Daily Current Affairs for UPSC Civil Services Exam – 17 September 2020

In Today’s News:

  1. The Trade Deficit with China fell to $5.48 billion.
  2. Lok Sabha passes Banking Regulation(Amendment) Bill,2020.
  3. Russia’s Sputnik V vaccine to India-pact inked.

1. The Trade Deficit with China fell to $5.48 billion

News Summary

India’s Trade Deficit with China fell to $5.48 billion during April-June this fiscal year when compared to the Trade deficit of $13.1 billion last year. Hon’ble Commerce and Industry Minister also said that the Central Government had worked out to balance trade with China by increasing exports to China and reducing imports from China.

Prelims GS – Economic Development/International Relations

Trade Deficit:
  • A trade deficit occurs when a country’s imports are exceeding its exports during a given time period.
  • It is also referred to as a negative balance of trade (BOT).
Balance of Trade:
  • Balance of trade (BOT) is the difference between the value of a country’s imports and exports for a given period.
  • A country that is importing more goods and services than it is exporting in terms of value has a trade deficit.
  • A country that is exporting more goods and services than it is importing has a trade surplus.

2. Lok Sabha passes Banking Regulation(Amendment) Bill, 2020

News Summary

Lok Sabha passed the Banking Regulation (Amendment) Bill, 2020 on September 16, 2020. This Bill replaces the Banking Regulation (Amendment) Ordinance which was promulgated on 26th June 2020.

Prelims GS – Economic Development/Governance

Banking Regulation (Amendment) Bill 2020:
  • The Bill aims to bring cooperative banks under the direct supervision of RBI.
  • The amendments to section 3, 45 and 56 of the Banking Regulation Act, 1949, proposed in the current bill seeks to bring parity in terms of rules and regulations in co-operative banks as applicable in the commercial banks.
  • This measure will help in safeguarding the interest of the co-operative bank depositors’ in the country.
  • The bill also allows the Reserve Bank of India (RBI) to make a scheme for reconstruction or amalgamation of co-operative banks to secure its proper management, and in the interest of depositors.
  • Hon’ble Finance Minister of India has affirmed that the cooperative societies which do not use words like bank, banking, or banker in their names and entities that do not clear Cheques are not covered under the purview of the new bill.

Click here to view more about the parliament discussion on the bill in the AIR official website.

3. Russia’s Sputnik V vaccine to India-pact inked.

News Summary

Russia Direct Investment Fund(RDIF) has partnered with India’s Dr.Reddy Laboratories to test and supply the Sputnik V vaccines to India subject to the regulatory approvals in India. Phase 1 and Phase 2 trials of the vaccine have been completed and have shown promise. Phase 3 trials will be conducted in India.

Prelims GS – World News

Sputnik V:
  • Sputnik V is the first registered COVID-19 vaccine in the world.
  • Russian adenovirus vector-based vaccine was registered by the Russian Ministry of Health on August 11 and became the first registered COVID-19 vaccine on the market.
  • The announcement created a so-called “Sputnik moment” for the global community.
  • In 1957 the successful launch of the first space satellite by the Soviet Union reinvigorated space research around the world. The new Russian COVID-19 vaccine is therefore called Sputnik V.
  • Sputnik V has been developed by the Gamaleya National Research Institute of Epidemiology and Microbiology, Russia.

Click here to know more about the vaccine on the official website.


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