I-CRR
1. Context
- Recently, the Reserve Bank of India (RBI) announced the gradual discontinuation of the Incremental Cash Reserve Ratio (I-CRR), a measure introduced on August 10, 2023.
- I-CRR was instituted by the RBI to absorb excess liquidity stemming from various factors, including the reintroduction of Rs 2,000 notes into the banking system.
- This liquidity regulation was intended as a temporary measure, subject to review.
2. RBI's Decision
- Following an evaluation of current and evolving liquidity conditions, the RBI opted to phase out I-CRR to ensure that system liquidity experiences a smooth transition, avoiding sudden shocks that could disrupt money market operations.
- This move aims to maintain orderliness in financial markets.
- The RBI outlined a phased release plan for the funds held under I-CRR.
- On September 9, 25% of the funds maintained by banks under I-CRR will be released.
- Another 25% will be released on September 23, with the remaining 50% scheduled for release on October 7.
- This approach ensures that banks will have adequate funds to meet the heightened credit demand anticipated during the upcoming festival season.
3. About CRR
- Cash Reserve Ratio (CRR) is a fraction of the total deposits that commercial banks have to keep with the central bank.
- The RBI sets the CRR, and it is usually expressed as a percentage. For example, if the CRR is 4%, then banks must keep 4% of their deposits with the RBI.
- The CRR is a tool that the RBI uses to control the money supply in the economy.
- When the RBI increases the CRR, it reduces the amount of money that banks have available to lend.
- This can help to slow down inflation. When the RBI decreases the CRR, it increases the amount of money that banks have available to lend. This can help to stimulate economic growth.
- The CRR is also used to ensure the liquidity of the banking system. Liquidity refers to the ability of a bank to meet its short-term financial obligations.
- By requiring banks to hold a certain amount of reserves, the RBI helps to ensure that banks have enough cash to meet their obligations.
3. I-CRR and its Need
- Incremental Cash Reserve Ratio (ICRR) is a reserve requirement on the increase in banks' net demand and time liabilities (NDTL) between May 19, 2023, and July 28, 2023.
- It was introduced by the Reserve Bank of India (RBI) on August 10, 2023, as a temporary measure to absorb excess liquidity in the banking system.
- The I-CRR was a 10% reserve requirement on the increase in banks' NDTL during the specified period. This meant that banks had to park 10% of the increase in their NDTL with the RBI.
- The RBI had previously indicated that I-CRR would be reviewed on September 8, 2023, or earlier, to return impounded funds to the banking system.
- I-CRR was initiated by the RBI as a temporary measure to absorb surplus liquidity within the banking system.
- The excess liquidity resulted from factors such as the reintroduction of Rs 2,000 banknotes, the RBI's surplus transfer to the government, increased government spending, and capital inflows. In July, the RBI absorbed daily liquidity of Rs 1.8 lakh crore.
- The RBI's measured discontinuation of I-CRR aligns with its commitment to maintaining financial stability and fostering a balanced money market environment.
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For Prelims: I-CRR, RBI, net demand and time liabilities,
For Mains:
1. Analyze the factors that led to the introduction of the Incremental Cash Reserve Ratio (I-CRR) and its impact on the Indian banking system. How does the RBI's decision to phase out I-CRR affect the liquidity management strategies of banks? (250 words)
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Previous Year Questions
1. The Cash Reserve Ratio refers to (CDS GK 2020)
A. the share of Net Demand and Time Liabilities that banks have to hold as liquid assets
B. the share of Net Demand and Time Liabilities that banks have to hold as balances with the RBI
C. the share of Net Demand and Time Liabilities that banks have to hold as part of their cash reserves
D. the ratio of cash holding to reserves of banks
Answer: B
2. With reference to the Indian economy, consider the following statements: (UPSC 2022)
1. An increase in the Nominal Effective Exchange Rate (NEER) indicates the appreciation of the rupee.
2. An increase in the Real Effective Exchange Rate (REER) indicates an improvement in trade competitiveness.
3. An increasing trend in domestic inflation relative to inflation in other countries is likely to cause an increasing divergence between NEER and REER.
Which of the above statements are correct?
