The Daily Brief – 7th December 2018

Reserve Bank of India (RBI) has announced to introduce ‘Ombudsman Scheme for Digital Transactions’ to provide cost-free mechanism to redress grievances of customers related to digital transactions. The scheme is being implemented taking into consideration rise in digital mode for financial transactions which is gaining traction in the country.

Indian Space Research and Organisation (ISRO) has successfully launched India’s heaviest (5854 kg) and most-advanced communication satellite GSAT-11 into space. It was launched on board of Ariane 5 VA-246 rocket from Kourou Launch Base, French Guiana. GSAT-11 also called Big Bird has been indigenously developed by ISRO. It will help provide satellite-based internet to remote places where cable-based internet cannot reach.

India’s national academy of letters Sahitya Academy has announced names of 24 poets and authors who will be conferred the prestigious 2018 Sahitya Akademy Award in 24 different Indian languages. The award has recognised premier works in 24 Indian languages that includes seven books of poetry, six novels, six short stories, three of literary criticism and two of essays. Sahitya Akademi also announced its Bhasha Salman for year 2017 and 2018. It was established in 1954.

Supreme Court has approved Witness Protection Scheme 2018 and directed Union and State Governments to enforce the same. This scheme was framed by Union Ministry of Home Affairs (MHA) in response to PIL seeking protection for witnesses. It also directed states/UTs to set up the vulnerable witness deposition complexes (VWDCs) within period of 1 year (by the end of 2019).

The 24th meeting of Conference of Parties (COP24) of the United Nations Framework Convention on Climate Change (UNFCCC) began on December 3, 2018 at Katowice, Poland. The COP24 is very significant as it is expected to finalise guidelines for implementation of the Paris Agreement adopted in 2016. The COP24 climate summit will see nations try to agree on ways of implementing the 2015 Paris treaty to limit temperature rises and avert global warming.

Exposure to air pollution causes 7 million deaths worldwide every year and costs an estimated USD 5.11 trillion in welfare losses globally, as per the World Health Organisation (WHO) report. The report was released at the 24th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP24) in Katowice, Poland.

India paid homage to Bharat Ratna Dr BR Ambedkar on his 63rd Mahaparinirvan Diwas on December 6, 2018. The Father of the Indian Constitution, Dr Ambedkar was a jurist, economist, politician and a social reformer who campaigned against social discrimination of Dalits, women and labourers. He died on December 6, 1956 and the day is observed as Mahaparinirvan Diwas every year.

The Reserve Bank of India approved the Scheme of amalgamation of SBM Bank (Mauritius) Limited, India with SBM Bank (India) Limited. The Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949 and will come into force with effect from December 1, 2018.