Current Affairs – November, 2018

Latest Current Affairs November, 2018 with Current Affairs, news summary on current events of National and International importance of November, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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RBI relaxes rules for NBFCs to sell or securitise their loan books to ease persistent stress in sector

Reserve Bank of India (RBI) relaxed rules for non-banking financial companies (NBFCs) to sell or securitise their loan books in bid to ease persistent stress in the sector. RBI has relaxed minimum holding period (MHP) requirement for originating NBFCs, in respect of loans of original maturity above 5 years, to receipt of repayment of six monthly installments or two quarterly instalments. Earlier, they had to hold these assets for at least one year. However, relaxation on MHP will be allowed when NBFC retains 20% of book value of these loans. RBI also has prescribed certain Minimum Retention Requirement (MRR) for NBFCs for availing the relaxed norms. The relaxed dispensation will apply to securitisation/ assignment transactions carried out during six months.

Background

NBFCs loosely known as shadow banks, are facing stress on their balance sheets after debt crisis hit large infrastructure funding company in September, triggering panic amongst investors and cash crunch in the sector. Following massive volatility in financial markets, RBI and government have taken steps to ringfence crisis and support financing needs of sector, including providing additional liquidity to banks and credit enhancement for refinancing needs.

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Himachal Pradesh becomes first state to launch single emergency number 112

Himachal Pradesh has become the first state in the country to implement Emergency Response Support System (ERSS) as Union Home Minister Rajnath Singh launched ERSS number 112 for the state. Under this system, all emergency numbers like 100 for police, 101 for fire, 102 for ambulance and disaster response have been integrated into one number ‘112’. This emergency number has been introduced on basis of US emergency number 911. Gradually this emergency number will be started in other states of the country.

Emergency Response Support System (ERSS)

It will provide single emergency response number across the country, providing 24*7 efficient and effective response system which can receive inputs from various voice and data services like voice call, SMS, e-mail and panic buttons in public transport, to attend to citizens in distress.

It can also identify the location of persons in distress, connecting through voice or data, and immediate assistance will be provided to the affected. It will help in optimum utilisation of manpower and prompt action on emergency calls. In addition to this, problems related to coordination among police force will also be simplified.

It has feature of automated response system for timely dispatch of field resources (police) to the location of incidence using the system. It also has GPS (Global Positioning System) enabled dispatch of vehicles to locate nearest vehicles. It will provide standardized and easy to use mobile apps, IoT (Internet of Things) applications on Pan-India basis.

Background

The ERSS project was approved by Union Ministry of Home Affairs (MHA) based on the recommendations of the Justice Verma Committee in the backdrop of unfortunate incident of Nirbhaya in December 2012 in national capital New Delhi. ERSS) was earlier referred as Nationwide Emergency Response System. The project was approved budgetary provision of Rs.321.69 crore under the Nirbhaya Fund with view to introduce Pan-India Single Emergency Response Number ‘112’ to address all kinds of distress calls such as police, fire and ambulance etc.

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