Ministry of Finance Current Affairs
Union Government has approved three proposals under Nirbhaya Fund including setting up of 1023 Fast Track Special Courts (FTSCs). Decision in this regard was taken by Empowered Committee of Officers under Nirbhaya Fund, under Chairmanship of Secretary, Women and Child Development Ministry. Apart from these three proposals, in-principle approval to proposal of Union Ministry of Road Transport and highways for C-DAC for customisation, deployment and management of state wise vehicle tracking platform for safety and enforcement.
Three proposals are
Setting up of 1023 Fast Track Special Courts (FTSCs): It was proposal forwarded by Department of Justice under Ministry of Law and Justice) to dispose off pending cases of rape and POCSO Act across the country. In phase I, 777 FTSCs will be set up in 9 states and in the second phase, 246 FTSCs will be set up. It will have total financial outlay of Rs 767.25 crores.
Procurement of forensic kits for sexual assault cases: It was proposal forwarded by Union Ministry of Home Affairs to kick start usage of such kits in States. These kits will be used through Training of Trainers (TOTs), strengthening of State Forensic Science Laboratory (FSLs) and capacity building or training for forensics in sexual assault cases.
Setting up video surveillance system at 50 Railway Stations: It was proposal forwarded by Konkan Railway Corporation Limited for setting up video surveillance system at 50 Railway Stations. The funding will be utilised for surveillance hardware and accessories, local connectivity equipment and power supply devices.
The fund is created by Ministry of Finance in 2013 with a corpus of Rs 1000 crore. It dedicated for implementation of initiatives aimed at enhancing the safety and security for women in the country. It is a non-lapsable corpus fund. It is being monitored by Empowered Committee of Officers under Secretary of Women and Child Development Ministry. It is an inter-ministerial committee appraises and recommends various projects (schemes) proposed by different ministries to be funded from Nirbhaya Fund.
Union Minister of Finance and Corporate Affairs Arun Jaitley launched Financial Inclusion Index in New Delhi. It was launched after his Annual Performance Review Meeting with CEOs of Public Sector Banks (PSBs).
Financial Inclusion Index (FII)
The annual FII will be released by Department of Financial Services (DFS), Ministry of Finance. It will be measure of access and usage of basket of formal financial products and services that includes savings, remittances, credit, insurance and pension products.
The index has three measurement dimensions (i) Access to financial services (ii) Usage of financial services and (3) Quality. It will serve as single composite index that will give snap shot of level of financial inclusion which will guide Macro Policy perspective.
Significance of index: Its various components will help to measure financial services for use of internal policy making. It can be used directly as composite measure in development indicators. It will also enable to fulfil G20 Financial Inclusion Indicators requirements. It will also facilitate researchers to study the impact of financial inclusion and other macro-economic variables.