RBI turned down the request from small finance banks (SFB) to drop the “small finance” tag.

Small Finance Banks (SFBs)

• Background: Dr. Raghuram Rajan’s Committee on Financial Sector Reforms recommended the notion of Small Finance Banks in its 2009 report titled ‘A Hundred Small Steps’.
• Small Finance Banks (SFBs) are specialized banks in India that focus on the financial needs of underserved and unserved population segments, such as small business units, micro and small businesses, and unorganized sector entities. 

Objectives of Small Finance Banks (SFBs)

• Financial Inclusion: SFBs seek to promote financial inclusion by meeting the needs of small businesses, small and marginal farmers, micro and small enterprises, and unorganized sectors.
• Not Exclusive: Although its primary focus is financial inclusion, SFBs are open to more than just these sectors.

Promoters and Structure of SFBs

• Promoters of Small Finance Banks: Individuals, corporations, trusts, or societies can promote small finance banks.
• Legal Structure: They are formed as public limited companies in the private sector, licenced under the Banking Regulation Act of 1949, and supervised by the RBI Act of 1934.

Area of Operations of SFBs

• No Restrictions: Unlike regional rural banks (RRBs) and local area banks, SFBs can operate without restriction in terms of location.
• Capital Requirement: The minimum capital requirement for SFBs is 100 crores.

Regulatory Framework For SFBs

• Compliance: SFBs are subject to all RBI prudential rules and regulations that apply to existing commercial banks, including maintaining the CRR &SLR.
• Priority Sector Lending (PSL): SFBs must extend 75% of the credit to sectors classified as priority sector lending by the Reserve Bank.

SFBs: Branches and Rural Presence 

• Branches: At least 25% of SFB branches should be in unbanked rural areas.
• Loan Portfolio: A minimum of 50% of the loan portfolio should consist of loans and advances of up to 25 lakhs.

Non-Risk Sharing Financial Services

• Allowed operations: SFBs may engage in non-risk-sharing financial services operations that do not involve a commitment of funds. These include distributing mutual fund units, insurance policies, pension plans, etc.
• Foreign Exchange:  SFBs can establish dealerships in the foreign exchange market.

Conversion and Licensing

• Conversion: Existing NBFCs, microfinance institutions, and local banks can choose to convert into Small Finance Banks.
• On-Tap Licencing: In 2019, the RBI implemented a ‘on-tap’ licensing process, which allows it to accept applications and award licenses to SFBs throughout the year.

RBI proposed to make CBDC-R accessible to a broader population by allowing non-bank payment system operators to offer CBDC wallets.

Central Bank Digital Currency:

• Definition: Central Bank Digital Currencies (CBDCs) are a digital currency issued by a country’s central bank. They are similar to cryptocurrencies, except that the central bank fixes their value and is equivalent to the country’s fiat currency.
• Digital Rupee: The RBI’s CBDC, also known as the Digital Rupee or e-Rupee, is equivalent to a sovereign currency and may be exchanged one-for-one with fiat currency.
• CBDC’s Legality: The Finance Act 2022 amends the RBI Act, allowing it to launch Central Bank Digital Currency. The definition of a banknote was changed to allow the RBI to issue physical and digital currency by changing Section 2 of the RBI Act, of 1934.

Types of CBDC – Retail Digital Rupee and Wholesale Digital Rupee

• Retail Retail Digital Rupee: CBDC that people can use for everyday transactions.
• Wholesale CBDC:  It is a CBDC that can only be used by financial institutions such as banks and NBFCs.

CBDC – Retail Digital Rupee (e₹-R):

• Coverage: Retail Digital Rupee would cover specific areas in closed user groups that include participating customers and businesses. 
• Issuance: e₹-R is a digital token used as legal tender. It would be produced in the same denominations as traditional paper cash and coins. 
• Distribution through Intermediaries: Users can transact with e₹-R through a digital wallet issued by partner banks and stored on mobile phones/devices. Transactions can be made between individuals or between merchants.
• Payment through QR Codes: Payments to merchants can be made using QR codes displayed at their locations.
• Convertibility: Retail Digital Rupee, like cash, does not earn interest and can be converted into other forms of money, such as bank deposits.
• Features: The e₹-R offers trust, safety, and settlement finality, similar to actual cash. 