A. 1 and 2 only B. 2 and 3 only C. 1 and 3 only D. 1, 2 and 3
Answer: C
3. The terms 'Marginal Standing Facility Rate' and 'Net Demand and Time Liabilities', sometimes appearing in news, are used in relation to (UPSC 2014)
A. banking operations
B. communication networking
C. military strategies
D. supply and demand of agricultural products
Answer: A
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KONARK WHEEL
- The "Konark Wheel" is a prominent and iconic symbol associated with the Konark Sun Temple, a UNESCO World Heritage Site located in Konark, Odisha, India. The Konark Sun Temple, also known as the "Black Pagoda," is a 13th-century temple dedicated to the Sun God, Surya. The temple is renowned for its stunning architectural design and intricate stone carvings.
- The Konark Wheel, also referred to as the "Chakra," is a distinctive feature of the temple's architecture. It is located at the entrance of the temple complex. This wheel is a monumental representation of the chariot of the Sun God, with 24 spokes, symbolic of the hours in a day. The wheel is intricately carved and serves both a functional and symbolic purpose
- Functionally, the Konark Wheel was designed to act as a sundial or timekeeping device. The shadow cast by the wheel's central hub, when illuminated by the sun's rays, could be used to determine the time of day accurately. This is an impressive example of ancient Indian scientific and architectural knowledge
- Symbolically, the wheel represents the cycle of time, the Sun's journey across the sky, and the eternal nature of life and the universe. It reflects the deep cultural and religious significance of the Sun God in Hinduism
- Serving as a powerful symbol of democracy, the Konark Wheel was built during the 13th century under the reign of King Narasimhadeva-I
- The wheel with 24 spokes is also adapted into India’s national flag and embodies ancient wisdom, advanced civilization, and architectural excellence.
- The rotating motion of the wheel symbolises time, or the Kalachakra, as well as progress and continuous change in the universe.
- As a symbol of the wheel of democracy, it reflects the resilience of democratic ideals, and commitment to progress in society
- In ancient times, the Konark Wheel was also used as a sundial to calculate time to a minute including day and night
- The Sun Temple, also known as Konark Sun Temple, is a 13th-century CE Sun temple at Konark, about 35 kilometres (22 mi) northeast from Puri city on the coastline in Puri district, Odisha, India
- It is dedicated to the Hindu Sun God Surya, and is one of the most famous temples in India. The temple is in ruins, but the surviving parts are still impressive.
- The temple is designed in the form of a giant chariot, with 12 pairs of wheels and 7 horses. The wheels are decorated with intricate carvings, and the horses are life-size
- The temple was built by King Narasimhadeva I of the Eastern Ganga dynasty in the 13th century.
- It is considered to be one of the finest examples of Kalinga architecture. The temple was damaged by a cyclone in the 16th century, and it was further damaged by invaders in the 18th century.
- The Sun Temple is a UNESCO World Heritage Site
- The Konark Wheel also reflects the richness of the Kalinga architectural style and the prosperity of ancient Odisha
- While the main temple which enshrined the presiding deity and the Natya Mandap has fallen off and only the remains can be seen, the large structure seen at present is known as the Jagamohana (the assembly hall or audience hall or Mukhasala)
- From 1900 to 1903, four entrances to the Jagamohana were sealed and filled with sand by the Britishers to provide structural stability to the monument.
- The Archaeological Survey of India (ASI), the custodian of the temple, has started preparation for removing sand from the Jagamohana and carrying out necessary preservation work.
Here are some key points about Sun Temples:
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Worship of the Sun God: The primary deity of Sun Temples is Surya, the Sun God in Hindu mythology. Surya is often depicted as a deity riding a chariot pulled by seven horses, representing the seven days of the week.
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Solar Symbolism: Sun Temples incorporate solar symbolism into their architecture. This can include the use of sunbursts, wheels (similar to the Konark Wheel), and other solar motifs in carvings and sculptures.
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Alignment: Many Sun Temples are designed with precise astronomical alignment. This means that the temple's structure is oriented in such a way that it captures the first rays of the rising sun during specific times of the year, usually during important solar events like equinoxes and solstices.
