AT1 bonds: These are a type of unsecured, perpetual bonds that banks issue to improve their core capital base. The money raised through these bonds is kept aside as a shock absorber by the bank. They have a call option, which can be used by the banks to buy these bonds back from investors. These bonds were created in the wake of the 2008 financial crisis to absorb the losses. These bonds are also called contingent convertible bonds or CoCos.
These bonds are also mandatory under Basel=III norms. The banks must maintain capital at a minimum ratio of 11.5 per cent of their risk-weighted loans. Of this, 9.5 per cent needs to be in Tier-1 capital. AT1 bonds fall under this type of capital. These bonds are long-term and do not carry any maturity date. Because of a higher risk, they offer a higher yield. Regulation: In India, AT-1 bonds are regulated by the Reserve Bank of India (RBI).
Association of World Election Bodies (A-WEB): The Chief Election Commissioner of India led a three-member Election Commission of India (ECI) delegation to Cartagena, Colombia to attend the 11th meeting of the Executive Board of the Association of World Election Bodies (A-WEB). It is the largest association of Election Management Bodies (EMBs) worldwide. It was founded in October 2013 in Seoul, Republic of Korea. The theme of the 2023 meeting: “A global view on the challenges of regional elections 2023”.The shared vision among its members of achieving sustainable democracy around the world through the strengthening of the processes of election management in member countries. It consists of 119 EMBs as Members & 20 Regional Associations/Organisations as Associate Members. India is a member of this association and is represented by the Election Commission of India (ECI).ECI took over as Chairperson for the 2019-22 term and is presently a member of its Executive Board for 2022-24 in its capacity as immediate former Chair of A-WEB.In India, A-WEB Centre has been established in New Delhi for documentation and research for sharing the best practices and training and capacity building of officials of A-WEB members.
PM’s Visit to France Key outcomes:
- The PM was conferred with the highest honour of the nation, the Grand Cross of the Legion of Honour, by French President Emmanuel Macron.
- Launched a 25-year vision roadmap-The joint statement – “25th Anniversary of the Strategic Partnership between France and India: towards a Century of Indo-French Relations” – sets the course for the France-India bilateral relationship in all areas till 2047.
- The year 2047 will mark: 100 years of India’s Independence,100 years of diplomatic relations between our two countries, and the 50th year of the Indo-French strategic partnership.
- In 2018, India and France agreed on a ‘Joint Strategic Vision of India-France Cooperation in the Indian Ocean Region’.
- India and France will work to set up the Indo-French Health Campus for the Indo-Pacific.
- Joint Commitment to Eliminate Single-Use Plastic Products.
- Development finance: It would mean 100 million Euros for City Investments to Innovate, Integrate and Sustain 2.0 (CITIIS 2.0) and 50 million USD for climate projects and women’s empowerment in micro-finance.