WBCS Current Affairs 12/02/2017 to 18/02/2017

1.India was ranked 143rd out of 186 economies in the annual Index of Economic Freedom 2017 that measures the degree of economic freedom in the countries of the world. The index was released by top US based Think Tank, The Heritage Foundation. In this edition, India’s overall score was 52.6 points, 3.6 points less than scored in 2016 when it was ranked 123rd. How countries are ranked? The Index of Economic Freedom ranks countries based on score ranging 0 to 100, with 0 being the least free and 100 the most free. The score is based on ten factors of economic freedom, separated into four categories, using statistics from international organizations like World Bank, IMF, Economist Intelligence Unit and Transparency International. Based on the score, countries are grouped in 5 different categories, Free (80–100), Mostly Free (70.0–79.9), Moderately Free (60.0–69.9), Mostly Unfree (50.0–59.9) and Repressed (0–49.9). Key Highlights of 2017 Economic Freedom Index Top 5 countries in this edition of index are Hong Kong (1st), Singapore (2nd) and New Zealand (3rd), Switzerland (4th) and Austria (5th). India with 52.6 points score was ranked 143rd. It was placed in the category of “Mostly Unfree” Economies (points ranging from 50.0-59.9). India’s neighbours, Nepal (125th), Sri Lanka (112th), Pakistan (141st), Bhutan (107th), and Bangladesh (128th) have surpassed India. Only Afghanistan (163rd) and Maldives (157th) were ranked below India. China with a score of 57.4 points ranked 111th which is 5.4 points above 2016 score. United States was ranked 17th with a score of 75.1 points. The world average score was 60.9, highest recorded in the 23-year history of the index. 49 countries majority of developing countries and also Norway and Sweden have achieved their highest-ever index scores. India related facts: India’s progress on market-oriented reforms has been uneven. India has combination of advance technology and manufacturing sectors of developed world as well as traditional sectors, characteristic of a lesser developed economy. Extreme wealth and poverty coexist in India as it both modernises rapidly and struggles to find paths to inclusive development for its large population. India is a significant force in world trade, but underdeveloped infrastructure, corruption and poor management of public finance undermines its overall development. Praised efforts of Prime Minister Narendra Modi for giving a new energy and strength to Indian Foreign Policy. PM has strengthened India’s bilateral ties with US particularly in defence cooperation.Continue Reading WBCS Current Affairs 12/02/2017 to 18/02/2017.

2. The Reserve Bank of India (RBI) has permitted multilateral and regional financial institutions (FIs) to invest in ‘masala bonds’, rupee denominated bonds issued by Indian entities. This decision will allow multilateral agencies like Asian Development Bank (ADB) and BRICS led New Development Bank (NDB) to invest in these bonds. It also provides more choices of investors to Indian entities issuing rupee-denominated bonds abroad. What are Masala bonds? The Masala bonds refer to rupee-denominated bonds through which Indian entities can raise money from foreign markets in rupee, and not in foreign currency. Basically, they are debt instruments that are typically used by corporates to raise money from investors. The issuance of rupee denominated bonds, Indian entity is protected against the risk of currency fluctuation, typically associated with borrowing in foreign currency. Masala bonds also help in internationalization of the rupee and in expansion of the Indian bond markets. These bonds are usually traded on the London Stock Exchange (LSE) and not in India. Note The first Masala bond was issued by the International Finance Corporation (IFC), the investment arm of the World Bank dubbed as Uridashi Masala Bonds in November 2014. The Housing Development Finance Corporation (HDFC) was the first Indian company to issue rupee-denominated bonds “masala bonds” on London Stock Exchange (LSE) in July 2016. International Financial Corporation was first time issued green masala bonds in August 2015 to raise private sector investments that address climate change in India. Canada’s British Columbia province was the first foreign government to issue of masala bonds.

3. Renowned Hindi Scholar, litterateur and playwright Surendra Verma (75) was selected for the prestigious Vyas Samman 2016. He was chosen for this award for his novel Kaatna Shami Ka Vriksha : Padma Pankhuri Ki Dhar Se, published in 2010. About Surendra Verma Born on September 7, 1941 in Jhansi, Uttar Pradesh He had started his career as a teacher and later writing stories. His first play was Surya ki antim kiran sesurya kipahli kiran tak (From the Sun’s Last Ray to the Sun’s First Ray`). It has been translated in six different languages So far he has published fifteen titles of short stories, novels, satires and play. Some of them Mujhe Chand Chahiyae, Surya Ki Antim Kiran Se Surya Ki Pahli Kiran Tak, Athwan Sarg and Qaid-e-Hayat etc. Awards and Honours: He has won the Sangeet Natak Akademi Award (1993) and Sahitya Akademi Award (1996). About Vyas Samman award The Vyas Samman award award was instituted by the K.K. Birla Foundation in 1991. It is awarded annually to outstanding literary work in Hindi authored and published in past 10 years by an Indian citizen. The award carries monetary award of 2.5 lakh rupees, a citation and a plaque.