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Sundials and Timekeeping: Some Sun Temples have sundials or other timekeeping devices built into their architecture. These were used by priests and astronomers in ancient times to measure time and track the movement of celestial bodies.
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Art and Sculpture: Sun Temples often feature intricate stone carvings and sculptures depicting various aspects of Hindu mythology, including depictions of Surya, other deities, and celestial beings.
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Religious Significance: Worship at Sun Temples often involves rituals and prayers dedicated to the Sun God. Devotees offer water, flowers, and other offerings as a form of reverence.
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Notable Sun Temples: One of the most famous Sun Temples is the Konark Sun Temple in Konark, Odisha, India, known for its stunning architecture and the iconic Konark Wheel. Another well-known Sun Temple is the Modhera Sun Temple in Gujarat, India.
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Historical and Cultural Importance: Sun Temples are not only places of worship but also significant historical and cultural sites. They showcase the architectural and artistic achievements of their respective time periods and regions.
The Kalinga Dynasty, also known as the Kalinga Empire, was a historical dynasty that ruled over the region of Kalinga, which corresponds to present-day Odisha and parts of Andhra Pradesh and West Bengal in eastern India. This dynasty played a significant role in the history of India, both politically and culturally. They are particularly known for their architectural contributions, which are characterized by unique and distinct features.
Here are some key points about the Kalinga Dynasty and their architectural style:
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Dynasty and Period: The Kalinga Dynasty is believed to have been established in the 4th century BCE and lasted until the 12th century CE. The dynasty experienced various rulers and periods of expansion and contraction.
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Buddhist Influence: The Kalinga Dynasty had close ties to Buddhism, and many of their architectural achievements are associated with the construction of Buddhist stupas and monasteries.
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Architecture: The architectural style of the Kalinga Dynasty is characterized by its unique and intricate designs. Some of the notable features include:
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Cave Temples: Kalinga architecture included rock-cut cave temples, particularly in the Udayagiri and Khandagiri hills near Bhubaneswar. These caves feature beautifully carved reliefs and inscriptions.
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Stupas: The dynasty is known for constructing large Buddhist stupas. The Dhauli Stupa and the Ratnagiri Stupa are notable examples. These stupas often featured elaborately carved gateways (toranas) with sculptures depicting various Buddhist motifs.
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Jagamohana Style: Kalinga temples, particularly those dedicated to Lord Jagannath in Puri, often have a distinctive Jagamohana (assembly hall) style with a pyramid-shaped roof. The Jagannath Temple in Puri is a famous example of this architectural style.
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Intricate Carvings: Kalinga temples and monuments are adorned with intricate stone carvings, depicting various deities, mythical creatures, and scenes from Hindu and Buddhist mythology.
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Dhauli Rock Edict: Emperor Ashoka, who ruled the Mauryan Empire and is associated with the Kalinga Dynasty, left a rock edict at Dhauli (near modern-day Bhubaneswar) that reflects his conversion to Buddhism and his commitment to non-violence. This edict is an important historical and architectural artifact.
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Legacy: The architectural legacy of the Kalinga Dynasty has left a significant impact on the region's culture and heritage. Many of these temples and monuments are still important pilgrimage sites and cultural landmarks.
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Influence on Later Architectural Styles: The Kalinga architectural style had a lasting influence on subsequent temple architecture in India, particularly in the eastern and southern regions of the country. Temples in Odisha and neighboring areas continue to draw inspiration from these ancient designs.
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For Prelims: Kalinga dynasty, Dravidian style of Architecture, Sun Konark Temple
For Mains: 1."Discuss the distinctive architectural features of Kalinga Architecture, with a focus on its role in the cultural and historical heritage of eastern India." (15 marks)
2."Examine the influence of Buddhism on Kalinga Architecture, providing examples of significant Buddhist monuments in the region." (10 marks)
3."Explain the architectural grandeur of the Konark Sun Temple and its symbolic representation of the Sun God. How has it contributed to India's architectural heritage?" (15 marks)
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Previous Year Questions
1. Which of the following is/ are features of Sun temples (UPSC CSE 2017)
1. Arsavalli
2. Amarkantak
3. Omkareshwar
Select the correct answer using the code given below
A. 1 Only
B. 2 and 3 Only
C. 1 and 3 Only
D. 1, 2 and 3
Answer (A)
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AFRICAN UNION (AU)
- The African Union (AU) is a continental organization consisting of 55 member states in Africa. It was officially launched on July 26, 2001, in Durban, South Africa, and it replaced the Organization of African Unity (OAU), which had been established in 1963.
