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Must Read Daily Newspaper Articles - 9th March, 2020

1. No green shoots of a revival in sight as yet : (GS-3)

UPSC Syllabus : Economic growth; Gross Domestic Product (GDP); National Statistical Office; UN System of National Accounts (UNSNA)

2. Missing at birth: on sex selective abortion and infanticide : (GS-2)

UPSC Syllabus : Issues relating to development and management of Social Sector/Services relating to Health & Education

3. RBI assures customers that their bank deposits are safe : (GS-3)

UPSC Syllabus : Current events of national importance

Solvency of banks is internationally based on Capital to Risk Weighted Assets (CRAR) and not on market cap,” the RBI said in a social media post.

What is Capital to Risk (Weighted) Assets Ratio (CRAR)?.

Capital to Risk (Weighted) Assets Ratio (CRAR) or Capital adequacy Ratio is the ratio of a bank's capital to its risk. The banking regulator tracks a bank's CAR to ensure that the bank can absorb a reasonable amount of loss and complies with statutory Capital requirements..

Deposit Insurance and Credit Guarantee Corporation: .

The functions of the DICGC are governed by the provisions of 'The Deposit Insurance and Credit Guarantee Corporation Act, 1961' (DICGC Act) and 'The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961' framed by the Reserve Bank of India in exercise of the powers conferred by sub-section (3) of Section 50 of the said Act.

Banks covered by Deposit Insurance Scheme.

1. All commercial banks including the branches of foreign banks functioning in India, Local Area Banks and Regional Rural Banks.

2. Co-operative Banks - All eligible co-operative banks as defined in Section 2(gg) of the DICGC Act are covered by the Deposit Insurance Scheme. All State, Central and Primary co-operative banks functioning in the States/Union Territories which have amended their Co-operative Societies Act as required under the DICGC Act, 1961, empowering RBI to order the Registrar of Co-operative Societies of the respective States/Union Territories to wind up a co-operative bank or to supersede its committee of management and requiring the Registrar not to take any action for winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the RBI, are treated as eligible banks. At present all Co-operative banks are covered by the Scheme. The Union Territories of Lakshadweep and Dadra and Nagar Haveli do not have Co-operative Banks.

Registration of new banks as insured banks : .

1. Under Section 11 of the DICGC Act, 1961, all new commercial banks are required to be registered as soon as may be after they are granted licence by the Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949.

2. Following the enactment of the Regional Rural Banks Act, 1976 all Regional Rural Banks are required to be registered within 30 days from the date of their establishment in terms of Section 11A of the DICGC Act, 1961.

3. Co-operative Banks - A new co-operative bank is required to be registered as soon as may be after it is granted a licence by the RBI.

4. A primary co-operative credit society becoming a primary co-operative bank is to be registered within 3 months from the date of its application for licence.

5. A co-operative bank which has come into existence after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968, as a result of the division of any other co-operative society carrying on business as a co-operative bank, or the amalgamation of two or more co-operative societies carrying on banking business at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965 or at any time thereafter is to be registered within three months of its making an application for licence.

6. However, a co-operative bank will not be registered, if it has been informed by the RBI in writing that a licence cannot be granted to it.

4. Italy quarantines 16 million in northern regions (CSAT-1)p>

UPSC Syllabus : Current events of international importance; location of Italy

5. Saudi Arabia cordons off Shiite majority region: (CSAT-1)

UPSC Syllabus : Current events of international importance; Qatif region

• Saudi Arabian authorities have cordoned off the eastern Qatif region, a stronghold of the Kingdom’s Shiite minority, in a bid to contain the fast-spreading coronavirus, the Interior Ministry said on Sunday.

• Qatif or Al-Qatif is a governorate and urban area located in Eastern Province, Saudi Arabia. It extends from Ras Tanura and Jubail in the north to Dammam in the south, and from the Persian Gulf in the east to King Fahd International Airport in the west

6. More power to her: ‘Stree shakti’ is an integral part of our ‘rashtra shakti’ (GS-2)

UPSC Syllabus : Governance

7. Hush, money (GS-3)

UPSC Syllabus : Virtual currencies (VCs); money-laundering and its prevention

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