What are the functions of RBI?
- Established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
- Originally privately owned, but since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
- Functions of RBI
- Issue of Notes
- Banker to the Government
- Banker’s Bank
- Controller of the Credit
- Custodian of Foreign Reserves
- Developmental Role
National Education Policy 2020
- Approved by Cabinet.
- This is the First Education Policy of the 21st century and replaces the 34-year-old National Policy on Education (NPE), 1986.
- School Education
- Ensuring Universal Access at all levels of school education. from pre-school to secondary level with 100 % Gross Enrolment Ratio (GER) in school education by 2030.
- The current 10+2 system to be replaced by a new 5+3+3+4 curricular structure corresponding to ages 3-8, 8-11, 11-14, and 14-18 years respectively.
- The new system will have 12 years of schooling with three years of Anganwadi/ pre schooling.
- No rigid separation between academic streams, extracurricular, vocational streams in schools; Vocational Education to start from Class 6 with Internships.
- Mother tongue/local language/regional language as the medium of instruction at least till Grade 5, but preferably till Grade 8 and beyond.
- Sanskrit to be offered at all levels of school and higher education as an option for students, including in the three-language formula.
- Assessment reforms with 360-degree Holistic Progress Card, tracking Student Progress for achieving Learning Outcomes.
- Higher Education
- Gross Enrolment Ratio in higher education to be raised to 50 % by 2035 ; 3.5 crore seats to be added in higher education.
- Under Graduation will be of either 3 or 4 years and will have multiple Entry and Exit options.
- Academic Bank of Credit is to be established for digitally storing academic credits earned from different HEIs.
- Multidisciplinary Education and Research Universities (MERUs), at par with IITs, IIMs, to be set up as models.
- National Research Foundation will be created as an apex body for fostering a strong research culture and building research capacity across higher education.
- Higher Education Commission of India (HECI) will be set up.
MoU between India and Zimbabwe
- Cabinet approves MoU between India and Zimbabwe on Cooperation in the field of Traditional System of Medicine and Homeopathy.
- The areas of cooperation identified by the MoU include promotion in the regulation of teaching, practice, drugs and drugless therapies, supply of all medicine materials and documents necessary for demonstration.
- Exchange of experts for the training of practitioners, paramedics, scientists, teaching professionals and students, among others.
India hands symbolic cheque to Maldives govt for nine projects under HICDP
- Financial Assistance for High Impact Community Development Projects (HICDP) from the Government of India was handed over to the Government of Maldives in the form of a symbolic cheque of USD 5.6 million.
- Nine community-based development projects are as follows:
- Neighbourhood Fish Processing Plant development in three districts in Addu City.
- Tourism Zones Development in five districts in Addu City.
- A bottled water plant setup in Hoarafushi.
- About Maldives:
- Capital– Male
- Currency– Maldivian rufiyaa
- President– Ibrahim Mohamed Solih
Green – Ag Project
- The Union government launched the Green-Ag Project in Mizoram, to reduce emissions from agriculture and ensure sustainable agricultural practices.
- Mizoram is one of the 5 states where the project will be implemented.
- Other states include Rajasthan, Madhya Pradesh, Odisha and Uttarakhand.
- Project is funded by Global Environment Facility (GEF). The Department of Agriculture, Cooperation, and Farmers’ Welfare (DAC&FW) is the national executing agency.
- Green-Ag projects aims at accelerating the transformation of Indian agriculture sector into national and international benefits by Greenland management practices, concerns of biodiversity and climate change.
- It is supposed to end on March 31, 2026, in all states.
- It aims to cover 35 villages and includes two protected areas — the Dampa Tiger Reserve and the Thorangtlang Wildlife Sanctuary.
Current COVID19 Situation in India
In which of the following states Green – Ag Project has not been implemented yet?
- Madhya Pradesh
Answer – C
What is the capital city of Maldives?
- Port Louis
Answer – C
New Education Policy 2020 will be replacing:
- Policy on Education (NPE), 1986
- Policy on Education (NPE), 1985
- Policy on Education (NPE), 1984
- Policy on Education (NPE), 1983
Answer – A
Question of the Day
Which is the largest Tiger Reserve in India?
Answer in next session…