4. Edappadi K Palaniswamy was sworn in as the 13th chief minister of Tamil Nadu. He was administered oath of office and secrecy in a simple ceremony held at the Durbar Hall of Raj Bhavan in Chennai, state capital. Along with Palaniswamy, 30 other ministers also took oath, with the total strength of the cabinet at 31. Now Palaniswamy will seek vote of confidence on the floor of the state Assembly.

5. The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the merger of State Bank of India (SBI) with five of its associate/subsidiary banks. These five subsidiary banks are State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore. The Union Cabinet also approved the introduction of a Bill in Parliament to repeal the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956. Key Facts The acquisition under Section 35 of the SBI Act, 1955 will result in the creation of a stronger merged entity. It will minimize vulnerability faced by subsidiary banks to any geographic concentration risks. It will improve operational efficiency and economies of scale resulting into in improved risk management and unified treasury operations. Existing customers of associate banks will benefit from SBI’s global network. The merger will lead to better management of high value credit exposures through focused monitoring and control over cash flows rather than separate monitoring by six different banks. The merger will also result in recurring savings, estimated at more than Rs. 1,000 crore in first year, because of reduced cost of funds and enhanced operational efficiency. Comment The acquisition of subsidiary banks of SBI is considered an important step towards strengthening the banking sector through consolidation of public sector banks (PSBs). It is in pursuance of the Indradhanush action plan of the Central Government. In 2015, SBI was ranked 52 in the world in terms of assets, however the merger will allow its entry un top 50. The merger does not include Bharatiya Mahila Bank (BMB) and its proposal is still under consideration.

6. The Ministry of Mines has launched Transparency, Auction Monitoring and Resource Augmentation (TAMRA) Portal and Mobile Application to ensure transparent award of statutory Clearances for mining operations The TAMRA platform was simultaneously launched across 12 mineral rich states as a part of the Ease of Doing Business in the Mining sector and to double mining contribution to GDP.

7. The Union Cabinet chaired by Prime Minister Narendra Modi has approved establishment of Food Legumes Research Platform (FLRP) at Amlaha in Sehore, Madhya Pradesh with Satellite Hubs in West Bengal and Rajasthan. Cabinet approval confers FLRP an international status as contemplated in Clause 3 of the United Nations (Privileges and Immunities) Act, 1947. It authorizes the Department of Agricultural Research (DARE) on behalf of Union Government in all matters regarding establishment of the Platform.

8. The Cabinet Committee on Economic Affairs (CCEA) has approved to award contract in 31 contract areas of small oil and gas fields belonging to ONGC and Oil India Limited (OIL) The contract areas include 44 fields, 28 inland and 16 offshore. The will be awarded under Discovered Small Field Policy bid round – 2016.

9. Indian Space Research Organisation (ISRO) created history by successfully launching a record 104 satellites in single mission. These satellites were launched on board of Polar Satellite Launch Vehicle PSLV-C37, on its 39th mission from Satish Dhawan Space Centre, Sriharikota, Andhra Pradesh.’ Key Facts Of the total 104 satellites, three were Indian and remaining 101 belonged to international customers. India’s three satellites included earth-mapping Cartosat-2 satellite (main payload) and nanosatellites INS-1A and INS-1B. Foreign Satellites: Of the 101 co-passenger satellites, 96 belong to US and remaining 5 from Israel, Kazakhstan, Netherlands, Switzerland, United Arab Emirates, respectively. Around 90 small satellites belonged to US-based company Planet Inc. They are named ‘Doves’ and their constellation will be used to image the earth at low cost. Launch Process: In this mission, PSLV first launched the Cartosat-2 and then its 103 co-passengers (together weighing about 664 kg) into the polar Sun Synchronous Orbit (SSO), about 520 km from the Earth. Cartosat-2 Satellite: It was the primary payload of the mission. It is similar to the earlier four satellites in Cartosat-2 Series. It weighs 714 kg and has a mission life of five years. It is earth observation satellite that will provide remote sensing services. Images sent by it will be useful for coastal land use and regulation, road network monitoring and creation of land use maps, among others. INS-1A and INS-1B Satellites: They are nanosatellites. INS-1A was carrying Surface Bidirectional Reflectance Distribution Function Radiometer and INS-1B was carrying Earth Exosphere Lyman Alpha Analyser as payloads. Launch Vehicle: For this mission, ISRO had used XL Variant of PSLV rocket standing 44.4 metres tall and weighing 320 tonnes. It is most powerful rocket of ISRO and earlier was used in launching ambitious Chandrayaan and Mars Orbiter Mission (MOM). Records Broken: This mission beat the previous record held by Russia, which in 2014 had catapulted 37 satellites in a single launch, using a modified inter-continental ballistic missile. It also broke ISRO’s previous national record set in June 2016, after it had successfully launched 20 satellites, including 13 from the US in single mission.

