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India on U.S. Treasury's currency watch list
India is one of the 11 countries on the U.S. Treasury's Monitoring List with regard to their currency practices.
The report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, which is submitted to the U.S. Congress, reviews currency practices of the U.S.'s 20 biggest trading partners.
U.S. Treasury works to address efforts by foreign economies to artificially manipulate their currency values that put American workers at an unfair disadvantage.
International Relations
What is on tap licensing?
Eight institutions and individuals have applied for on-tap licences to set up universal banks and small finance banks mandated to focus on priority sector lending and small loans.
RBI had set up an advisory panel, led by former deputy governor Shyamala Gopinath, to evaluate applications for universal and small finance banks.
An "on-tap" facility means - the RBI will accept applications and grant license for banks throughout the year, subject to the fulfillment of the set conditions.
It is for the first time in post nationalization phase that there comes such an open bank license policy.
Economy
Universal Banking
Universal banking is a system in which banks provide a wide variety of comprehensive financial services, including those tailored to retail, commercial, and investment services.
Universal banks may offer credit, loans, deposits, asset management, investment advisory, payment processing, securities transactions, underwriting, and financial analysis.
According to the guidelines released by the central bank in August 2016, eligible entities seeking universal bank licences must be:
1) Resident professionals who have 10 years of experience in banking and finance at a senior level.
2) Private sector entities owned and controlled by residents and have a successful track record for at least 10 years, provided they have assets of ₹5,000 crore or more.
3) The non-financial business of the group does not account for 40% or more of total assets or gross income.
4) Existing non-banking financial companies (NBFCs) controlled by residents and with a successful track record for at least 10 years.
Economy
The ultra-white paint
US engineers have created what they are calling the whitest paint ever. The ultra-white paint is made up of barium sulphate (BaSO4), which makes it more white.
The paint can keep surfaces 19 degrees Fahrenheit cooler than their ambient surroundings at night. It can also cool surfaces 8 degrees Fahrenheit below their surroundings under strong sunlight during noon hours.
This paint may be the closest equivalent to the blackest black paint called "Vantablack" that is able to absorb up to 99.9 per cent of visible light.
Environment
Transport 4 All Challenge
Transport 4 All Challenge is launched by the Housing & Urban Affairs Ministry in collaboration with Institute for Transportation and Development Policy (ITDP).
The Challenge aims to bring together cities, citizen groups, and start-ups to develop solutions that improve public transport to better serve the needs of all citizens.
All the Smart Cities Mission cities, capitals of states and union territories (UTs), and all cities with a population of over 5 lakhs are eligible for the Challenge.
The Institute for Transportation and Development Policy is a non-governmental non-profit organization that focuses on developing bus rapid transit systems, promoting biking, walking, and non-motorized transport, and improving private bus operators margins.
Gov. Schemes