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PIB Summaries 17 September 2022

CONTENTS

  1. Ramakrishna Mission’s Awakening Programme
  2. Financial Stability and Development Council

Ramakrishna Mission’s Awakening Programme


Focus: Government policies and Interventions

Why in News?

Recently, the Union Minister for Education launched Ramakrishna Mission’s ‘Awakening’ Programme for school students.

About the Awakening Programme

  • It is an initiative to ensure a child’s whole personality development in keeping with the National Education Policy (NEP), 2020’s guiding principles.
  • It is intended for students in grades I through V.
  • The Awakened Citizen Program (ACP) for middle school children has been successfully run by the Ramakrishna Mission, Delhi branch, since 2014 in order to help them develop “ATMASHRADDHA” (Self-esteem) and make moral decisions.
  • It aids them in locating solutions to all of life’s issues. Education experts have called for a similar approach for pupils in primary schools.
  • As a result, 126 schools have participated in the design and pilot testing of “Awakening.
Need:
  • Social transformation is one of the key goals of education.
  • Values and wisdom are more important than material wealth.
  • Value-based education is important for building a future-ready and socially conscious generation.

About Ramakrishna Mission

  • The Ramakrishna Mission engages in major philanthropic and educational activity and presents a contemporary interpretation of the Advaita Vedanta school of Indian philosophy.
  • Vivekananda established the group in 1897 close to Kolkata with the twin goals of advancing Indian society and disseminating the Vedic teachings as manifested in the life of the saint Ramakrishna (1836–86).
  • The organisations were founded by Sri Ramakrishna, a revered Bengali saint who lived from 1836 to 1886 and is known as the Prophet of the Modern Age, and his most important follower, Swami Vivekananda (1863-1902).
  • Motto: “For one’s own salvation and for the welfare of the world” (ATMANO MOKSHARTHAM JAGAD HITAYA CHA).

Financial Stability and Development Council


Focus: GS III- Indian Economy

Why in News?

Recently, the Union Minister of Finance and Corporate Affairs chaired the 26th Meeting of the Financial Stability and Development Council (FSDC).

Highlights:

  • The council placed a strong emphasis on issues such as improving the effectiveness of the current financial and credit information systems, early warning indicators for the economy and how prepared we are to deal with them, and governance and management concerns in systemically important financial institutions.
  • It was underlined that the government and authorities must continuously evaluate the financial sector’s risks, financial conditions, and market developments in order to take prompt, appropriate action to reduce any vulnerabilities and strengthen financial stability.
  • The council noted the planning for the financial sector concerns that will be discussed during India’s 2023 G20 Presidency.

About Financial Stability Development Council (FSDC)

  • The Financial Stability and Development Council (FSDC) was constituted by an Executive Order of the Union Government as a non-statutory apex body under the Ministry of Finance in 2010. 
  • The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008. 
  • No funds are separately allocated to the council for undertaking its activities.
  • The FSDC was formed to bring greater coordination among financial market regulators. 
About Composition of the FSDC

The membership of the FSDC is are as discussed below;-

  • The Finance Minister is the Chairman of the FSDC.
  • The council is headed by the finance minister and has the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA) as other members along with finance ministry officials.
  • Other members are Finance Secretary, Chief Economics Advisor and  Secretary of the Department of Financial Services.
About Functions and Responsibilities of the FSDC
  • The FSDC was formed to bring greater coordination among financial market regulators.
  • To strengthen and institutionalize the mechanism of maintaining financial stability and responsibilities of FSDC as shown in the below image

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