Tuesday, 21st March 2023

Table of contents

1   Editorial of the day


Credit Suisse Collapse - Edukemy Current Affairs

2   Daily Current Affairs


Japan PM Visit - Indo-Pacific Agenda


ICC Arrest warrant to Putin - Edukemy Current Affairs


Pre-Arrest Bail - Anticipatory Bail


India-Bangladesh Friendship Pipeline


Background Radiation (BR) - Edukemy Current Affairs


10th International Abilympics - Edukemy Current Affairs


Gulf of Mannar - Edukemy Current Affairs


GPT -4 - Edukemy Current Affairs


Matua Mahamela - Edukemy Current Affairs

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Editorial of the day

Credit Suisse Collapse - Edukemy Current Affairs

Exam View: About the Credit Suisse Bank collapse; Result of the collapse; What can be learnt by the global regulators from India’s best practices.


The Union Bank of Switzerland, which has the full might of the Swiss National Bank behind it, has acquired the 167-year-old Credit Suisse Bank. The deal was hurriedly brokered by Swiss government and regulators, a week after giving Credit Suisse a 50 billion Swiss francs lifeline. It was done to contain the crisis of confidence in Credit Suisse. It was also done to stop the contagion to other banks. This is the third major global bank that has collapsed in just the past 10 days, after the Silicon Valley Bank and the Signature Bank of the USA.

Background: The Credit Suisse Collapse

  • The Credit Suisse Bank was founded in 1856. The old bank worked in revered niche areas of wealth management and investment banking. It has been losing its market value since the 2008 global financial crisis. The reason for this is that Credit Suisse has made several risky bets:
    • Investment in Greensill Capital: Credit Suisse directed many customers to invest as much $10 billion. Greensill was itself a lender of sorts. It paid suppliers upfront cash and took their place in waiting for the clients to pay. By March 2021, Greensill had filed for bankruptcy, denting Credit Suisse and its rich investors.
    • The collapse of hedge fund Archegos Capital Management in March 2021, led to Credit Suisse losing another $5.5 billion.
    • High-profile managerial malpractices and exits, further undermined investor confidence.
  • This has hurt the bank’s profitability and eroded investor confidence, which in turn, has made raising fresh capital costlier.

Decoding the Editorial: The collapse of the Credit Suisse Bank has brought to fore major issues that European banks face –

  • Lacklustre home markets;
  • Failed bets in mainland China;
  • Stiff competition from US banking behemoths;
  • The CDS (credit default swap) of Credit Suisse, approaching alarming high levels, may result in rating changes for financial markets and even sovereigns; and
  • The demands for payment from diverse protection buyers can be daunting for UBS, SNB and the entire banking system wanting safe harbour in the storm.

What can be learnt by the global regulators from India’s best practices?

The Reserve Bank of India, has worked with the government since the pandemic began to steer the economy.

  • The playbook adopted by the RBI in times of crises, deployed at a systemic level and led by large and systemically important banks, has been the best-integrated policy response both in 2008 and 2020.
  • The upward revision in the deposit insurance limit by the Indian government in 2020 needs to be seen in comparison to the US.
    • Smaller bank deposits in the US are insured in the range of 30-45% only. In contrast, smaller bank deposits in India such as regional rural banks, cooperative banks and local area banks are better protected at 82.9%, 66.5%, and 76.4% respectively.
    • Public sector banks, which have a large proportion of customers, have better customer deposit protection in comparison to private banks.
  • India’s deposit insurance coverage to per capita income ratio at 2.53 is one of the highest across the world.
  • India has the least foreign claims, both on counterparty basis, and on a guarantor basis.
    • India’s ratio of foreign claims to domestic claims is also the least among countries signalling that our banking and financial system is very disciplined.

It can be observed that banks in emerging economies are now on track for more robust performance on the back of a robust regulatory framework, greater policy initiatives, framed in coordination by both regulators and governments.




Keywords: GS Paper-3
Daily Current Affairs

Japan PM Visit - Indo-Pacific Agenda

In News: In an official capacity, Japanese Prime Minister Fumio Kishida is visiting India with the aim of aligning plans for the G7 summit in Hiroshima and the G20 summit in Delhi.

Japan India Bilateral relationships:

  • India and Japan share ‘Special Strategic and Global Partnership’ and historical friendship rooted in spiritual affinity and strong cultural and civilizational ties.

Economic Relation:

  • Trade Agreement: Comprehensive Economic Partnership (CEPA) between India and Japan was signed on 1 August 2011.
  • Trading Partner: 12th largest trading partner for India in 2020 and bilateral trade totalled US$ 20.57 billion during FY 2021-22.
  • FDI Investment: In the last two decades Japanese investments in India has been around US$ 36.94 billion ranking Japan fifth among source country for FDI.
  • Currency swap agreement: It was signed between India and Japan for a USD 75 billion in 2018.
  • Official Development Assistance: Japanese ODA supports India’s efforts for accelerated economic development, particularly in priority areas like power, transportation, environment and social sector.

