Sarat Chandra IAS Academy

Important Terms in 10th October -2020 News

 

Monetary Policy Committee:

  • The Monetary Policy Committee is a statutory and institutionalized framework under the Reserve Bank of India Act, 1934, for maintaining price stability, while keeping in mind the objective of growth.
  • The Governor of RBI is ex-officio Chairman of the committee.
  • The committee comprises six members (including the Chairman) – three officials of the RBI and three external members nominated by the Government of India.
  • Decisions are taken by majority with the Governor having the casting vote in case of a tie.

 

National Commission for Protection of Child Rights:

  • NCPCR is a statutory body set up in March 2007 under the Commissions for Protection of Child Rights (CPCR) Act, 2005.
  • It is under the administrative control of the Ministry of Women & Child Development.
  • The Commission’s mandate is to ensure that all laws, policies, programmes, and administrative mechanisms are in consonance with the child rights perspective as enshrined in the Constitution of India and also the UN Convention on the Rights of the Child.
  • It inquires into complaints relating to a child’s right to free and compulsory education under the Right to Education Act, 2009.

 

Cotton Corporation of India:

  • CCI was established in 1970 under the administrative control of the Ministry of Textiles as a Public Sector Undertaking under the Companies Act 1956.
  • Headquarters: CBD Belapur, Navi Mumbai (Maharashtra)
  • Role: To undertake price support operations, whenever the market prices of cotton fall below the Minimum Support Prices (MSP) announced by Govt. of India, without any quantitative limit.

 

RTGS vs NEFT:

  • Use: RTGS is meant for large-value instantaneous fund transfers while NEFT is generally used for fund transfers of up to Rs. 2 lakh.
  • The minimum amount to be remitted through RTGS is Rs. 2,00,000 with no upper or maximum ceiling.
  • There is no limit imposed by RBI for funds transfer through NEFT system. However, banks may place amount limits based on their own risk perception with the approval of its board.

 

New Development Bank:

  • It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
  • It was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013.
  • It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.
  • The bank is set up to foster greater financial and development cooperation among the five emerging markets.

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