Non-bank payment system operators (PSOs)

• Non-bank payment system operators (PSOs) include entities regulated by the Reserve Bank, such as Payment System Providers (PSPs) and Non-Banking Financial Companies (NBFCs), as well as entities governed by other financial sector authorities such as PFRDA, IRDAI, SEBI, and others

Kumittipathi Rock Paintings at Pathimalai,TN 

Kumittipathi Rock Paintings:

• These Kumittipathi Rock Paintings are among the most important rock art in the Kongu region and are around 3,000 years old. 
• They are drawn with white pigments on the walls of a natural cave and depict animals, human figures, and chariots.
• Variety of Depictions: Besides the elephant, the Kumittipathi Rock Paintings portray a chariot (interpreted by some as a peacock), human figures, and scenes from the lives of ancient inhabitants.
• Caves used for Dwellings: Small holes are also present that might have been used by the people who lived there to store water and other things.
• Variety in Age and Materials:
• The rock expert suggests not all Kumittipathi Rock Paintings are from the same period. 
• Materials: Artists likely used inorganic white pigment and natural gum.
• Similar Paintings in the Region: Rock paintings resembling those at Kumittipathi can be found at Vellarukkam Palayam, Viraliyur, and Kovanur.
• They depict hunting scenes and other activities.
• Interpretation of elephant image
  • Mavuthampathi (suggesting a place inhabited by mahouts) 
  • Velanthavalam (a place for Vezham, which means elephant).
• Age: The elephant image is believed to be among the oldest paintings in the cave.
• Possible meaning:
• Elephant trade: Some argue that the elephant image indicates the practice of capturing wild elephants and their trade owing to the proximity of Kumittipathi to two places: 
• There is no evidence to support the claim: Others say there is no historical evidence linking the paintings to the two places.

About Rock Art

• Rock art refers to drawings, paintings, or similar works created on or of stone, typically from ancient or prehistoric times.
• It includes various forms, such as drawings (pictographs), carvings (petroglyphs), engravings, rock arrangements (petroforms), and ground drawings (geoglyphs).
• These artworks often show ancient animals, tools, and human activities, offering insights into past daily life. However, they are often symbolic rather than realistic.
• Rock art sites can have art from different centuries, showing the evolution of artistic styles over time.
• Cave Painting

• Cave paintings are a type of rock art known as pictographs.

Historian’s Perspective on Elephant Trade

• Denial of Elephant Trade: Historians disagree that the Kumittipathi Rock Paintings represents elephant trade, citing the absence of a governing empire in the region during the painting’s creation.
• Trade with Romans: Trade in the area with the Romans has been supported, but no historical evidence connects the paintings to the elephant trade.

Alternative Interpretation:

• Daily activities or religious practices: According to some historians, the rock paintings may depict daily activities or religious practices rather than the elephant trade.
• Festival or an organized society:It has been suggested that an image interpreted as people pulling a chariot might symbolize something different, such as a festival or an organized society.
  • Despite being attributed to hunters, the paintings could serve as a representation of broader societal aspects.

Historian Perspective on Kumittipathi Rock Paintings

Purpose: 

• According to the archaeologists, the Kumittipathi Rock Paintings were created by tribal people for entertainment or because they believed that depicting hunting scenes increased hunting success. 
  • However, there are few hunting scenes at Kumittipathi.

Meaning of a Specific Figure (Car): 

• According to archaeology, a figure resembling a car might be a peacock. 

Murugan Temple: 

• A Murugan temple atop the hillock suggests that early inhabitants may have worshipped the deity.
  • There are also megalithic burial sites in the region

• Dating the Kumittipathi Rock Paintings: 
• By linking the paintings to nearby megalithic burial sites, archaeologists estimate the art could date back to the 5th Century BCE.

