Reserve Bank of India (RBI) released 2024 list of Domestic Systemically Important Banks (D-SIBs) 

• State Bank of India, HDFC Bank and ICICI Bank continue to be identified as D-SIBs in the RBI’s 2024 list.

About D-SIBs

• D-SIBs are systemically important due to their size, cross-jurisdictional activities, complexity and lack of substitute and interconnection. 
  • It also means that the bank is too big to fail.
  • If DSBs fail, there would be significant disruption to the essential services of the banking system and the overall economy.

Declaration of D-SIBs

• Based on the D-SIBs Framework of RBI (2014). 
  • Framework is based on Basel Committee on Banking Supervision’s (BCBS’s) framework.
  • Banks having size as a percentage of GDP equal to or more than 2% are considered for D-SIB list. 
• Banks are placed in 5 buckets on the basis of Additional Common Equity Tier 1 (CET1) requirement as a percentage of Risk Weighted Assets (RWAs).
  • Bucket 1 banks have to maintain lowest CET1 and Bucket 5 banks have to maintain highest. 
• In case a foreign bank having branch presence in India is a Global Systemically Important Bank (G-SIB), it has to maintain additional CET1 capital surcharge.
  • Financial Stability Board (FSB) releases the list of G-SIBs. 

Report emphasizes on value-driven transformation of agrifood systems and builds on the estimates of the previous edition on global hidden costs of agrifood systems (journey of food from farm to table).

• Hidden cost refers to external costs (i.e., negative externalities) or economic losses triggered by other market or policy failures. 

Key findings of the report

• Hidden Costs:  Industrial and diversifying agrifood systems contribute maximum to global quantified hidden costs (around 5.9 trillion 2020 PPP dollars), dominated by health hidden costs linked to non-communicable diseases. 
• Unhealthy dietary patterns (like low intake of whole grains, high intake of sodium, etc.) account for 70% of all quantified hidden costs. 
• Other contributing factors include: Social costs (due to undernourishment and poverty); environmental costs (emission of greenhouse gases, etc.).
• India-related findings: India’s total hidden costs stands around $1.3 trillion annually (3^rd largest after China and the USA), largely driven by unhealthy dietary patterns.

Major Recommendations on transforming the Agrifood value chains

• In industrial agrifood systems (Long value-chains with high urbanization): Upgrade food-based dietary guidelines to an agrifood systems approach, mandatory nutrient labels and certifications, and information campaigns, etc. 
• In traditional agrifood systems (Short value-chains with low urbanization): Complement conventional productivity-enhancing interventions with environmental and dietary levers to avoid the increase in environmental footprint.

Indian Council of Agricultural Research-National Research Centre on Equines (ICAR-NRC Equine) in Haryana has been granted WOAH Reference Laboratory status.

• This recognition is specifically for its expertise in Equine Piroplasmosis disease.
  • Equine Piroplasmosisis caused by tick-borne protozoan parasites, affects horses, donkeys, mules, and zebras.

About WOAH

• An intergovernmental organization founded in 1924. 
• Objective: Disseminating information on animal diseases and improving animal health globally.
• Members: 183 including India.
• HQ: Paris, France

World Intellectual Property Indicators 2024 report released by the World Intellectual Property Organization (WIPO).

• According to report, India experienced significant growth in intellectual property filings, with patents filings doubling between 2018 and 2023. 

Other Key Findings related to India: 

• Patents: India is ranked 6th globally with 64,500 Patent Filings and country’s Patent-to-GDP ratio surged to 381 from 144 (2013 to 2023).
• Trademarks: India’s IP office hold the second highest of active registrations globally and now India ranks 4th globally in trademark filings.
• Industrial Design Filing: Ranked 10th globally with a 36% increase in 2023, showing significant growth in creative design.

Factors behind Surge in Patent filing:

• Government Initiatives and Policy Support: E. g. Patents (Amendment) Rules, 2024 (reduced renewal fee and filing frequency time) simplified patent process, National IPR Policy, 2016 etc.
• Timely clearance of applications:  India granted 1.03 lakh patents in financial year 2023-24. 
• Strengthened IP Infrastructure: Digitization of patent filing processes, establishment of IPR facilitation centers etc.

Challenges/Issues related to Patents in India: 

• Abolition of Intellectual Property Appellate Board:  Leading to creation of a void in handling appeals in IP cases.
• Evergreening of Patents: To extend patent period, guaranteeing monopoly over drugs.
• Other Issues: Compulsory licensing, lack of fixed timelines for each step in procedure etc.