Lok Sabha passed Banking Laws (Amendment) Bill 2024.

Key Provisions

• It amends key acts including RBI Act 1934, Banking Regulation Act 1949, SBI Act 1955 etc. 
• It changes the definition of "fortnight" for cash reserves (average daily balance with RBI) to 1st-15th or 16th-last day of each month, for both scheduled and non-scheduled banks.
• It increases the period (from 8 to 10 years) prohibiting the director of a co-operative bank to hold office consecutively. 
• Expands the scope of funds transferred to the Investor Education and Protection Fund (IEPF) to include unclaimed dividends, shares, interest, and bond redemption amounts for seven years.

Prime minister marks 9 years of Sugamya Bharat Abhiyan.

About Sugamya bharat Abhiyan

• Also known as Accessible India Campaign, it was launched in 2015.
• It aims to ensure universal accessibility across three vital domains: Built Infrastructure, Transport Systems, and the Information and Communication Technology (ICT) ecosystem.
• Although planned to conclude by March 2024, its objectives have been absorbed into the Creation of Barrier-Free Environment Scheme under the broader umbrella of the Scheme for Implementation of the Rights of Persons with Disabilities Act (SIPDA). 

Recently, U.S. approved $1.17 billion deal to sell India support equipment for MH-60R helicopters under its Foreign Military Sales programme.

• Indian Navy commissioned first squadron of MH-60R Seahawk multi-role helicopters at INS Garuda, Kochi, in March 2024. 
  • These are part of a $2.6-billion Foreign Military Sales deal for 24 Lockheed Martin/Sikorsky MH-60R Seahawk.

About MH-60R helicopters

• These helicopters provide Anti-Submarine Warfare (ASW) and Anti-Surface Warfare (ASuW) capabilities.
• These can operate from shore and ship. 
• It boasts advanced digital sensors, including multi-mode radar, electronic support measures system, electro-optical/infrared camera, etc.

Studies reveal how ecDNA drives cancer progression and drug resistance.

About Extrachromosomal DNA (ecDNA)

• ecDNA are small circular DNA fragments that float freely in the nucleus, separate from chromosomes.
• Genesis: Formed due to DNA damage (e.g., chromothripsis) or errors during DNA replication.
• Role of ecDNA in Cancer: 
  • Found in up to 90% of certain tumour types, including brain tumours, liposarcomas, and breast cancers.
  • ecDNA often contains multiple oncogenes, promoting tumour growth and drug resistance.
    • Oncogenes are mutated genes capable of causing cancer that are required to activate tumour growth.

Three New Initiatives were launched at UNCCD COP16 under the chairmanship of Saudi Arabia. These initiatives include: 

• Riyadh Drought Resilience Partnership: It will leverage public and private finance to support 80 of the most vulnerable and drought-hit countries.
• World Drought Atlas: Launched by UNCCD, in collaboration with European Commission Joint Research Centre (JRC) and other partners.
  • It depicts the systemic risks of drought across critical sectors like energy, agriculture, river transport and trade etc.
• International Drought Resilience Observatory (IDRO): Launched by International Drought Resilience Alliance (IDRA).
  • It is the first global, AI-powered data platform for building drought resilience.

Recently, researchers at the Institute of Advanced Study in Science and Technology (IASST), Guwahati have identified the therapeutic potential of Subabul in managing insulin resistance related to type II diabetes.

About Subabul (Leucaena leucocephala) 

• It is a fast-growing traditional medicinal leguminous tree native to tropical and subtropical regions.
• It is traditionally used by ethnic communities for its nutritional value, with leaves and seeds consumed raw or cooked in soups and salads as a rich source of protein and fiber.

Reserve Bank of India released its quarterly House Price Index (HPI)

• HPI: Increased by 4.3% year on year in quarter 2: 2024-25, up from 3.3% in the previous quarter.
• Bengaluru saw the highest growth at 8.8%, while Kanpur experienced a decline of -2.0%.

About All-India Home Price Index (HPI)

• Base: 2010-11 = 100
• Data Source: Transaction-level data from registration authorities in 10 major cities.
• Cities Covered: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, Mumbai.

SEBI has proposed a framework for restricted return infrastructure investment trusts (InvITs)

• An InvIT is like a mutual fund, which enables direct investment of money from investors in infrastructure projects to earn return.

About Restricted Return InvITs

• The sponsor of the InvIT can offer an investor a certain fixed return or dividend expectation. 
  • If the return or dividend expectation is not generated then the sponsor steps to make good that shortfall with its own funds. This protects the downside. 
  • But if the dividend expectations are exceeded then the excess will go to the sponsor. This caps the upside. 

Gharchola, a traditional wedding sari from Gujarat, has received the GI tag.

• Historically crafted in auspicious colors like red, maroon, green, and yellow, it is traditionally worn during Hindu and Jain weddings.

About GI Tag

• GI is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. 
• In India, it is given under the Geographical Indications (GI) of Goods Act, 1999.
  • The registration of a geographical indication is valid for a period of 10 years, which can be renewed.
• Benefits: It confers legal protection to Geographical Indications in India preventing unauthorised use by others in turn boosting exports.

Recently the South Korean President declared Emergency Martial Law

• Since the establishment of the Republic of Korea, martial law has been declared 16 times. It was last declared in 1980.

About Martial Law

• Martial Law: It involves the suspension of civilian governance, with military control over parliament, media, and political parties.
• Constitutional Basis: According to Article 77 of South Korea’s constitution, martial law can be proclaimed in times of national emergency to maintain public safety and order.