- The AU was formed with the aim of promoting unity, cooperation, and development among African nations and addressing various socio-economic and political challenges on the continent
- The AU's mission is to "achieve greater unity and solidarity between African countries and their people, defend the sovereignty, territorial integrity and independence of its Member States, accelerate the political and socio-economic integration of the continent, promote and protect human and peoples' rights, eradicate poverty, promote sustainable development, and encourage the peaceful settlement of disputes."
Here are some key aspects and functions of the African Union:
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Promotion of Peace and Security: One of the primary objectives of the AU is to promote peace and security on the African continent. It establishes peacekeeping missions and conflict resolution mechanisms to address conflicts and crises in member states.
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Political Integration: The AU works toward greater political integration among African countries. It encourages cooperation on issues of mutual interest, such as diplomacy, governance, and human rights.
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Economic Integration: The AU promotes economic integration through initiatives like the African Continental Free Trade Area (AfCFTA), which aims to create a single African market for goods and services, facilitate trade, and boost economic growth.
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Development and Infrastructure: The AU is involved in efforts to improve infrastructure, economic development, and social progress in African countries. It supports initiatives related to infrastructure development, education, healthcare, and poverty alleviation.
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Human Rights and Governance: The AU monitors and promotes human rights and good governance across the continent. It works to strengthen democratic institutions and promote the rule of law.
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Healthcare and Disease Control: The AU plays a role in addressing health challenges in Africa, including efforts to combat diseases like HIV/AIDS, malaria, and Ebola. It also supports healthcare infrastructure development.
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Cultural Exchange: The AU encourages cultural exchange and the preservation of African heritage. It promotes cultural diversity and the development of African languages and arts.
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Gender Equality: The AU promotes gender equality and women's empowerment, advocating for the inclusion of women in political, economic, and social spheres.
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Youth Engagement: The AU recognizes the importance of engaging African youth and works to create opportunities for their participation in decision-making processes.
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Partnerships: The AU collaborates with various international organizations, including the United Nations and regional bodies, to address global and regional challenges collectively
The AU's Agenda 2063 is a blueprint for the future of Africa. It sets out a vision for a prosperous, peaceful, and integrated continent by 2063. The Agenda 2063 is ambitious, but it is achievable if the AU can work together to address the challenges facing the continent.
Here are some of the key goals of Agenda 2063:
- Eradicate poverty
- Promote economic growth and development
- Improve education and healthcare
- Protect the environment
- Promote peace and security
- Strengthen regional integration
- Make Africa a global player
ELECTRONIC WASTE
1. Context
- The Indian Cellular and Electronics Association (ICEA) released a report on the potential of a circular economy in India's electronics sector, focusing on the management of electronic waste (e-waste).
- This initiative followed collaboration with NITI Aayog, aiming to transform the handling of discarded electronics and capitalize on a significant market opportunity estimated at $7 billion.
2. Informal E-Waste Management
- E-waste management in India is primarily informal, with approximately 90% of collection and 70% of recycling handled by a competitive informal sector.
- This sector excels in salvaging older devices for parts and extracting precious metals like gold and silver from printed circuit boards (PCBs) in industrial hubs such as Moradabad.
- To streamline e-waste management, the Indian government enacted the E-Waste (Management) Rules, 2022, digitalizing the process and enhancing transparency in the e-waste movement.
- The proliferation of affordable phones and increased usage, driven by cheaper data plans, has contributed to a growing volume of e-waste.
- The informal sector employs various strategies, including "cannibalization," where repair shops purchase entire devices and use them as spare parts for repairs, capitalizing on lower tariffs for finished products.
