperative Societies also has oversight over UCBs it will have powers to remove any member of BoM and/or the CEO if the person is found to be not meeting the criteria prescribed by it or acting in a manner detrimental to the interests of the bank or its depositors or both.
FACT # 3
2018 World Food Prize
Why in news?2018 World Food Prize has been shared by two men from Britain.
2018 World Food Prize:
The 2018 World Food Prize has been won by two men from Britain, Lawrence Haddad and David Nabarro.
These two have inspired efforts by governments and by countless thousands and thousands of others, which between 2012 and 2017, reduced the number of stunted children in the world by 10 million.
Haddad and Nabarro have been working separately to fight malnutrition and food insecurity.
Those improvements have come in countries around the globe in countries like Bangladesh, Nepal, Malawi, Tanzania, Kenya,Ghana.
The 59-year-old Haddad is an economist who is executive director of the United Nations-created Global Alliance for Improved Nutrition.
It was launched in 2002 to tackle human suffering caused by malnutrition.
Nabarro is a 68-year-old physician who has coordinated U.N task forces on food insecurity and hunger.
He also led the U.N. response to the cholera epidemic in Haiti following a 2010 earthquake.
World food Prize:
The World Food Prizeis an international award recognizing the achievements of individuals who have advanced human development by improving the quality, quantity, or availability of food in the world.
It was conceived in 1986 by Nobel laureate Norman Borlaug (considered as father of the Green Revolution).
Since 1987, the prize has been awarded annually to recognize contributions in any field involved in the world food supply:
foodand agriculture science and technology
the social sciences
Since its formation, 7 Indians have won it.
They are Dr Sanjaya Rajaram (2014), Dr Modadugu Vijay Gupta (2005), Dr Surinder K. Vasal (2000), Dr B. R. Barwale (1998), Dr Gurdev Khush (1996), Dr Verghese Kurien (1989) and Prof. M. S. Swaminathan (1987, he was first recipient of the prize).