UPSC Prelims Bits Today – October 01, 2022

”UPSC Prelims Bits Today” covers various topics from UPSC Prelims Syllabus and is very helpful and time managing for UPSC Aspirants.
The framing of this daily current affairs compilation article is easy to read and understandable.

 

National Pension System Diwas

 

Why in news?

The Pension Regulator PFRDA is observing 1st October as the National Pension System Diwas (NPS Diwas) to promote pension and retirement planning among the citizens of India and enjoy financial independence post-retirement.

About PFRDA

• Pension Fund Regulatory and Development Authority is the regulatory body under the jurisdiction of the Ministry of Finance, Government of India for overall supervision and regulation of pension in India.
• The Pension Fund Regulatory & Development Authority Act was passed on 19 September 2013 and the same was notified on 1 February 2014.
• PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments and by employees of private institutions/organizations & unorganized sectors.
• The PFRDA is ensuring the orderly growth and development of the pension market.

 

Standing Deposit Facility (SDF)

 

Why in news?

RBI hikes the repo rate by 50 basis points to 5.9% standing deposit facility (SDF) rate stands adjusted to 5.65 percent; the marginal standing facility (MSF) rate, and the Bank Rate to 6.15 percent.

Know about SDF

• In 2018, the amended Section 17 of the RBI Act empowered the Reserve Bank to introduce the SDF – an additional tool for absorbing liquidity without any collateral.
• By removing the binding collateral constraint on the RBI, the SDF strengthens the operating framework of monetary policy.
• The SDF is also a financial stability tool in addition to its role in liquidity management.
• The main purpose of SDF is to reduce the excess liquidity of Rs 8.5 lakh crore in the system, and control inflation.

 

Dadasaheb Phalke award 2022

 

Why in news?

Asha Parekh receives Dada Saheb Phalke award 2022.

Know about Dadasaheb Phalke award

• Instituted in 1969 when presented to Devika Rani, the Dadasaheb Phalke Award was introduced by the Government of India to commemorate Dadasaheb Phalke’s contribution to Indian cinema who directed India’s first full-length feature film, Raja Harishchandra in 1913.
• Honoured with the highest award in the field of cinema, the recipients are recognized for their ‘outstanding contribution to the growth and development of Indian cinema’.
• The award comprises a Swarna Kamal (Golden Lotus) medallion, a shawl, and a cash prize of ₹10 lakh.