3. Importance of a Circular Economy
- A circular economy is crucial due to the rising demand for electronics, resource scarcity, and high emissions associated with electronic device production.
- Instead of merely discarding parts, a circular economy aims to reintegrate them into the electronics ecosystem, creating wealth from materials.
- Policy efforts should encourage manufacturers to reuse old components, following China's example of directing 5% of secondary raw materials into new product manufacturing by 2019, with a 2030 target of 35%.
4. Recycling Strategies
- The ICEA report proposes public-private partnerships to establish an extensive "reverse supply chain," involving collecting devices, wiping personal data, and processing and recycling.
- It recommends creating auditable databases of materials and geographical clusters for device breakdown. Encouraging "high-yield" recycling centres is also suggested.
5. Challenges
- There are several challenges to recycling e-waste in India. One challenge is the lack of awareness about e-waste recycling.
- Many people are not aware of the harmful effects of e-waste, and they do not know how to recycle their old electronics.
- The lack of material for recycling plants, Many recycling plants in India do not have enough e-waste to operate at full capacity.
- This is because the informal sector often collects and recycles e-waste before it can reach formal recycling plants.
- Recycling e-waste requires specialized equipment and facilities, which can be expensive to set up and operate.
6. The Way Forward
- India needs to take steps to address the growing problem of e-waste. This includes raising awareness about e-waste recycling, increasing the collection of e-waste, and developing more recycling facilities.
- By transitioning to a circular economy for e-waste, India can help to protect the environment and conserve resources.
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For Prelims: Indian Cellular and Electronics Association, Electronic Waste, NITI Aayog, E-Waste (Management) Rules, 2022,
For Mains:
1. Discuss the challenges associated with informal e-waste management in India and analyze the role of the E-Waste (Management) Rules, 2022 in formalizing the process. What are the implications of the informal sector's dominance in e-waste recycling? (250 Words)
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Previous Year Questions
1. Due to improper/indiscriminate disposal of old and used computers or their parts, which of the following are released into the environment as e-waste? (UPSC 2013)
1. Beryllium
2. Cadmium
3. Chromium
4. Heptachlor
5. Mercury
6. Lead
7. Plutonium
Select the correct answer using the codes given below.
A. 1, 3, 4, 6 and 7 only B. 1, 2, 3, 5 and 6 only
C. 2, 4, 5 and 7 only D. 1, 2, 3, 4, 5, 6 and 7
Answer: B
2. In India, 'extended producer responsibility' was introduced as an important feature in which of the following? (UPSC 2019)
A. The Bio-medical waste (Management and Handling) Rules, 1998
B. The Recycled Plastic (Manufacturing and Usage) Rules, 1999
C. The e-waste (Management and Handling) Rules, 2011
D. The Food safety and Standard Regulations, 2011
Answer: C
3. The Government of India has established NITI Aayog to replace the (UPSC 2015)
A. Human Rights Commission
B. Finance Commission
C. Law Commission
D. Planning Commission
Answer: D
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NEW DELHI DECLARATION
1. Context
- The G-20 Summit, comprised of 19 countries and the European Union, took place in Delhi amid global challenges and tensions.
- The summit aimed to address critical issues and forge consensus on various fronts.
- India assumed the G-20 presidency amid daunting challenges, primarily driven by the global economic crisis induced by the COVID-19 pandemic, the ongoing Ukraine conflict, and escalating Indo-Pacific geopolitical tensions.
2. The New Delhi Declaration
- The big takeaway is the New Delhi Declaration that forged a consensus between the G-20 nations, bitterly divided between the G7-EU and Russia-China, on the issue of Ukraine.
- The final language is a shift from the ‘Bali Paragraphs’, with language critical of Russia erased, on a firm proposal from G-20 hosts of past and future years Indonesia, India, Brazil, and South Africa.
- The final 83-paragraph declaration, with eight paragraphs on “geopolitical issues”, on which consensus was reached included language on everything from climate action, financing, and fossil fuel phaseout, to debt restructuring, the biofuel alliance, health, digital infrastructure, regulating cryptocurrency, and other issues.