Defence and Security Cooperation:

  • The Joint Declaration on Security Cooperation between Japan and India was issued in 2018.
  • Various frameworks of security and defence dialogue such as 2+2 dialogue and QUAD engagement are organized between two countries.
  • Acquisition and Cross-Servicing Agreement (ACSA) in 2020, established a framework such as the settlement procedures for the reciprocal provision of supplies and services between forces of the two nations.
  • Joint Military exercises such as Malabar exercise, Veer Guardian and Dharma guardian are also conducted to increase interoperability.

Objectives and Agenda of Japan PM Visit:

  • Japan aims to make another attempt at bringing India on board with more tough stance on Russia during the Hiroshima G7 meeting.
  • Roles of G7 and G20 in overcoming global challenges like international security, food security, climate and energy, fair and transparent development finance etc.
  • Converging priorities on critical global issues, including food and health security, energy transitions and economic security and increasing engagement between t G7 and Global South
  • Discussions over Japan’s targeted 5-trillion Yen public and private investment in India, connectivity projects in the North-East, and the much-delayed Shinkansen high-speed rail project
  • “Special Strategic and Global Partnership” over the Free and Open Indo-Pacific (FOIP).




Keywords: GS -2, International Relation Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
Daily Current Affairs

ICC Arrest warrant to Putin - Edukemy Current Affairs

In News: Arrest warrant issued by ICC against Russian President Vladimir Putin


  • The International Criminal Court (ICC) has recently issued an arrest warrant against Russian President Vladimir Putin and Maria Lvova-Belova, Russia’s Commissioner for Child Rights.
  • The charges have been for the alleged war crime of unlawfully deporting and transferring children from occupied areas of Ukraine to the Russian Federation.
  • These acts have been declared an offence under articles 8(2)(a)(vii) and 8(2)(b)(viii) of the Rome Statute.
  • While Russia does not recognize the ICC’s jurisdiction and hence considers the move “null and void”, Putin risks arrest every time he travels to a state party to the ICC.
  • Ukraine in its part is not a State Party to the Rome Statute but has twice exercised its options to accept ICC’s jurisdiction over alleged crimes under the Rome Statute, occurring on its territory, under Article 12(3) of the Statute.

What is the ICC?

  • The ICC, headquartered in The Hague, Netherlands, was established under a 1998 treaty called the “Rome Statute”.
  • It investigates and tries individuals charged with genocide, war crimes, crimes against humanity and the crime of aggression.
  • The ICC is a court of last resort, meaning it only takes cases when national courts are unable or unwilling to prosecute.
  • It is composed of four main organs: the Presidency, the Judicial Divisions, the Office of the Prosecutor, and the Registry.
  • At present, ICC has 123 member states and cases are conducted in two official languages: English and French.
  • The ICC operates on a budget provided by its member states and does not have its own police force or army.

Key findings:

  • The ICC report has framed Russian authorities of committing violations of international human rights law and international humanitarian law in many regions of Ukraine and the Russian Federation.
  • Many of these amount to war crimes and include wilful killings, attacks on civilians, unlawful confinement, torture, rape, and forced transfers and deportations of children, the report states.
  • This is the first time that the ICC has issued an arrest warrant against one of the five permanent members of the UN Security Council.

Implications of the arrest warrant:

  • The arrest warrant is a significant moment, as it sends a signal to senior Russian officials that they may be vulnerable to prosecution either now or in the future.
  • The warrant would further limit their ability to travel internationally, including to attend international forums.
  • Russia does not recognize the court and does not extradite its citizens, it is unlikely that Putin or Lvova-Belova will be surrendered to the court's jurisdiction anytime soon.
  • While the ICC does not recognize immunity for heads of state in cases involving war crimes, crimes against humanity or genocide, several countries have declined to enforce ICC warrants for serving heads of state.
  • The arrest of former Chilean dictator Augusto Pinochet in London in 1998 illustrates the difficulties involved in such immunity issues as British home secretary allowed Pinochet to return home on grounds of ill health.

