SHORTNEWS:
1.ONE STATE-ONE RRB
Context: The Finance Ministry has announced the consolidation of 15 Regional Rural Banks (RRBs) across 11 states under One State-One RRB.
About One State – One RRB Policy
• A reform initiative of the Department of Financial Services aimed at consolidating RRBs within a state into a single entity.
• Legal Basis: The merger is done under Section 23A(1) of the RRB Act, 1976, in public interest.
• The consolidation aligns with recommendations from past committees
• The Narasimham Committee (1975).
• The Vyas Committee (2001).
Narasimham Committee (1975 led to the creation of RRBs, and the Vyas Committee (2001) advocated for mergers to improve efficiency
Key Points of the initiative
• Benefits:
• Better efficiency, cost rationalisation, and improving service delivery.
About RRBs
• RRBs are government-owned banks that operate at the regional level in different states of India.
• They are scheduled commercial banks and were established to provide basic banking services in rural areas.
• RRBs also have branches in urban areas.
• Current status: After the current 4th round of amalgamation, the total number of RRBs in India will reduce from 43 to 28.
• They are jointly owned by:
• Central Government (50%)
• Sponsored Bank (35%)
• State Government (15%)
• Purpose of RRBs
• Established under RRB Act, 1976.
• Objective: To provide loans and banking services to small farmers, agricultural labourers, and rural artisans.
• Focus: Strengthening financial inclusion in rural India.
2.INDIA VIX’S
Context: India VIX jumped over 65% to 22.8, marking its highest single-day spike ever.
• This is the highest VIX level in 10 months, last seen around the 2024 General Elections in June.
What is India VIX?
• India VIX is the Volatility Index — also called the “fear gauge” — which shows the level of risk and uncertainty in the stock market.
• A high VIX means investors expect big price swings, usually due to negative news or uncertainty.
• it is based on the NIFTY 50 Index options prices
• India VIX typically has an inverse relationship with the NIFTY 50 Index.
• When NIFTY falls, VIX tends to rise as fear increases, and vice versa.
Reason Behind the Spike
• A sharp sell-off in Indian stock markets triggered the rise in fear:
• Nifty fell over 5% during the day, later closing 3.24% lower.
• Global risk increased due to:
• US President Donald Trump’s high tariffs
China’s retaliatory trade actions
• Concerns over a global slowdown and potential US recession.
3.SOYUZ MS-27
NEWS: Recently the Soyuz MS-27 spacecraft successfully docked to the International Space Station’s (ISS) Prichal module while orbiting above the Mediterranean coast of Africa.
About the Mission
• Launch Details: The spacecraft launched from Baikonur Cosmodrome, Kazakhstan, carrying three crew members, NASA astronaut Jonny Kim and Roscosmos cosmonauts Sergey Ryzhikov and Alexey Zubritsky.
• Crew Integration with Expedition 72: Upon boarding the station, the new crew will join Expedition 72 members.
• Expedition 72 includes NASA astronauts Nichole Ayers, Anne McClain, and Don Pettit, JAXA astronaut Takuya Onishi, and Roscosmos cosmonauts Alexey Ovchinin, Kirill Peskov, and Ivan Vagner.
• Mission Duration: The newly arrived crew will spend approximately eight months aboard the ISS, contributing to ongoing scientific research and station operations, with a scheduled return to Earth in December.
Significance of the Mission
• Strengthening International Collaboration: This mission highlights continued collaboration between NASA, Roscosmos, and JAXA, reinforcing global partnerships in space exploration.
• Advancing Research and Innovation: The crew’s extended stay will support a wide range of research activities in microgravity, aiding advancements in health, materials science, and space technologies.
4.HARMATTAN WIND
NEWS: From December to April, West Africa’s Harmattan winds from Sahara carry dust and microbes that cause respiratory infections and tuberculosis.
What is Harmattan?
• The Harmattan is a cool, dry wind that blows from the Sahara Desert across West Africa between December and April.
• Its name comes from haramata, a word in the Ghanaian Fanti language.
• While it’s known for carrying dust, it also transports microbes and parasites that can cause serious health problems.
• The Harmattan’s strength fluctuates with global weather patterns, such as the El-Nino-Southern Oscillation (ENSO).
Where Does It Come From?
• The Harmattan forms when high-pressure systems over the Sahara push dry air southward.
• These winds move across hot and dry regions like the Sahel, making the air even drier.
• It is part of a large-scale weather pattern involving the inter-tropical convergence zone, where dry northern winds meet moist southern winds.
Health and Environmental effects of Harmattan:
• The Harmattan’s dusty air poses health risks like respiratory issues, eye/skin irritations, and spreads diseases such as TB and meningitis.
• Environmentally, it erodes soil, dries water sources, reduces visibility, and lowers solar panel efficiency.
5. SMALL HIVE BEETLE
NEWS: A Small Hive Beetle threatening the honeybee industry globally has been recorded for the first time in West Bengal’s North 24 Parganas district.
• Discovery: The Beetle was recorded from a moderately large colony of European honeybees (Apis mellifera) in an apiary.
About The Small Hive Beetle
• The small hive beetle (SHB), is a beekeeping pest.
• Scientific Name: Aethina tumida
• Native: The Beetle was first described from sub-Saharan Africa in 1867
• Invasive Species: The beetle is an invasive species which has dispersed and created havoc across continents.
• In Asia, the beetle was recorded from the Philippines, South Korea, and China less than a decade ago.
• The small hive beetle invades the colonies of Asian honeybees (Apis cerana), stingless bees, and bumble bees.
• The World Organisation of Animal Health has indicated small hive bee infestation as ‘disease notifiable’.