10. The Food Safety and Standards Authority of India (FSSAI) has constituted a Panel on Food Fortification and Nutrition to identify critical nutritional gaps in the Indian diet in general and also in specific target groups. The 11 member panel will frame final regulations on fortification of foods and prepare strategies to address malnutrition problem.

11. The Indian Airforce (IAG) has formally inducted the first indigenously built Airborne Early Warning and Control System (AEW&C) dubbed as NETRA. The AEW&C NETRA has been indigenously developed by the Defence Research and Development Organisation (DRDO). It was unveiled at the 2017 Aero India exhibition held in Bengaluru, Karnataka. Key Facts AEW&C are airborne radar systems mounted on a carrier jet for airborne surveillance system i.e. to detect and track aircraft, missiles, ships and vehicles and provide command and control to direct friendly forces. It consists of active electronically scanned radar, secondary surveillance radar, electronic and communication counter measures, LOS (Line of Sight) and beyond-LOS data link, voice communication system AEW&C NETRA system is based on Embraer aircraft (Emb-145 platform). It has self-protection suite and also mid-air refueling capability to enhance surveillance time. This system gives 240-degree coverage of airspace. DRDO has developed three NETRA systems and its three aircraft will be based at Bhatinda, facing the Western border. With this India, joins group of other countries such as United States, Russia and Israel which have developed the AEW&C system.

12. India has joined Network for Improving Quality of Care for Maternal, Newborn and Child Health, a global health network focused on improving the quality of care for new mothers and babies. The network is supported by World Health Organisation (WHO), United Nations International Children’s Fund (UNICEF) and other partners. Key Facts India is among nine countries that will be part of the network. Other countries are Bangladesh, A Cote d’Ivoire, Ethiopia, Ghana, Malawi, Nigeria, Tanzania and Uganda. Under this network, countries will work to improve the quality of health care facilities to mothers and babies. They will strengthen national efforts to end preventable deaths of pregnant women and newborns by 2030. Under it, counties will build and strengthen their national institutions, identify quality of care focal points at all levels of the health system. They will also accelerate and sustain the implementation of quality-of-care improvement packages for mothers, newborns and children. They will also strengthen capacity and motivation of health professional to plan and manage quality improvement, improve data collection and increase access to medicines, equipment, clean water and supplies. The network will also build a community of health practitioners from facility level and develop evidence-based strategies to improve quality of care, harvest implementation ideas, and collect information and experiences about what is working. Background According to World Health Organisation (WHO), the period around childbirth is the most critical for saving mothers and newborns, and preventing stillbirths. Every year, around 303 000 women die during pregnancy and childbirth worldwide, 2.7 million babies die during the first 28 days of life and 2.6 million babies are stillborn. Most of these deaths can be prevented with quality care during pregnancy and childbirth.

13. Scientists have developed novel rubber like material nicknamed ‘thubber’ which has high thermal conductivity and elasticity. It is an electrically insulating composite material that exhibits an unprecedented combination of metal-like thermal conductivity, elasticity similar to soft, biological tissue. Key Facts Thubber consists of a soft elastomer with non-toxic, liquid metal microdroplets suspended within it. This semi-liquid state allows the metal to deform with the surrounding rubber at room temperature. When it is pre-stretched at room temperature, it stretches up to six times its initial length. During this phase, liquid metal microdroplets form into elongated pathways through which heat can easily travel through. At the same time, the material is electrically insulating. Potential applications: In developing wearable computing and soft robotics, industries like athletic wear and sports medicine and in advanced manufacturing, energy, and transportation etc.

