UPSC Quiz – 2021 : IASbaba’s Daily Current Affairs Quiz 31st August 2021

Solution (a)

Resolution Framework 2.0 is to relieve stress faced by most vulnerable categories of borrowers – namely individuals, borrowers and MSMEs. 

The resolution framework will allow banks to offer a moratorium or revised loan repayment schedule to burdened borrowers.

Individuals, borrowers and MSMEs who have not availed any restructuring will be eligible to be considered under Resolution Framework 2.0.

For individuals and small businesses who have availed restructuring of loans under Resolution Framework 1.0, lending institutions can now extend residual tenure up to a total period of 2 years.

In respect of small businesses and MSMEs restructured earlier, lending institutions are now permitted to review working capital sanction limits, as a one-time measure.

Article Link: Few takers for restructuring under RBI’s Resolution Framework 2.0: Crisil

Solution (b)

SUJALAM is a 100 days campaign’ as part of the ‘Azadi Ka Amrit Mahotsav’ celebrations to create more and more Open Defecation Free (ODF) Plus villages by undertaking waste water management at village level particularly through creation of 1 million Soak-pits and also other Grey water management activities.

It is launched by the Ministry of Jal Shakti.

The campaign will not only build desired infrastructure i.e. soak pit for management of greywater in villages but will also aid in sustainable management of waterbodies. The disposal of waste water and clogging of waterbodies in the villages or on the outskirts of the villages remain one of the major problems. The Campaign would help in management of the wastewater and in turn would help to revive the waterbodies.

The key activities that will be organised in the villages under this campaign include:

• Organizing Community consultations, Khuli Baithaks and Gram Sabha meetings to analyze the current situation
• Pass resolution to maintain ODF sustainability and achieve needed number of soak pits to manage the grey water
• Develop a 100 days’ plan to undertake sustainability and soak pit construction related activities
• Construct requisite number of soak pits
• Retrofit toilets where needed through IEC and community mobilization and
• Ensure all newly emerging Households in the village have access to toilets.

Article Link: 100 days ‘SUJALAM’ Campaign begins

Solution (c)

Pradhan Mantri Fasal Bima Yojana (PMFBY) is a Crop Insurance Scheme which is in line with One Nation – One Scheme theme.

Objectives of the scheme are:

• To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases.
• To stabilise the income of farmers to ensure their continuance in farming.
• To encourage farmers to adopt innovative and modern agricultural practices.
• To ensure flow of credit to the agriculture sector.

The prescribed premium is 2% to be paid by farmers for all Kharif crops and 1.5% for all rabi crops. In the case of annual commercial and horticultural crops, the premium is 5%.

PMFBY 2.0 modifies the PMFBY and makes enrolment 100% voluntary for all farmers from 2020 Kharif season.

Article Link: Insurers cut exposure to govt’s flagship crop cover scheme PMFBY

Solution (d)

Steering Committee for Advanced Local Value Add and Exports (SCALE) panel was formed under the Ministry of Commerce and Industry, for suggestions to boost exports of manufactures products in 24 priority sectors.

These include auto components, marine products, farm and processed food items, toys and furniture.

The panel has recommended government to incentivise multinational corporations to set up plants and fix issues in existing Free Trade Agreements (FTAs) and forge new ones.

Article Link: SCALE suggests sector-specific strategy to boost exports

Solution (c)

Kīlauea is an active shield volcano in the Hawaiian Islands.

It ranks among the world’s most active volcanoes. It is an elongated dome built of lava eruptions from a central crater and from lines of craters extending along east and southwest rifts, or fissures.

It is the second-youngest product of the Hawaiian hotspot and the current eruptive center of the Hawaiian–Emperor seamount chain.

Recently, scientists at the Hawaiian Volcano Observatory noticed a surge of earthquakes and the ground swelling at the southern part of the crater at Kilauea’s summit. There are indications magma is shifting about a half-mile to a mile (1 to 2 kilometers) below the surface.

Article Link: What’s happening with Hawaii’s Kilauea volcano