🌀Monetary Policy Committee (MPC)

▫️The RBI has a government- constituted Monetary Policy Committee (MPC) which is tasked with framing monetary policy using tools like the Repo Rate, Reverse Repo Rate, Bank Rate, Cash Reserve Ratio.


▫️The MPC is entrusted with the responsibility of deciding the different policy rates including, Marginal Standing Facility, Repo Rate, Reverse Repo Rate, and Liquidity Adjustment Facility.

▪️Composition of MPC

▫️The committee will have six members. Of the six members,   the government will nominate three. No government official will be nominated to the MPC.

▫️The other three members would be from the RBI with the governor being the ex-officio chairperson. Deputy governor of RBI in charge of the monetary policy will be a member, as also an executive director of the central bank.

▪️Selection of members

▫️The government nominees to the MPC will be selected by a Search-cum-Selection Committee under Cabinet Secretary with RBI Governor and Economic Affairs Secretary and three experts in the field of economics or banking or finance or monetary policy as its members.

▪️Term of Members

▫️Members of the MPC will be appointed for a period of four years and shall not be eligible for reappointment.

■ INTERIM GOVERNMENT (1946)

Members and portfolio they held.

◇ Jawaharlal Nehru - Vice-President of the Council; External Affairs & Commonwealth Relations.

◇ Sardar Vallabhbhai Patel - Home, Information & Broadcasting.

◇ Dr. Rajendra Prasad - Food & Agriculture.

◇ Dr. John Mathai - Industries & Supplies.

◇ Jagjivan Ram - Labour.

◇ Sardar Baldev Singh - Defence.

◇ C.H. Bhabha - Works, Mines & Power.

◇ Liaquat Ali Khan - Finance.

◇ Abdur Rab Nishtar - Posts & Air.

◇ Asaf Ali - Railways & Transport.

◇ C. Rajagopalachari - Education & Arts.

◇ I.I. Chundrigar - Commerce.

◇ Ghaznafar Ali Khan - Health

◇ Joginder Nath Mandal - Law

Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora or CITES, aims at regulating the international trade of specimens of endangered animals and plants. India has ratified this Convention in 1976.
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🌀Bad Bank

◾️News: RBI Governor has agreed to look at a proposal for creating a Bad Bank.

◾️Key points:
1. Function as a bank but has bad assets to start with.

2. It is an Asset Reconstruction Company (ARC) or an Asset Management Company (AMC).

3. It is not involved in lending and taking deposits.

4. It helps commercial banks clean up their balance sheets and resolve bad loans.

5. US-based Mellon Bank created the first bad bank in 1988.

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√√ रेखा का नाम – मैकमोहन रेखा (Macmahon Line)
● किसके बीच – भारत तथा चीन
● 1120 किमी. लंबी यह रेखा सर हेनरी मैकमोहन द्वारा निर्धारित की गई थी। लेकिन चीन इसे स्वीकार नहीं करता।
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√√ रेखा का नाम – रेडक्लिफ रेखा (Radcliffe Line)
● किसके बीच – भारत तथा पाकिस्तान
● 1947 में भारत-पाकिस्तान सीमा आयोग के अध्यक्ष सर सायरिल रेडक्लिफ द्वारा निर्धारित।

√ रेखा का नाम – सीजफ्राइड रेखा (Seigfrid Line)
● किसके बीच – जर्मनी तथा फ्रांस
● जर्मनी ने यह रेखा बनाई थी।

√√ रेखा का नाम – हिंडनबर्ग रेखा (Hindenburg Line)
● किसके बीच – जर्मनी तथा पोलैंड
● प्रथम विश्व युद्ध में जर्मनी की सेना यहीं से वापस लौटी थी।