14. The Supreme Court has clarified that there is no need to stand inside a cinema hall when the national anthem is featured as a part of a film, documentary or a newsreel. This is second clarification issued by SC on its November 2016 order, directing all persons to stand up when the national anthem is sung or played in a cinema theatre.

15. According to a new study of global air pollution India’s rapidly worsening air pollution is now surpassing China’s as the deadliest in the world. The report was issued jointly by Health Effects Institute, a Boston research institute focused on the health effects of air pollution, and Institute of Health Metrics and Evaluation, Seattle based population health research centre. Key Highlights of report The number of premature deaths in China caused by dangerous air particles PM2.5, has stabilised globally in recent years but has risen sharply in India. About 1.1 million people to die prematurely each year in India which has registered an alarming increase of nearly 50% in premature deaths from particulate matter between 1990 and 2015 period. Global Scenario: The air pollution in recent times has worsened in parts of the world, including South Asia, but it improved in the United States and Europe. US and Europe: Environmental regulations in US and actions taken by European Commission have led to substantial progress in reducing fine particulate matter (PM) pollution from industrialisation since 1990. US has experienced a reduction of about 27% in the average annual exposure to fine PM and there has been smaller declines in Europe. that reduced emissions from industrialisation China: Premature deaths from particulate matter in China each year have stabilised at around 1.1 million since 2005. But still it is an increase of 17% since 1990, when it was a little more than 9,45,000. Particulate Matter Particulate Matters are fine particles, less than fraction of the width of a human hair. These particles are released from vehicles, particularly those with diesel engines, industry, as well as from natural sources like dust. They enter the bloodstream through the lungs, increasing the risk of stroke, heart failure and worsening cardiac disease, in addition also causing severe respiratory problems, like pneumonia and asthma.

16. The 70th British Academy of Film and Television Arts (BAFTA) Awards ceremony was held at the Royal Albert Hall in London. This year the BAFTA awards were conferred for the outstanding performances in films and documentaries screened at British Cinemas in 2016. La La Land won the most awards at the event, winning five and was also most nominated in 11 categories. Winners are Best Film: La La Land Best Director: Damien Chazelle (La La Land) Best Actor: Casey Affleck (Manchester by the Sea) Best Actress: Emma Stone (La La Land) Best Supporting Actor: Dev Patel (Lion) Best Supporting Actress: Viola Davis (Fences) Best Original Music: La La Land Best Original Screenplay: Manchester by the Sea Best Adapted Screenplay: Lion Best Cinematography: La La Land Best Editing: Hacksaw Ridge Best British Short Film: Home Best British Film: I, Daniel Blake Best Film Not in the English Language: Son of Saul Best Documentary: 13th Best Animated Film: Kubo and the Two Strings Best Costume Design: Jackie Best Make Up & Hair: Florence Foster Jenkins Best Sound: Arrival Best Special Visual Effects: The Jungle Book Best British Short Animation: A Love Story EE Rising Star Award: Tom Holland BAFTA Fellowship: Mel Brooks Outstanding British Contribution to Cinema: Curzon Cinemas Best Production Design: Fantastic Beasts and Where to Find Them Best Debut by a British Writer, Director or Producer: Babak Anvari (Writer/Director), Emily Leo, Oliver Roskill, Lucan Toh (Producers) for Under the Shadow About British Academy of Film and Television Arts (BAFTA) Awards The British Academy Film Awards are annual award presented by British Academy of Film and Television Arts (BAFTA) to honour the best British and international contributions to film. The award was founded in 1947 by the British Film Academy. In 1958, the academy merged with The Guild of Television Producers and Directors to form The Society of Film and Television and later BAFTA in 1976. The award presented consists of a theatrical mask designed by American sculptor Mitzi Cunliffe.

