4 January 2016

Pathankot Terror attack leaves many

questions for the Government to ponder upon.
It details loopholes in the security system. We
salute the martyrs for their heroic actions and
pray for their families. We will present a
separate article on the complete incident.

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103rdIndian Science
congress

President gave
assent to the Five
Laws

On January 3rd Prime minister inaugurated the 103rd Indian

Science congress in Mysuru (Karnataka) and the theme of
the congress was Science and Technology for Indigenous
Development in India. The principle of 5 Es has been
emphasized here in order to ensure that the work of the
scientists and technologists has maximum impact on society.
The 5Es are Economy, Empathy, Energy, Environment and
Equity.

The Arbitration and Conciliation (Amendment) Act,

2015- provides for the constitution of Commercial Courts,
Commercial Division and Commercial Appellate Division
in the High Courts for adjudicating commercial disputes of
specified value and matters connected therewith or
incidental thereto.

The Scheduled Castes and the Scheduled Tribes

(Prevention of Atrocities) Amendment Act, 2015-the Act
states that any intentional touching of an SC or ST woman
in a sexual manner without her consent, using words, acts
or gestures of a sexual nature, dedicating her as a devadasi
to a temple, or any similar practice will be considered an

KAIZEN IAS CIRCLE

4 January 2016

offence. These bills were passed by the Parliament in the

recently concluding session.

Rs 2,000 crores
Nuclear Liability
Fund Okayed

The Commercial Courts, Commercial Division and

Commercial Appellate Division of High Courts Act,
2015- enables the creation of commercial divisions in high
courts, and commercial courts at the district level

The Payment of Bonus (Amendment) Act, 2015provides for enhancing monthly bonus calculation ceiling
to Rs 7,000 per month from the existing Rs 3,500. It also
enhances the eligibility limit for payment of bonus from
Rs 10,000 per month to Rs 21,000 per month. As per the
Arbitration and Conciliation (Amendment) Act, 2015, an
arbitrator will have to settle a case within 18 months. After
the completion of 12 months, certain restrictions will be
put in place to ensure that the arbitration case does not
linger.

The Atomic Energy (Amendment) Act, 2015- will allow

state-run Nuclear Power Corporation of India Ltd (NPCIL)
to have collaboration with other public sector undertakings
in the nuclear field. The law amends the 1962 Atomic
Energy Act to change the definition of government
company in the Act with a view to expand its scope. At
present, only two PSUs NPCIL and Bhartiya Nabhikiya
Vidyut Nigam Limited (BHAVINI), which are under the
administrative control of the Department of Atomic
Energy, operate nuclear power plants in the country.

India has cleared the decks for setting up a Nuclear

Liability Fund with a corpus of 2,000 crores that will allow
the government to pitch in if damages resulting from a
nuclear accident in the country exceed the limit specified for
nuclear plant operators under the law. The operators will
have to pay a levy of 5-10 paise per unit of electricity sold to
the fund, which will be the biggest addition to the pool of
compensation available for nuclear damages.

KAIZEN IAS CIRCLE

4 January 2016

The concept of Fintech

(Financial technology)
Companies

What are Fintech Companies?

Initially Fintech companies were treated as those who disrupt
the financial services and banking industry. Now big banks
are partnering with them and are developing financiallyfocused software, and apps and systems to detect fraud.
Banks are hosting tech competitions and pouring in money
into these young companies as they explore for innovations
to meet new-age security, digital and regulatory challenges.
The term financial technology can apply to any innovation in
how people transact business. With the rise of smart phones
and always online culture these fintech companies help
customers handle financial affairs easily and conveniently.
They are easing payment processes, reducing fraud and
saving users money. They are also promoting financial
planning, and ultimately moving a giant industry forward.
Why India Needs Fintechs? About 60 per cent of Indians
are unbanked and 90 per cent of small businesses have no
links to formal financial institutions. Yet 80 per cent of
Indians own mobile phones, and 32 per cent will own
smartphones by 2017. Fintechs can play a crucial role in
Financial Inclusion by bringing the excluded into the
mainstream.
Fintech Boom-The Reserve Bank of India (RBI) recently
announced the introduction of a technology competition. It
has invited startups and individuals to build innovations to
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4 January 2016

prevent fraud, bring convenience to customers and use

emerging technologies for payments.
Fast growing Fintech community-A right innovation has
the potential to change the payment landscape of any
country. Indias fledgling financial technology area is also
attracting the attention of global banks. The challenge is
fostering the development of the next generation of fintech
solutions.
Examples of Fintech Companies:Ezetap- makes devices that can be plugged into any phone
and convert it into a card-reader. This way, virtually anyone
with a phone can accept cards from merchants to pizza
delivery boys, from cab drivers to hairdressers.
E-wallet-The app enables users to reduce dependence on
cash and buy goods and services in neighbourhood shops
through an e-wallet.
Capital Float-A fintech startup that uses technology to
ensure that small and medium enterprises have access to
collateral free working capital. It uses algorithms and sifts
through data to find hidden insights in order to make lending
decisions quickly. This ensures efficient and fast turn-around
time.
JaLliikattu- a cruel
sport

A popular bull taming sport in Tamilnadu. Derived its name

from Calli (Coins) and kattu (tie), which means bundle of
coins is tied to the bulls horns . In older times, tamer played
to remove the bundle from animals head to win gold or
silver.
Honble Supreme Court asserted against the sport in 2014
order citing it as violation of Prevention of Cruelty to
Animals Act and in violation of constitutional duty of
treating animals with compassion. Ministry of Environment
& Forests issued notification in 2011 barring the use of bulls
as performing animals.

KAIZEN IAS CIRCLE