New Credit Assessment Model for MSMEs
Context:
Recently, the Union Finance minister launched the New Credit Assessment Model based on the scoring of digital footprints of the Ministry of Micro, Small and Medium Enterprises (MSMEs).
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As per the Union Budget 2024-25, Public sector banks (PSBs) will build their in-house capability to assess MSMEs for credit instead of relying on external assessment.
- PSBs are those banks where the direct holding of the Central/State Government or other PSBs is 51% or more.
PSBs will develop a new credit assessment model based on the scoring of digital footprints of MSMEs in the economy.
This credit assessment model will leverage the digitally fetched and verifiable data available in the ecosystem and devise automated journeys for MSME Loan appraisal using objective decisioning for all loan applications and model-based limit assessment for both Existing to Bank (ETB) as well as New to Bank (NTB) MSME borrowers.
The benefits to MSMEs by use of this model include submission of application from anywhere through online mode, reduced paperwork and Branch visit, instant in-principle sanction through digital mode, seamless processing of credit proposals, etc.
Definition of MSMEs
Joint Special Forces Exercise Khanjar-XII
Context:
Kyrgyzstan is hosting the 12th edition of the India-Kyrgyzstan Joint Special Forces Exercise KHANJAR-XII.
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- The exercise is scheduled from 10 March to 23 March 2025.
- The Indian contingent is represented by The Parachute Regiment (Special Forces) and the Kyrgyzstan contingent is represented by the Kyrgyz Scorpion Brigade.
- Exercise also features the vibrant cultural exchange and the celebration of the Nowruz festival of Kyrgyzstan.
Exercise Khanjar
- It is an annual exercise first started in 2011 to exchange experiences and best practices in Counter Terrorism and Special Forces Operations in urban and mountainous high-altitude terrain scenarios.
- The exercise is hosted by both countries alternatively; the last edition was hosted by India in January 2024.
69th Session of UNCSW
Context:
The Union Minister of Women and Child Development is participating in the 69th Session of the United Nations Commission on the Status of Women (UNCSW).
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UNCSW is starting on 10th March 2025 at the United Nations Headquarters in New York.
This forthcoming session also marks the 30th anniversary of the landmark global guiding instrument on the empowerment of women and girls, the Beijing Declaration and Platform for Action.
The Union WCD Minister will also be the guest of honor at a high-level side-event at the UN Headquarters along the sidelines of the Commission.
- The event will be organized by the Government of India in collaboration with UN Women Headquarters on 12th March 2025.
- The event is based on the theme “Ministerial Roundtable on Digital and Financial Inclusion – A Catalyst for Women’s Empowerment and Leadership: Experiences from the Global South & Criticality of Core Resources.”
The United Nations Commission on the Status of Women (UNCSW)
UNCSW is a global intergovernmental body established in 1946 under the Economic and Social Council (ECOSOC) resolution for the promotion of gender equality, the rights and the empowerment of women.
The Commission met for the first time at Lake Success, New York, in February 1947.
In 1996, ECOSOC expanded the Commission to implement the Beijing Declaration and Platform for Action.
- The Beijing Declaration and Platform for Action was adopted in 1995 unanimously by 189 countries for women’s empowerment.
T-72 Battle Tanks
Context:
The Ministry of Defence has signed a contract with Rosoboronexport (RoE), Russian Federation, for the procurement of engines for T-72 Tanks for the Indian Army.
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- This deal, worth $248 million for the procurement of 1000 horsepower (HP) Engines for T-72 Tanks in fully formed, completely knocked down, and semi-knocked down conditions.
- The deal also includes the Transfer of Technology (ToT) from M/s RoE to M/s Armoured Vehicles Nigam Limited (Heavy Vehicle Factory), Avadi, Chennai, for integration and subsequent licensed production of engines under ToT.
- It is in line to boost the “Make in India’ initiative in the Defence Sector.
- During a river-crossing exercise in Ladakh, a T-72 tank with five soldiers on board was caught in flash floods, causing it to sink.
T-72 Tank
- T-72 is the mainstay of tank fleet of the Indian Army which is at present fitted with 780 HP Engine
- This soviet designed battle tank has been a cornerstone of many armed forces since its introduction in 1971.
- The recently modernized version, known as the CI-Ajeya, boasts features such as a Global Positioning System (GPS), Explosive Reactive Armour (ERA), and an Integrated Fire Detection and Suppression System (IFDSS).
- One of the T-72’s notable features is its ability to cross rivers using snorkels.