17. The 59th Annual Grammy Awards were announced by the Recording Academy announced at the Staples Center in Los Angeles, California. The ceremony recognized the best recordings, compositions, and artists of the eligibility year from October 1, 2015 to September 30, 2016. In this edition of awards, British singer Adele won the most awards in 5 different categories. She also created history by becoming first artist to win the top three categories twice (for first time in 2012). Winners are Album of the year: 25 – Adele Record of the year: Hello – Adele Song of the year: Hello – Adele Best rap album: Chance the Rapper – Coloring Book Best urban contemporary album: Beyonce – Lemonade Best country solo performance: My Church – Maren MorrisBest rock song: Blackstar – David Bowie Best pop duo/group performance: Stressed Out – Twenty One Pilots Best new artist: Chance the Rapper Best pop vocal album: Adele – 25 Best pop solo performance: Hello – Adele Best R&B performance: Solange – Cranes In the Sky. Best R&B song: Maxwell – Lake By the Ocean Best rap performance: Chance The Rapper featuring Lil Wayne & 2 Chainz – No Problem. Best rap/sung performance: Drake – Hotline Bling. Best R&B album: Lalah Hathaway – Lalah Hathaway Live Best rap song: Drake – Hotline Bling Best metal performance: Megadeth – Dystopia Best rock performance: David Bowie – Blackstar Best dance recording: The Chainsmokers – Don’t Let Me Down Note: This year Indian-American tabla player Sandeep Das won Grammy Awards won Best World Music Album with Yo-Yo Ma. About Grammy Awards Grammy Awards are the recording industry’s most prestigious award presented annually by National Academy of Recording Arts and Sciences (NARAS) of the United States. The first Grammy Awards ceremony was held on 4 May 1959 and originally was called Gramophone Awards. They are awarded to artists and technical professionals for their outstanding achievements in the English-language music industry at the annual presentation ceremony. The four main categories of award are Record of the Year, Album of the Year, Song of the Year and Best New Artist.

18. Karnataka Assembly has passed Prevention of Cruelty to Animals (Karnataka Amendment) Bill, 2017 to allow kambala, the traditional buffalo race and bullock-cart racing. The bill seeks to exempt kambala and bullock-cart racing from the ambit of Prevention of Cruelty to Animals (PCA) Act, 1960. Governor Vajubhai R. Vala may refer the Bill to President for his assent as it amends central law. What is the issue? In November 2016, the Karnataka high court had banned the kambala along with bull-cart race in the state while hearing a case filed by the People for the Ethical Treatment of Animals (PETA) citing animal cruelty. The high court had stayed these traditional sports in view of the Supreme Court’s ban on jallikattu, a traditional bull taming sport of Tamil Nadu.

19. Anil Ambani group led Reliance Defence and Engineering Limited (RDEL) has signed a Master Ship Repair Agreement (MSRA) with the US Navy to provide repair and alteration services for ships of the Seventh Fleet. With this, RDEL became first Indian company (either public or private) to provide logistical support to the US military within Indian territory.

20. India’s first floating elementary school named Loktak Elementary Floating School was inaugurated at Langolsabi Leikai of Champu Khangpok floating village on Loktak Lake in Manipur. The first of its kind school aims to provide education to drop outs students as well as illiterate adults. Currently it will provide education to around 40 children from Class I-III by engaging two local teachers. It was opened under the initiative undertaken by All Loktak Lake Fisherman’s Union with the support of an NGO People Resources Development Association (PRDA). Background The school was established to arrest the sudden high dropout rate of children living in the Champu Khangpok floating villages who were rendered homeless due to the recent evacuation of phumdis. More than 700 floating huts were removed by Loktak Development Authority as part of clearing encroachment in the lake under the Loktak Lake (Protection) Act 2006. It had resulted in displacement of the fishing community and their children who were forced to discontinue their education. About Loktak lake Loktak lake is the largest freshwater lake in northeast India. It is referred as the lifeline of Manipur and plays an important role in the economy of Manipur. The ancient lake is famous for the phumdis (also known as “phumshongs”), the heterogeneous mass of vegetation, soil and organic matter at various stages of decomposition floating over it. It serves as a source of water for irrigation, drinking water supply and hydropower generation for the local people. It is also a source of livelihood for the rural fisherman. Keibul Lamjao National Park is one of Phumdis in the lake. It is only floating national park in world and is last natural refuge of endangered Sangai deer. It was designated as a wetland of international importance under the Ramsar Convention in 1990. Later it was also listed under the Montreux Record in 1993. It is also an Important Bird Area as it’s a potential breeding site for waterfowl and is a staging site for migratory birds. In recent times human activity has led to severe pressure on the lake ecosystem.

