NATIONAL:
1. New Parliament Building
Why in news - PM Narendra Modi inaugurated the new Parliament building on May 28, 2023.
Key Points –
• It coincided with the birth anniversary of Hindutva ideologue V D Savarkar.
• The government has announced a commemorative Rs 75 coin to mark the historic event.
• It can comfortably seat 888 members in the Lok Sabha (LS) chamber and 384 in the Rajya Sabha (RS) chamber.
• Joint session seating capacity - 1,272 members (additional seats - 1,140).
• Project cost - Rs 971 crore (initial cost - Rs 861.9 crore).
• Built by - Tata Projects Ltd.
• The triangular shape of the Parliament building is meant to ensure optimum space utilisation.
• It has 3 main gates - Gyan Dwar, Shakti Dwar and Karma Dwar.
• It is just one part of the Modi government's ambitious Central Vista project.
• Designed by - HCP Design Planning Private Limited (Architect -Bimal Patel, Ahmedabad-based).
• New LS is also approximately 3 times the size of the old Lok Sabha and its design takes inspiration from the peacock, India's national bird!
• New Rajya Sabha is designed after a lotus.
• It is meant to function for the next 150 years.
• Since Delhi is in seismic zone-V, the building is primed to be earthquake-safe.
2. 8th Governing Council Meeting
Why in news - PM Narendra Modi chaired the 8th Governing Council Meeting of NITI Aayog.
Key Points –
• Attended by Chief Ministers/Lt.Governors representing 19 States and 6 UTs.
• He urged states and UTs to work as Team India for a Viksit Bharat @ 2047.
About NITI Aayog (January 1, 2015) –
• Full form - National Institution for Transforming India.
• Created by executive resolution (neither constitutional non statutory).
• Chairman - Prime Minister.
• Primary objective - Serve as think tank of the Government of India, Helps in policy design, Helps in monitoring schemes’ through its dashboard e.g. ‘SDG India Index’.
Value Addition –
• Output Outcome Monitoring Framework - Helps in monitoring of the budgetary outlays, targets & progress of schemes against the output/outcome indicators.
INTERNATIONAL:
1. Recep Tayyip Erdogan
Why in news - President Tayyip Erdogan claimed victory in Turkey’s presidential election.
Key Points –
• He defeated Kemal Kilicdaroglu (Turkey's Gandhi).
ECONOMY:
1. NPA Management
Why in news - Bank of Maharashtra (BoM) emerged as a top performer in non-performing assets (NPA) management during FY23.
Key Points –
• BoM’s net NPA fell as low as 0.25% during the financial year ended March 2023.
• This is the lowest ratio among all banks having total business above Rs 3 lakh crore and not just public sector banks (PSBs).
• Other Top Performers –
(a) HDFC Bank (0.27%)
(b) Kotak Mahindra Bank (0.37%)
• Top Performers in PSBs –
(a) Bank of Maharashtra (0.25%)
(b) State Bank of India (0.67%)
(c) Bank of Baroda (0.89%).
• Highest Capital Adequacy Ratio (CAR) –
(a) Bank of Maharashtra (18.14%)
(b) Punjab & Sind Bank (17.10%)
(c) Canara Bank (16.68%)
Value Addition –
• NPA-related definitions in Banking Sector –
(a) Standard assets - Loan account where borrower is repaying the principal and interest in timely fashion.
(b) NPA - If loan principal or interest is not paid for more than 90 days from its due date, then such loan account is classified as NPA. For farm loans, NPA is not counted on number of days but on number of cropping seasons.
(c) Provisioning - As per RBI norms, banks must set aside funds to cover losses against their NPA.
(d) NET NPA - Grand total of all NPA loans (Gross NPA) minus Provisioning.
(e) Substandar