• Bank of Baroda, State Bank of India, and erstwhile Oriental Bank of Commerce were felicitated for being the top three (in that order) in the ‘Top Performing Banks’ category according to the EASE 2.0 Index Results released recently.
• Bank of Maharashtra, Central Bank of India & erstwhile Corporation Bank were awarded in the ‘Top Improvers’ category basis EASE 2.0.
• Punjab National Bank, Union Bank of India, and Canara Bank were also recognized for outstanding performance in select themes.

EASE Index

• A common reform agenda for Public Sector Banks (PSBs), EASE Agenda is aimed at institutionalizing clean and smart banking.
• It was launched in 2018, and the subsequent edition of the program, EASE 2.0 built on the foundation laid in EASE 1.0 and furthered the progress on reforms.

• 15th edition of Sustainability Summit was held recently in New Delhi.

Sustainability Summit

• It is the annual flagship event of Confederation of Indian Industry (CII) in sustainability, launched in 2006 to raise the bar of dialogue, practice and performance of sustainable business.
• The ‘15th Sustainability Summit – Action Agenda for the Next Decade’ is designed to focus on shaping up of the coming decade, incorporating learning from COVID-19 and reflecting how the drivers of innovation, technology and systems thinking can help us build a more sustainable next decade.

• In January, 2018, the Union Cabinet has approved amendments in the Model Concession Agreement (MCA) which envisaged constitution of SAROD-PORTS as dispute resolution mechanism for PPP Projects in the Major Ports.
• Ministry of Shipping has recently launched ‘SAROD-Ports’ (Society for Affordable Redressal of Disputes - Ports) through virtual ceremony.

‘SAROD-Ports’

• SAROD-Ports is established under Societies Registration Act, 1860 with the following objectives:

1. Affordable and timely resolution of disputes in fair manner
2. Enrichment of Dispute Resolution Mechanism with the panel of technical experts as arbitrators.

• SAROD-Ports consists members from Indian Ports Association (IPA) and Indian Private Ports and Terminals Association (IPTTA).
• SAROD-Ports will advise and assist in settlement of disputes through arbitrations in the maritime sector, including ports and shipping sector in Major Port Trusts, Non-major Ports, including private ports, jetties, terminals and harbours.
• It will also cover disputes between granting authority and Licensee/Concessionaire /Contractor   and also disputes between Licensee/Concessionaire and their contractors arising out of and during the course of execution of various contracts.
• ‘SAROD-Ports’ is similar to provision available in Highway Sector in the form of SAROD-Roads constituted by NHAI.

• Various concerns have been raised during the proceedings of the ongoing hearing in Hon’ble Supreme Court of India, in the matter of Gajendra Sharma Vs. UoI and Others, of the matter regarding the relief sought in terms of waiver of interest and waiver of interest on interest and other related issues.
• Government has accordingly constituted an Expert Committee for making an overall assessment so that its decisions in this regard are better informed.
• The Expert Committee will be chaired by Shri Rajiv Mehrishi, former CAG of India.

The terms of reference of the committee shall be as under:

1. Measuring the impact on the national economy and financial stability   of waiving of interest and waiving of interest on interest on the COVID-19 related moratorium
2. Suggestions to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard
3. Any other suggestions/observations that may be necessary given the current situation.          

• The committee will submit its report within one week. State Bank of India will provide secretarial support to the committee.
• The Committee may consult banks or other stakeholders, as deemed necessary, for the purpose.

Five Star Villages Scheme

• The Department of Posts has recently launched a scheme called Five Star Villages, to ensure universal coverage of flagship postal schemes in rural areas of the country.
• The scheme seeks to bridge the gaps in public awareness and reach of postal products and services, especially in interior villages.
• All postal products and services will be made available and marketed and publicized at village level, under the Five Star Villages scheme.
• Branch offices will function as one-stop shop to cater all post office - related needs of villagers.
• The schemes covered under the Five Star scheme include:

1. Savings Bank accounts, Recurrent Deposit Accounts, NSC / KVP certificates
2. Sukanya Samridhi Accounts/ PPF Accounts
3. Funded Post Office Savings Account linked India Post Payments Bank Accounts
4. Postal Life Insurance Policy/Rural Postal Life Insurance Policy
5. Pradhan Mantri Suraksha Bima Yojana Account / Pradhan Mantri Jeevan Jyoti Bima Yojana Account.

• If a village attains universal coverage for four schemes from the above list, then that village gets four-star status; if a village completes three schemes, then that village get three-star status and so on.

Implementation Team

• The scheme will be implemented by a team of five Gramin Dak Sevaks who will be assigned a village for marketing of all products, savings and insurance schemes of the Department of Posts.
• This team will be headed by the Branch Post Master of the concerned Branch Office.

Campaign

• The team of Gramin Dak Sevaks will conduct door-to-door awareness campaign on all schemes, covering all eligible villagers.
• Wide publicity will be given by displaying the information on notice board of Branch Office.
• Prominent places of targeted villages like Panchayat Offices, schools, village dispensaries, bus depots, markets will also be used for advertising and pamphlets will be distributed.

• The Government raises FDI limit in defence sector to 74% through automatic route with 'national security' clause.
• The Government reserves the right to scrutinise any investment proposal, which it thinks may impact India’s national security.
• The move was aimed at giving a push to ‘Aatmanirbhar Bharat’ in defence manufacturing.
• In value terms, India imports around 70% of its high-tech defence hardware such as aircraft, ships, submarines and missiles.

• It was the 125th birth anniversary celebrations of Sri Viswanatha Satyanarayana (1895 – 1976).
• He was a 20th century Telugu writer.
• His popular works includes, Ramayana Kalpa Vrukshamu, Kinnersani Patalu and the novel Veyipadagalu.
• He was awarded with ‘Jnanpith Award’ for his book ‘Ramayana Kalpavriksham’.
• He was the first Telugu writer to receive Jnanpith Award.   

• Recently, India, Asian Development Bank (ADB) sign $500 million loan for Delhi-Meerut high-speed rail corridor.
• ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
• It admits the members of the United Nations Economic and Social Commission for Asia and the Pacific, and other non-regional developed countries, as it’s members.  

• In the US brokered Peace Deal, Bahrain, Israel agree to establish full Diplomatic relations.
• Bahrain is an archipelago in the Persian Gulf.
• Saudi Arabia lies to the west across the Gulf of Bahrain, while the Qatar peninsula lies to the east.
• Iran and Saudi Arabia are the India’s biggest oil suppliers.
• Last month the United Arab Emirates (UAE) agreed to normalise its relationship with Israel.
• Earlier Egypt and Jordan normalise relationship with Israel.  

• At least 24 reservoirs out of the 123 monitored by the Central Water Commission (CWC) were 100% full.
• The CWC is a premier Technical Organization of India in the field of Water Resources.
• It is functioning as an attached office of the Ministry of Jal Shakti, Department of Water Resources, River Development and Ganga Rejuvenation.
• It provides flood forecasting services to all major flood prone inter-state river basins of India through a network of 175 flood forecasting stations.