Prelim Bits 02-07-2022 | UPSC Daily Current Affairs

Financial Services Institutions Bureau

The Centre has transformed the Banks Board Bureau (BBB) into Financial Services Institutions Bureau (FSIB) by making some amendments.

• In 2016, the Prime Minister approved the constitution of the Banks Board Bureau (BBB) as a recruiter for whole-time directors and non-executive chairpersons of state-owned banks and financial institutions.
• It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for their growth and development.
• Guidelines for selection of general managers and directors of public sector general insurance companies have been made part of Financial Services Institutions Bureau (FSIB).
• The amendments were made as the Delhi High Court in its 2021 order said the BBB is not a competent body to select the general managers and directors of state-owned general insurers.
• These amendments were made to the Nationalized Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980.
• Now, the FSIB has been established as a single entity for making recommendations for appointments of whole time directors and non-executive chairperson of
  1. Public sector banks (PSBs),
  2. Public sector insurers (PSIs) and
  3. Financial institutions (FIs).
• This new entity will also make recommendations for selection of General Managers and Directors in non-life PSIs.

Reference

1. https://www.thehindu.com/todays-paper/tp-business/govt-recasts-banks-board-bureau-to-fsib/article65591277.ece
2. https://www.business-standard.com/article/finance/govt-revamps-banks-board-into-financial-services-institutions-bureau-122070100598_1.html
3. https://www.thehindubusinessline.com/money-and-banking/centre-gives-nod-to-set-up-financial-services-institutions-bureau-for-board-level-appointments-in-psbs-other-financial-institutions/article65588835.ece

Business Reforms Action Plan

Assessment of States/UTs based on implementation of Business Reforms Action Plan (BRAP) 2020 was declared by the the Department of Industrial Promotion and Internal Trade (DPIIT), Ministry of Commerce & Industry.

• The BRAP 2020 includes 301 reform points covering 15 business regulatory areas such as Labour, Environment, Single Window System, Land Administration & Transfer of Land and Property and others.
• 118 new reforms were included to further augment the reform process.
• Unlike previous years, where States/UTs were ranked, this year they have been placed under the four categories viz. Top Achievers, Achievers, Aspirers and Emerging Business Ecosystems.
• Top Achievers are Andhra Pradesh, Gujarat, Haryana, Karnataka, Punjab, Tamil Nadu and Telangana.
• Since 2014, the DPIIT has been assessing States/UTs based on their performance in implementation of prescribed reforms in BRAP exercise.
• The broader aim of the assessment is to boost investor confidence, foster business friendly climate and augment Ease of Doing Business across the country by introducing an element of healthy competition.

Reference

1. https://pib.gov.in/PressReleasePage.aspx?PRID=1838178
2. https://www.hindustantimes.com/business/7-states-among-top-achievers-in-ease-of-doing-business-ranking-report-101656575131219.html
3. https://www.livemint.com/news/india/these-7-states-are-top-achievers-in-ease-of-doing-business-rankings-11656582428085.html

Helioseismology

• Seismology literally means the study of earthquakes.
• This term includes studies of how elastic waves propagate through the Earth and other planet-like bodies, revealing the nature of different layers of the body in question.
• Geoseismology is the study of the waves generated by quakes and explosions (seismic waves) and what they reveal about the interior of the Earth.
• In the 1960s, the waves resembling these waves have been discovered to exist on the Sun.
• Helioseismology is the study of wave oscillations in the Sun.
• The term ‘Helioseismology’ is derived from the words helios (Sun), seismos (quake) and logos (study of).
• The 3 different kinds of waves that helioseismologists measure or look for are: acoustic, gravity, and surface gravity waves.
• A major difference between geoseismology and helioseismology is that while the Earth is a solid, the layers in the Sun are fluid.
• Hence, there are no shear waves in the Sun.
• A more general, related field is asteroseismology, which looks at oscillations on distant stars.

Reference

1. https://www.thehindu.com/sci-tech/science/quakes-on-the-sun/article65579075.ece
2. http://soi.stanford.edu/results/heliowhat.html
3. https://www.stat.berkeley.edu/~stark/Seminars/Aaas/helio.htm