News In Short-23-09-2024

India’s Historic Double Gold in Chess Olympiad

Syllabus: Miscellaneous

Context

• India has bagged its first ever gold medal in both the men’s and the women’s team categories at the 45th Chess Olympiad in Budapest.

Chess Olympiad

• It is the world’s most prestigious team event for chess and India has been participating in the biennial event since 1956 and has played in every Olympiad since 1980.
• Now with this win, India also became the third country to win gold in both men’s and women’s categories in the same edition of Chess Olympiad after Soviet Union and China.

Origin of Chess

• The history of chess in India can be traced back to 1600 years ago during the Gupta dynasty.
• It was called ‘chaturanga’ in earlier times.
• Chess, via India, reached many countries of the world and became very popular. 
• Today, chess is being used in schools as an education tool for children.

Source: TH

First Repository of Cancer Genomics in India

Syllabus: GS2/Health

Context

• The Indian Cancer Genome Atlas (ICGA) Foundation launched a data portal, which aims to be a repository for India-specific cancer genomics. 

About

• Historically, cancer treatments in India have been based on Western data sets. However, cancers in Indian patients can differ significantly at the molecular level.
  • So, it aims to create Indian-specific datasets to help researchers and clinicians develop personalised treatment protocols. 
• It is based on the internationally recognised cBioPortal platform, which ensures seamless integration with global cancer research efforts.
• For this portal, cancer cells from Indian patients will be collected, and a genetic analysis will be conducted before it is uploaded.
  • Data will include the DNA, RNA and protein profiles of breast cancer patients and the clinical outcomes in each case. 

Source: TH

‘PUSHP’ Mantra

Syllabus: GS2/IR

Context

• PM Modi gave the ‘PUSHP’ mantra for making India a developed nation while addressing the Indian diaspora in New York.

About

• P stands for Progressive Bharat, U stands for Unstoppable Bharat, S stands for Spiritual Bharat, H stands for Humanity First Bharat, and P stands for Prosperous Bharat.
  • All five petals of the Pushp (flower) will make viksit bharat (developed India).
• The Prime Minister also announced that two new Indian consulates will be opened in the US to strengthen ties with the Indian diaspora across the United States. 

Source: AIR

Widening Gap Between Deposit and Credit Growth

Syllabus: GS3/ Economy

Context

• The Reserve Bank of India (RBI) has been repeatedly raising alarm about the widening gap between non-food credit growth and deposit growth in the banking sector.

Relevance of the Credit- Deposit (CD) ratio

• The CD ratio is an important health indicator of a bank as it shows the bank’s ability to cover loan losses and withdrawals by its customers. 
• A high CD ratio indicates that a bank has made a large amount of loans compared to its deposits. This is taken as a sign of increased risk and reduced liquidity.

What are the reasons?

• The government borrowings had shot up during the pandemic and credit growth lowered, increasing in stock of statutory liquidity ratio (SLR) securities of banks.
  • As the economy started recovering, many banks preferred to liquidate their excess SLR securities to finance credit demand.
• Shift of Household Savings to Capital Markets: With higher returns in the capital markets, retail investors are increasingly investing in equities and mutual funds rather than traditional bank deposits.

Source: IE

Vivad se Vishwas 2.0 

Syllabus: GS 3/ Economy 

In News 

• Vivad Se Vishwas 2.0 tax payment rates will rise by 10% from January 1, 2025.

About Scheme 

• The Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024) was announced in the Union Budget 2024-25 by Finance Minister Smt. Nirmala Sitharaman.
• The scheme will come into force on October 1, 2024.
• Legislation: The DTVSV Scheme was enacted through the Finance (No. 2) Act, 2024.
• The scheme offers lower settlement amounts for “new appellants” compared to “old appellants” and for those who file declarations by December 31, 2024

Source: Th

Saturn Like Ring May Have Once Encircled Earth

Syllabus: GS3/ Science and Technology

Context

• A study published in the journal Earth and Planetary Science Letters found that Earth may once have a system of Saturn-like rings. 

About the study

• The rings are theorized to have formed 466 million years ago during one of the coldest periods in the planet’s history, known as the Ordovician.
• It formed when an asteroid passed too close to Earth, was stretched by its gravity to the point it broke down into lots of small and large pieces. 
• These pieces jostled around and gradually evolved into a debris-laden ring orbiting Earth’s equator.
  • However, over time the material from the ring was pulled towards Earth. 
• While most of the smaller pieces would have been burnt up in the planet’s atmosphere, the larger pieces would have formed impact craters on Earth surface, close to the equator.

Source: IE

Polar Bears 

Syllabus:GS 3/ Environment 

In News

A rare polar bear spotted in a remote Icelandic village was shot by police after being deemed a threat to public safety.

About Polar bears

• Description: polar bear (Ursus maritimus) is the largest and heaviest land carnivore in the world. Specially adapted to living in the Arctic.
  • Polar bears can swim at six miles per hour, using their front paws to paddle and their hind legs as rudders.
  • They have a thick layer of fat and a water-repellent coat that insulates them from cold air and water.
• Habitats and Distribution : Arctic Ocean, sea ice, and adjacent coastal areas
  • The species is found in Canada, Greenland/Denmark, Norway , Russia, United States 
• Hunting Behavior: Polar bears spend over 50% of their time hunting, primarily for ringed and bearded seals. They catch only 1-2 seals out of 10 attempts.
• Diet: Their diet consists mainly of seals, which provide the necessary fat for survival.
• IUCN Red List Status : Vulnerable 

Source : TOI 

Sukanya Samriddhi Yojana 

Syllabus: GS 2 / Welfare Scheme 

In News 

• In North Gujarat, many accounts have been opened for eligible daughters (up to age 10), with approximately 500 villages recognized as complete Sukanya Samriddhi Grams.

About Sukanya Samriddhi Yojana

• Sukanya Samriddhi Yojana was launched by Prime Minister Narendra Modi on January 22, 2015, as part of the “Beti Bachao Beti Padhao” campaign.
• Special arrangements are being made for opening Sukanya accounts in all post offices.
  • A minimum of ₹250 and a maximum of ₹1.5 lakh can be deposited annually for 15 years.
  • Withdrawal Rules: 50% of the amount can be withdrawn when the daughter turns 18, and the full amount after 21 years.
• Interest Rate: The current interest rate for the scheme is 8.2%, with provisions for income tax exemption on deposits.
• Purpose: The scheme aims to provide financial support to girls, helping them achieve their goals and fulfill their dreams.
• Benefits: It offers an attractive interest rate and tax-saving provisions under Section 80C of the Income Tax Act.

Source : PIB