Geographical Significance: 

• Kumittipathi is situated in the Palakkad Gap of the Western Ghats, a notable break in the mountain range.
  • This geographical feature has historically served as a corridor connecting Tamil Nadu and Kerala.
• Trade route: There were ancient trade routesknown as Peruvazhi in the Palakkad Gap.
  • These trade routes existed between Anamalai and Ayyasamy Malai.
• Trade route in the Sangam period: During the Sangam period, three trade routes passed through Anamalai, Vellalore, and Avinashi.

NASA Will Create a New Time Zone for the Moon, Called Coordinated Lunar Time

Coordinated Lunar Time (LTC)

• The purpose of LTC is to establish a uniform time reference for all lunar activities. This consistency is crucial for planning and executing missions on the moon.
• LTC is necessary due to the moon''s weaker gravitational pull, which results in time moving slightly faster on the moon than on Earth. To put it in perspective, this difference amounts to 58.7 microseconds each day.
• Moreover, LTC will assist in managing the lunar day, which lasts 29.5 Earth days. This extended duration influences the length of day and night on the moon, impacting operations and activities.

Time Dilation

• Time dilation is a concept that explains why time moves at different speeds in various gravitational fields or states of motion.
• On the moon, time progresses faster than on Earth.
• This phenomenon is in line with Einstein’s theories of relativity, which relate time speed to gravitational strength.

   

• Coordinated Lunar time will serve as a timekeeping baseline for lunar missions, compensating for the differences in gravity forces and other factors that influence time perception on the moon.
• Aim of the Programme: To improve precision in lunar missions, ease data exchanges between spacecraft, and coordinate operations as commercial activities extend on the moon.
• ISS Timekeeping: Due to agreements with many governments, the International Space Station (ISS) works on Coordinated Universal Time (UTC), which accounts for the station’s orbit and gravity variances.
• Technical obstacles: The lunar environment has unique obstacles for timekeeping, such as gravity forces and the duration of a lunar day, forcing the development of “Coordinated Lunar Time” or “Lunar Standard Time.”

Timekeeping on the Moon

• Moon’s Timing: The Moon has its day-night cycle, which lasts approximately 29.5 Earth days.
• Need for Timekeeping System for Humans: If humans were to reside on the Moon, they would have to create their timekeeping system.
• Measurement of Moon’s time: Currently, time on the Moon is measured in Universal Time Coordinated (UTC), the same timekeeping system used on Earth.
• Difficulty with UTC: However, because the Moon’s day is significantly longer than Earth’s, it would be challenging to use UTC for day-to-day activity there.

Universal Time Coordinated (UTC)

• About: Universal Time Coordinated (UTC) is a time standard that ensures time consistency worldwide.
• Based Upon: UTC is based on International Atomic Time (TAI), synchronized by atomic clocks worldwide.
• Primary Time Standard: Numerous countries, international organizations, and scientific research institutions use this standard as their primary time.
• Time offset: UTC is a 24-hour clock that represents the time offset from Coordinated Universal Time (UTC+0).
• Time zones: Time zones are specified as an offset from UTC, with some ahead of UTC (UTC+1, UTC+2, etc.) and others behind UTC (UTC-1, UTC-2, etc.).
• Periodic Adjustments: UTC is modified regularly to account for fluctuations in the Earth’s rotation, which can result in variations in day length.
• Sync with Earth’s Rotation: These modifications are achieved by adding leap seconds to UTC, which helps to keep the time standard in sync with the Earth’s rotation.

Need for the Moon Time Zone

• Improved communication: A series of space operations around the moon will require spacecraft and controllers to communicate and determine their whereabouts independently of Earth.
• Universal Time Zone: The primary goal of developing a global timekeeping system for the moon is to improve communication among the various governments and institutions, both governmental and private, that coordinate travels to and around it.
• Successful ISA operational model: The International Space Station (ISA) has no time zone. Instead, it uses Coordinated Universal Time, or UTC, based on atomic clocks.

• This helps to reduce the time gap betweenNASA, the Canadian Space Agency, and other space partners in Russia, Japan, and Europe.