3. Expanding G-20 Horizons
- India's presidency aimed to bring the "Voice of the Global South" into the G-20 fold, resulting in the inclusion of more than 125 developing countries' concerns in the declaration.
- Additionally, India successfully advocated for the African Union's induction, reshaping the G-20's balance of power.
- India's meticulous preparations for the G-20 summit, including two postponements in 2021 and 2022, set it apart.
- The nation's commitment to hosting the event transcended previous host countries' efforts.
- India's efforts to "democratize" the G-20 within its borders involved inviting over 1,00,000 delegates from 125 countries to participate in numerous meetings across 60 Indian cities.
- This initiative held political significance, coinciding with India's 2024 general elections and featuring a G-20 symbol resembling that of the ruling party.
4. Distinguished Attendees and Notable Absences
- The summit attracted leaders from 17 of the 20 original G-20 members.
- Special attention was given to U.S. President Joseph Biden and Saudi Arabian Crown Prince and PM Mohammed Bin Salman.
- Notably absent were leaders from Russia and China, with Chinese President Xi Jinping's absence attributed to strained India-China relations and a potential message of disapproval for the G-20's evolving focus.
5. Conclusion
- The G-20 summit in Delhi was a historic event marked by India's exceptional leadership, consensus on critical issues, and the inclusion of developing countries' voices.
- While notable leaders were absent, the summit achieved its goals and set the stage for future G-20 meetings under Brazil and South Africa's presidencies.
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For Prelims: G-20, European Union, COVID-19, Russia-Ukraine War, New Delhi Declaration,
For Mains:
1. Evaluate India's role in expanding the G-20 by bringing in the "Voice of the Global South" and advocating for the inclusion of the African Union. How has this reshaped the dynamics within the G-20? (250 Words)
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Previous Year Questions
1. With reference to the “G20 Common Framework”, consider the following statements: (UPSC 2022)
1. It is an initiative endorsed by the G20 together with the Paris Club. 2. It is an initiative to support Low Income Countries with unsustainable debt. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Answer: C
2. In which one of the following groups are all the four countries members of G20?
(UPSC 2020)
A. Argentina, Mexico, South Africa and Turkey
B. Australia, Canada, Malaysia and New Zealand
C. Brazil, Iran, Saudi Arabia and Vietnam
D. Indonesia, Japan, Singapore and South Korea
Answer: A
3. In the context of bilateral trade negotiations between India and the European Union, what is the difference between European Commission and European Council? (UPSC 2010)
1. European Commission represents the EU in trade negotiations whereas the European Council participates in the legislation of matters pertaining to economic policies of the European Union.
2. European Commission comprises of the Heads of State or government of member countries whereas the European Council comprises of the persons nominated by European Parliament. Which of the statements given above is/are correct?
A. 1 only B. 2 only C. Both 1 and 2 D. Neither 1 nor 2
Answer: D
4. In the context of vaccines manufactured to prevent COVID-19 pandemic, consider the following statements: (UPSC 2022)
1. The Serum Institute of India produced COVID-19 vaccine named Covishield using mRNA platform.
2. Sputnik V vaccine is manufactured using vector based platform.
3. COVAXIN is an inactivated pathogen based vaccine.
Which of the statements given above are correct?
A. 1 and 2 only B. 2 and 3 only C. 1 and 3 only D. 1, 2 and 3
Answer: B
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SELF REGULATORY ORGANISATION (SRO)
- An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations
- Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
- An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
- Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
- Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India
- As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards
- There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans
- By proactively addressing issues like market integrity, conduct, data privacy, cybersecurity, and risk management, SROs can help build trust among consumers, investors, and regulators
- SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in.
- This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry
- Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
- They can serve as a watchdog to guard against unprofessional practices within an industry or profession
- The recognised SRO will serve as a two-way communication channel between its members and the RBI.
- It will work towards establishing minimum benchmarks, and standards and help instil professional and healthy market behaviour among its members.
- SROs will impart training to the staff of its members and others and will conduct awareness programmes.
- It will establish a uniform grievance redressal and dispute management framework across its members
- Those entities who are interested in being recognised as SROs will have to apply to the RBI. Once the regulator finds an entity suitable, it will issue a letter of recognition