21. The Department of Atomic Energy (DAE) has planned to develop large deposits of uranium found in Meghalaya to tap its potential to generate substantial nuclear fuel for atomic power plants in the country. It was announced by Jitendra Singh, Union Minister of State (MoS) in the Prime Minister’s Office (PMO), which looks after DAE, in a written response to a question in the Lok Sabha.Key Facts Uranium mineralization has been found over a large area around Domiasiat, Lostoin, Wahkyn etc in the northeastern state of DAE’s Uranium Corporation of India Ltd. (UCIL) already has made a plan to develop the uranium resources at Domiasiat under the name of Kylleng Phendengsohiong Mawthabah (KPM) Uranium Mining Project. Earlier, Atomic Energy Commission (AEC) also had approved the Detailed Project Report of the KPM Uranium Mining Project. It also had received environmental clearance from Environment Ministry in December 2007. About Uranium Corporation of India (UCIL) UCIL is a centrally owned Public Sector Undertaking (PSU), under the Department of Atomic Energy for uranium mining and uranium processing. It was founded in 1967 and is responsible for the mining and milling of uranium ore in India. At present, the UCIL has uranium mining projects are in Jadugora, Bhatin, Narwapahar, Turamdih and Banduhurang[ in Jharkhand and Andhra Pradesh respectively.

22. Indian Navy’s survey vessel INS Sarvekshak, based at the Southern Naval Command in Kochi became the first naval ship to go green by installing a solar power system on board. It has innovatively deployed the zero-maintenance solar power system, capable of generating 5.4KW electricity and replacing the ship’s traditional 4.4KW emergency diesel alternator.

23. India is planning to host a conference on counter-radicalisation with the Association of Southeast Asian Nations (ASEAN) in October 2017. It will provide common platform to countries for sharing experiences and ideas on prevention of radicalisation amid rise of Islamic State and other extremist ideologies.About Association of South East Asian Nations (ASEAN) ASEAN is a group of 10 South Asian nations is a regional organisation comprising that aims to promote intergovernmental cooperation and facilitates economic integration amongst its members. It came into existence on August 8, 1967 after ASEAN declaration (also known as Bangkok declaration). Motto: “One Vision, One Identity, One Community”. Headquarters: Jakarta, Indonesia. 10 Members: Malaysia, Indonesia, Singapore, Philippines and Thailand were founder countries. Later 5 more countries Brunei Darussalam, Lao PDR, Cambodia, Myanmar and Vietnam were added. Cambodia was the last entrant added in the group in 1999. Principal aims: (i) Accelerating economic growth, social progress, and sociocultural evolution among its members, (ii) Protection of regional stability and the provision of a mechanism for member countries to resolve differences peacefully.

24. The Union Government is planning to come out with ‘Indradhanush 2.0’, a comprehensive plan for recapitalisation of public sector lenders. Indradhanush 2.0 will be finalised by Reserve Bank of India (RBI) after completion of Asset Quality Review (AQR) which is likely to be completed by end of March 2017. It aims to clean up the balance sheets of PSBs to ensure banks remain solvent and fully comply with global capital adequacy norms, Basel-III. Besides, revised programme of capitalisation will be also issued as part of it.Background The RBI had embarked on the AQR exercise from December 2015 and had set a deadline of March 2017 to complete the exercise. As part of it, RBI had asked banks to recognise some top defaulting accounts as non-performing assets (NPAs) and make adequate provisions for them. Under ‘Indradhanush’ roadmap announced in 2015, the Union Government had announced an infusion of Rs. 70,000 crore in state-run banks over four years. Banks also were allowed to raise a further Rs. 1.1 lakh crore from the markets to meet their capital requirement in line with global risk norms, Basel-III. In line with the plan, PSBs were given Rs. 25,000 crore in 2015-16, and a similar amount was earmarked for the current fiscal 2016-17. Besides, Rs. 10,000 crore each will be infused in 2017-18 and 2018-19. About Basel III (Third Basel Accord) Basel III is a global, voluntary regulatory framework on bank capital adequacy, market liquidity risk and stress testing. It was agreed by Basel Committee on Banking Supervision (BCBS) members in 2010–11. It focuses primarily on the risk of a run on the bank, requiring differing levels of reserves for different forms of bank deposits and other borrowings. It does not, supersedes the guidelines known as Basel I and Basel II for the most part, rather works alongside them. In March 2014, RBI had extended Basel III deadline up to March 31, 2019, instead of as on March 31, 2018. Note: Basel series of norms are broad supervisory standards formulated by BCBS to ensure that financial institutions have enough capital on account to meet obligations and absorb unexpected losses.