Also in News

Posted 13 Feb 2024

Updated 18 Mar 2024

9 min read

Unified Payment Interface (UPI)

Prime Minister of India jointly inaugurated UPI services with Mauritius and Sri Lanka and also RuPay card services in Mauritius.
- This will boost digital transformation, promote tourism and strengthen bilateral economies ties with both countries.
About UPI
- It powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features e.g., transfer of funds, etc.
- Developed by National Payments Corporation of India, an initiative of RBI and Indian Banks’ Association under provisions of Payment and Settlement Systems Act, 2007.

A circular by Insolvency and Bankruptcy Board of India (IBBI) directed Resolution Professionals (RPs) to share reports on insolvency applications with both debtors and creditors.
- Under Insolvency and Bankruptcy Code (IBC), 2016, RPs are required to submit a report to the adjudicating authority recommending approval or rejection of an application for initiating the insolvency resolution process.
As per the IBC, RP means an Insolvency Professional (IP) appointed to conduct the corporate insolvency resolution process.
Entire insolvency and bankruptcy process is managed by an IP, appointed by the adjudicator.

Alaska health officials have confirmed first death from a recently discovered viral disease – Alaskapox.
About Alaskapox
- Part of a family of viruses known as orthopoxviruses, several of which are known to infect and cause disease in human.
- Double-stranded-DNA virus comes from same genus as smallpox, and cowpox.
- First identified in an adult in Fairbanks, Alaska in 2015, and primarily occurs in small mammals.
- To date, no human-to-human transmission of Alaskapox virus has been documented.
- Symptoms: One or more skin lesions (bumps or pustules), swollen lymph nodes and joint and/or muscle pain.

Six Forest staff members were suspended for being negligent in controlling teak smuggling in Kawal Tiger Reserve.
About Kawal Tiger Reserve
- Located in Telangana and in the southern-most tip of the Central Indian Tiger Landscape, having linkages with Tadoba-Andhari (Maharashtra) and Indravati (Chhattisgarh) tiger reserves.
- Part of Deccan peninsula-central highlands and is nestled in the Sahyadri Mountain Ranges.
- It is a major catchment of Godavari River and rivulets like Peddavagu and Kadam.
- Vegetation: Southern Tropical dry-deciduous, predominantly teak and bamboo.
- Fauna: Nilgai, Chinkara, Black buck, Sambar, Spotted deer, Tiger, Leopard etc.

Researchers developed an early warning indicator for the breakdown of the AMOC.
- AMOC has been labeled as one of the tipping elements in the climate system.
About AMOC
- AMOC is a large system of ocean currents that carry warm water from the tropics northwards into the North Atlantic.
- It is driven by differences in temperature and salt content.
- It is being eroded by faster than expected melt-off of Greenland’s glaciers and Arctic ice sheets.
- Implications of AMOC collapse: Rise in Atlantic Sea levels; Flipping of wet and dry seasons in the Amazon; More erratic fluctuations in temperatures; More warmer southern hemisphere.

Absence of a full bench is affecting functioning of the SAT leading to delays and disruptions.
About Securities Appellate Tribunal
- It is a statutory body established under the provisions of Securities and Exchange Board of India (SEBI) Act, 1992.
- It hears and disposes appeals against orders passed by
  - SEBI
  - Pension Fund Regulatory and Development Authority (PFRDA)
  - Insurance Regulatory Development Authority of India (IRDAI)
The Presiding Officer and Judicial Members are appointed by the Central Government in consultation with the Chief Justice of India or his/her nominee while Technical members are appointed on recommendation of a Search-cum-Selection Committee.

World Unani Day is celebrated every year on 11^th February, marking birth anniversary of famous Indian Unani scholar Hakim Ajmal Khan.
Unani system of medicine is one of the oldest healthcare systems of the world, originating in Greece (Yünän).
- Hippocrates is known as the father of Unani system.
- Unani medicine is based on the ‘Humoral Theory’, which presupposes the presence of four Humors - Dam (blood), Balghum (phlegm), Safra (yellow bile) and Sauda (black bile) - in the body.
It came to India around the 8^th century by the Arabs and is officially recognized as one of the AYUSH systems.

C-DOT and IIT-Kharagpur signed an agreement to develop prototypes for 10-Gigabit-capable symmetric Passive Optical Network (PON) Optical Line Terminal (OLT) and Optical Network Unit (ONU).
- This agreement was signed under TTDF scheme.
About TTDF Scheme
- Launched by Universal Service Obligation Fund, under Department of Telecommunications in 2022.
- Aims to provide funding support to domestic companies involved in technology design, development, commercialization of telecommunication products and solutions to enable affordable broadband and mobile services in rural and remote areas.