Key challenges of ICC:

  • Lack of universal jurisdiction: The ICC has jurisdiction only over crimes committed in states that have ratified the Rome Statute, which limits its ability to prosecute individuals for crimes committed in non-member states.
  • Lack of enforcement powers: The ICC has no police force or army to enforce its decisions and relies on cooperation from member states to arrest and surrender suspects.
  • Political pressure: The ICC can face political pressure from powerful states, which may refuse to cooperate with the court or undermine its authority.
  • Limited resources: The ICC has a limited budget and staff, which can hinder its ability to investigate and prosecute cases.
  • Lengthy and complex legal proceedings: ICC trials can take years and be extremely complex, which can make it difficult to secure convictions and deter future crimes.
  • Perception of bias: Some states and individuals argue that the ICC is biased against certain countries or regions, which can undermine the court's legitimacy and effectiveness.
  • Limited reach: The ICC can only prosecute individuals, not states or organizations, which limits its ability to address systemic issues or hold entire governments accountable for crimes.




Keywords: GS-2, International Institution
Daily Current Affairs

Pre-Arrest Bail - Anticipatory Bail

In News: Recently, Karnataka BJP MLA has been granted pre-arrest bail by the High Court, a decision challenged in Supreme Court by the state Lokayukta.


Bail is the conditional release of a person held under legal custody by undertaking a promise to appear in the Court as and when required. It signifies a security/collateral deposited before the Court for release. In Supt. and Remembrancer of Legal Affairs v. Amiya Kumar Roy Choudhry (1973) case, the Calcutta High Court explained the principle behind giving Bail.

Types of Bail:

Conditions for Granting an Anticipatory Bail in India

  • The person seeking anticipatory bail should have reason to believe that they may be arrested for a non-bailable offense. The court may also impose a monetary bond, which the person seeking anticipatory bail will have to pay if they fail to appear before the court or violate the conditions imposed.
  • The person seeking anticipatory bail must make themselves available for interrogation by the investigating officer as and when required. The court may grant anticipatory bail for a limited period, and the person will have to surrender to custody once the period expires.
  • Granting anticipatory bail is at the discretion of the court and is not an absolute right. The court will consider various factors, such as the nature and gravity of the offense, the antecedents of the person seeking anticipatory bail, and the likelihood of the person absconding or tampering with evidence, before deciding whether to grant anticipatory bail.

Ground to cancel Anticipatory Bail

  • 437(5) & Sec. 439 of CrPC: It deal with the cancellation of anticipatory Bail. They imply that a Court which has the power to grant anticipatory Bail is also empowered to cancel the Bail or recall the order related to Bail upon appropriate consideration of facts.
  • Decision of High Court or Court of Session: Court may direct that any person who has been released on Bail by it be arrested and brought under custody after filing of an application by the complainant or the prosecution. However, a Court does not have the power to cancel the Bail granted by the police officer.




Keywords: GS-2 Polity and Constitution
Daily Current Affairs

India-Bangladesh Friendship Pipeline

In News: Recently, in a virtual ceremony, the Prime Minister of India and the Prime Minister of Bangladesh jointly inaugurated the India-Bangladesh Friendship Pipeline (IBFP).


  • IBFP is the first cross-border energy pipeline between India and Bangladesh with a capacity to transport 1 million Metric Ton Per Annum (MMTPA) of High-Speed Diesel (HSD) to Bangladesh.
  • The foundation stone for the construction of this pipeline was laid by both Prime Ministers in September 2018.
  • This is the second cross-border energy pipeline between India and its neighbours.
    • Numaligarh Refinery Limited has been supplying petroleum products to Bangladesh since 2015.
  • The pipeline will bring diesel from a marketing depot in Siliguri to Dinajpur of Bangladesh.
  • Indian leg of the pipeline project will be implemented by Assam-based Numaligarh Refinery Limited and Bangladeshi leg will be implemented by Bangladesh Petroleum Corporation.
  • The IBFPL project aims to facilitate the transportation of imported fuel oil and reduce its transport costs for Bangladesh.





Keywords: GS –2, International relations, India and its Neighbourhood
Daily Current Affairs

Background Radiation (BR) - Edukemy Current Affairs

In News: A group of scientists conducted a nationwide study, which revealed that certain areas of Kerala have background radiation levels that are nearly three times higher than previously estimated.


  • These are the radioactive radiations such as alpha, beta, and gamma to which we all are exposed even in the absence of visible radioactive sources.
  • BR radiation originates from a variety of sources, both natural and artificial.
  • These include both cosmic radiation and environmental radioactivity from naturally occurring radioactive materials (such as radon and radium), as well as man-made medical X-rays, the fallout from nuclear weapons testing and nuclear accidents.
  • The International Atomic Energy Agency (IAEA) specifies maximum radiation exposure levels, and this has also been adopted by India’s atomic energy establishment.
  • Public exposure of BR should not exceed 1 milli-Sievert every year, those who work in plants or are by virtue of their occupation shouldn’t be exposed to over 30 milli-Sievert every year.

