Today in History (June 3rd, 1989)
On 3rd June 1989, the Chinese Government mobilised the army to suppress a student-led pro-democracy demonstration staged by 1,00,000 people in Tiananmen Square in Beijing, China. The protest was finally suppressed on 4th June, 1989. Hence, it is also known as the June Fourth Massacre.
Summary of Today’s News
RBI issues draft on cyber safety for PSOs.
The Reserve Bank of India has released the draft Master Directions on Cyber Resilience and Digital Payment Security Controls for System Payment Operators to manage cybersecurity risks, including information security and vulnerabilities. It specifies baseline security measures for ensuring safe and secure digital payment transactions. It aims to make authorised non-bank Payment System Operators (PSOs) resilient to traditional and emerging information systems and cyber security risks.
Barter Trade
Pakistan has passed the Business-to-Business (B2B) Barter Trade Mechanism 2023 to allow barter trade with Afghanistan, Iran, and Russia for certain goods, including petroleum and natural gas. The listed goods under the order can be bartered effective from 1st June, 2023. Barter is a system of transaction in which the direct exchange of goods and services takes place without the use of money or any other medium of exchange.
Guidelines for deemed universities
The University Grants Commission (Institutions Deemed to be Universities) Regulations, 2023, replaces the UGC (Institutions Deemed to be Universities) Regulations, 2019. The new regulation encourages universities to focus on quality and excellence, strengthen the research ecosystem and have a long-term impact in transforming the higher education landscape. It will facilitate the creation of much more quality-focused deemed-to-be universities objectively and transparently.
Bima Vahak
IRDAI issued draft guidelines for Bima Vahak to penetrate insurance products in the hinterland and rural areas. It is a dedicated distribution channel for ensuring last-mile connection for insurers to every Gram Panchayat. The Bima Vahak scheme is a core component of Bima Trinity for achieving the goal of ‘Insurance for All by 2047.’ The Bima Trinity consist of Bima Sugam Portal, Bima Vistaar and Bima Vahak.
