1) Compromise Settlement for Willful Defaulter: RBI: Recently, The Reserve Bank of India (RBI) has introduced a circular allowing willful defaulters and companies involved in fraud to opt for compromise settlements or technical write-offs.
- NPA refers to a classification for loans or advances that are in default or are in arrears on scheduled payments of principal or interest.
- Gross NPA: sum of all the loans that have been defaulted by the individuals.
- Net NPA: amount that is realized after provision amount has been deducted from the gross non-performing assets.
- Bad Bank: The bad bank in India is called National Asset Reconstruction Ltd (NARC).
- The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002: The SARFAESI Act allows banks and financial institutions to take possession of collateral assets and sell them to recover outstanding dues without the intervention of the court.
- The Insolvency and Bankruptcy Code (IBC), 2016: The IBC provides a comprehensive framework for the insolvency and bankruptcy resolution process in India.
- The Recovery of Debts Due to Banks and Financial Institutions (RDDBFI) Act, 1993: The RDDBFI Act establishes Debt Recovery Tribunals (DRTs)for the expeditious adjudication and recovery of debts due to banks and financial institutions.
- The Indian Contract Act, 1872: The Indian Contract Act governs the contractual relationship between lenders and borrowers.
2) Indo-US Cooperation in Agriculture: Examining the historical involvement of the United States in the agricultural progress of independent India holds significance within the framework of Prime Minister of India’s imminent visit to the US.
Role of US in the Agricultural Development of India:
- Development of Universities: Govind Ballabh Pant established the first agricultural university in Pantnagar, Uttarakhand, based on the US land-grant model.
- Green Revolution’s Seeds: The Green Revolution (started by Norman Borlogue of US)entailed breeding semi-dwarf varieties with strong stems that didn’t lodge. These could “tolerate” high fertilizer application. The more the inputs (nutrients and water), the more the output (grain) produced. By 1966-67, farmers were planting these in large scale and India, from being an importer, turned self-sufficient in wheat.
3) Squash World Cup 2023: Recently, the WSF (World Squash Federation) board has decided the Venue for the 2023 Squash World Cup to be held in Chennai, Tamil Nadu.
- The Squash World Cup is an International Tournament in which national team squads represented by two men and two women play ties of four matches against each other.
- The first Squash World Cup took place in1996 in Petaling Jaya, Malaysia, with 16 teams participating.
- 2023’s event has introduced some changes. Teams now have gender parity, meaning equal. representation of male and female players. Additionally, the games are played to seven points, which is a first in the history of the World Squash Federation.