Disadvantages of Background Radiations:

  • Acute Radiation Syndrome from Large Exposures.
  • Radiation exposure is extremely harmful to children and foetuses.
  • When the radioactive source is outside of your body, it is referred to as external exposure. X-rays and gamma rays can travel through your body and deposit energy.





Keywords: GS –3 Environmental Pollution & Degradation, Health
Daily Current Affairs

10th International Abilympics - Edukemy Current Affairs

Context: Recently Chetan Pashilkar, Priyanka Dabade, Mohit Majety and Bhagyashri Nadimetala speak of how they overcame their challenges to participate in the International Abilympics.


  • Abilympics allow persons with disabilities to prove their potential and talents in multiple domains including photography, web designing, painting, and, more.
  • Japan was the first to organise a vocational skills contest for PwD in 1972 but In 1981 the First International Abilympics was held in Tokyo – Japan, to commemorate the United Nations International Year of Disabled Persons (IYDP).
  • Abilympics is held every 4 years at various international host nations.
  • The aim of the Abilympics is to improve the vocational skills of people with disabilities so that they can actively participate in socio-economic activities.

10th International Abilympics:

  • The 10th International Abilympics will be held in Metz, France.
  • Competitions will be held in overall 45 Competitive skill categories, under ICT, Crafts, Hospitality, Services and Industry.
  • NAAI has finalized 13 skill categories to participate in international competitions -
    • ICT/Computers: Word Processing; Web Designing; Poster Designing; Photography Studio; Photography Outdoor
    • Crafts: Painting, Embroidery
    • Services: Jewellery Making; Tailoring; Dress Making
    • Food: Bakery; Cooking, Restaurant Service.





Keywords: GS –2 Government Policies & Interventions, Sports & Affairs
Daily Current Affairs

Gulf of Mannar - Edukemy Current Affairs

Why in news? The government plans a seaweed park in Tamil Nadu, ignoring the threat that Kappaphycus, a widely grown invasive seaweed.


  • It is an inlet of the Indian Ocean, between southeastern India and western Sri Lanka.
  • It is bounded to the northeast by Rameswaram (island), Adam’s (Rama’s) Bridge (a chain of shoals), and Mannar Island.
  • The gulf is 80–170 miles (130–275 km) wide and 100 miles (160 km) long.
  • It receives several rivers, including the Tambraparni (India) and the Aruvi (Sri Lanka).
  • The port of Tuticorin is on the coast. The gulf is noted for its pearl banks and sacred chank (a gastropod mollusk).




Keywords: General Studies –1 Physical Geography
Daily Current Affairs

GPT -4 - Edukemy Current Affairs

Why in news? OpenAI has recently launched its ChatGPT Plus subscription for Indian users, providing them with early access to the latest language model GPT-4.


  • According to OpenAI, GPT-4 is more advanced than its predecessors when it comes to creativity, visual comprehension, and context.
  • It also possesses the ability to collaborate with users on various creative projects, including music, screenplays, technical writing, etc.
  • It can process up to 25,000 words of text and facilitate extended conversations.
  • GPT-4 can encompass more than just text – it also accepts images as input.
    • On the contrary, GPT-3 and GPT-3.5 only operated in one modality, text, allowing users only to ask questions by typing them out.
  • GPT-4 is more multilingual and OpenAI has demonstrated that it outperforms GPT-3.5 and other Large Language Models (LLMs) by accurately answering thousands of multiple-choice across 26 languages.




Keywords: General Studies –3 IT & Computers, Scientific Innovations & Discoveries, Artificial Intelligence
Daily Current Affairs

Matua Mahamela - Edukemy Current Affairs

Why in news? Recently, Union Home Minister greeted West Bengal's Matua community on the occasion of Matua Maha Mela 2023.


  • Matua mela is being organized in West Bengal to celebrate the 212th birth anniversary of Sri Sri Harichand Thakur, the founder of the Matua sect (sect of Vaishnavite Hinduism called ‘Matua’).

Matua Mahamela

  • Matua Mahasangha is a religious reformation movement that originated, around 1860 AD, in modern-day Bangladesh for the upliftment of the oppressed.
  • The mela, organised by the All India Matua Mahasangha, which is a much-anticipated occasion for the Matua community, a subset of lower-class AVARNA Hindus who fall under the Namasudra Scheduled Caste category.
  • The celebrations feature a variety of cultural acts, including readings of poetry, music, and traditional dances.
  • The Mela serves as a stage to promote the community's culture and customs and is a symbol of its resilience.




Keywords: General Studies –1 Modern History
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UPSC Daily Current Affairs focuses on learning current events on a daily basis. An aspirant needs to study regular and updated information about current events, news, and relevant topics that are important for UPSC aspirants. It covers national and international affairs, government policies, socio-economic issues, science and technology advancements, and more.

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