• No fixed time zone: Lunar missions have operated according to the time of the country that launched them. However, with many lunar excursions slated for launch, the European Space Agency has declared the existing method unsustainable.

Challenges in Establishing UTC on the Moon

• Difficulty in Syncing Time with Earth: Atomic clocks perfectly measure time on Earth. However, synchronizing time on the moon is difficult because clocks run faster, gaining approximately 58.7  microseconds (millionths of a second) daily.
• Rugged Terrain: It would also be challenging to establish a uniform time zone for the entire Moon, considering the vast differences in terrain and lighting conditions across its surface.
• Irregular and Uneven Movement of the Moon: Any lunar timekeeping system must be able to account for the Moon’s uneven rotation and movement.

Conclusion

• Developing a Unified Time Standard for the Moon will require international collaboration.
• TI -Artemis Accords, an agreement signed by multiple nations, provides a peaceful and cooperative space exploration framework. NASA will work with international partners to define and implement LTC, harmonizing lunar activities globally.
• The gravitational force on the moon impacts the accuracy of atomic clocks, leading to a time discrepancy.
• Over 50 years, this discrepancy would result in a one-second difference between Earth and the moon.

India successfully carried out the launch of the new-generation nuclear-capable ballistic missile ''Agni Prime'' (Agni-P)

Agni-Prime’s flight test:

Agni-Prime’s flight-test was conducted by the Strategic Forces Command (SFC) along with the Defence Research and Development Organisation (DRDO).

SFC:

• SFC, sometimes called Strategic Nuclear Command, forms part of India''s Nuclear Command Authority (NCA).
• Established in 2003, It is responsible for the management and administration of the country''s tactical and strategic nuclear weapons stockpile.

Agni-P:

• Agni-P is a nuclear-capable new-generation advanced variant of the Agni class of missiles with a maximum range of 1,000 to 2,000 km.
• It is a two-stage canisterised solid propellant ballistic missile with dual redundant navigation and guidance system
• It is lighter than previous Agni series missiles, the new version will feature guidance by advanced ring-laser gyroscopes-based inertial navigation systems (INS).
• Since the missile is canisterised, it can be transported by road and rail and stored for longer periods, significantly reducing the time required for preparation and launch.
• It is first of a new generation of missiles introduced following the conclusion of the Integrated Guided Missile Development Program (IGMDP).
• According to reports, the missile uses a cold launch mechanism and can be fired in salvo mode.

Integrated Guided Missile Development Program (IGMDP):

• The IGMDP was a program that India began in 1983 to develop a range of missiles and gain self-reliance in missile technology.
• The program was conceived by Dr. APJ Abdul Kalam, who was the Director of Defence Research & Development Laboratory (DRDL).
• The missiles developed under the programme were:

Short-range surface-to-surface ballistic missile Prithvi.

Intermediate-range surface-to-surface ballistic missile Agni.

Short-range low-level surface-to-air missile Trishul.

A Century of discovering the electroencephalogram (EEG)

Electroencephalogram (EEG):

• An EEG is a recording of brain activity.
• It is a test that detects abnormalities in your brain waves, or in the electrical activity of your brain.

Procedure:

• The procedure may be short, often just a 30-minute recording.
• During the procedure, electrodes consisting of small metal discs with thin wires are pasted onto your scalp.
• The electrodes detect tiny electrical charges that result from the activity of your brain cells.
• The charges are amplified and appear as a graph on a computer screen or as a recording that may be printed out on paper.
• The EEG procedure is usually carried out by a highly trained specialist, called a clinical neurophysiologist.

Applications:

• The EEG is used to evaluate several types of brain disorders. Examples:
• When epilepsy is present, seizure activity will appear as rapid spiking waves on the EEG.
• People with lesions of their brain, which can result from tumors or strokes, may have unusually slow EEG waves, depending on the size and location of the lesion.
• The EEG may also be used to determine the overall electrical activity of the brain (for example, to evaluate trauma, drug intoxication, or extent of brain damage in comatose patients).
• The EEG may also be used to monitor blood flow in the brain during surgical procedures.