Effort IAS

Project Nexus Project Nexus is an initiative conceptualized by the Innovation Hub of the Bank for International Settlements (BIS). It aims to create a global network for faster and more affordable cross-border instant payment systems (IPS). It is the first BIS Innovation Hub project in the payments area to move towards live implementation. Nexus will play a key role in making retail cross-border payments efficient, faster and more cost-effective. BIS and central banks of founding countries- Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Philippines (BSP), Monetary Authority of Singapore (MAS) – and the RBI signed an agreement in Basel Switzerland. The project involves collaboration with various central banks and financial institutions to streamline and standardize the processes involved in cross-border transactions, the aim of connecting fast payment systems (FPS). Founding member Countries– four ASEAN countries (Malaysia, Philippines, Singapore and Thailand); and India. Indonesia continues as special observer. Nexus platform expanding to more countries, expected to go live in 2026. Benefits of the platform- Project Nexus is designed to standardize the way instant payment systems (IPS) connect to each other. Instead of a payment system operator creating a custom connection for each new country it connects to, the operator can create a single connection to the Nexus platform. This single connection allows a fast payment system to reach all other countries on the network. Nexus could significantly accelerate the development of instant cross-border payments. According to BIS, connecting IPS can enable cross-border payments from sender to recipient within 60 seconds (in most cases). Presently The Reserve Bank of India has been collaborating bilaterally with its various partner countries to link India’s FPS – Unified Payments Interface (UPI) with their respective FPSs for cross-border person-to-person (P2P) and person-to-merchant (P2M) payments. For example, Bhutan , UAE, France, Sri Lanka, Mauritius. A multilateral approach will provide further impetus to the RBI’s efforts in expanding the international reach of Indian payment systems. Bank for International Settlements (BIS) Established in 1930, the BIS is owned by 63 central banks, representing countries from around the world that together account for about 95% of world GDP. BIS is to support central banks’ pursuit of monetary and financial stability through international[RV1]  cooperation, and to act as a bank for central banks. Its head office is in Basel, Switzerland and it has two representative offices (Hong Kong SAR and Mexico City), as well as Innovation Hub Centres around the world. Innovation BIS 2025, is its medium-term strategy that leverages technology and new collaboration channels to serve the central banking community in the fast-changing world. The Basel Banking Accords are global rules set by the Basel Committee on Banking Supervision (BCBS), operating under the Bank for International Settlements (BIS) in Basel, Switzerland, providing guidelines for best practices in banking. It facilitates central banks with: A forum for dialogue and broad international cooperation A platform for responsible innovation and knowledge-sharing In-depth analysis and insights on core policy issues Sound and competitive financial services  [RV1]

Hool Diwas is celebrated June 30 every year in India that commemorates the Santhal Hool (rebellion) of 1855. The rebellion was a significant uprising by the Santhal community against British colonial rule and exploitative practices. Hool Diwas is celebrated to honour the bravery and sacrifice of the Santhal people and to remember their struggle for justice and freedom. It has particularly significance in the states of Jharkhand, Bihar, West Bengal and Odisha, where the Santhal community is concentrated. Celebrations usually include cultural programmes, speeches and events highlighting the history and heritage of the Santhal Hool. The Santhal Hool was led by four brothers – Sidhu, Kanhu, Chand and Bhairav – who organized thousands of Santhals to revolt against oppressive British policies and practices, including unfair taxation and exploitation by moneylenders and landlords.June 30 2024 on “Hool Diwas” The Prime Minister paid tribute to tribal heroes. Background of Santhal Rebellion: – The predominantly agrarian Santhal community suffered severe exploitation under the British colonial system. The introduction of the Permanent Settlement Act in 1793, which aimed to streamline revenue collection, led to the rise of the zamindari system. Under this system, zamindars (landlords) collected taxes from farmers and remitted them to British authorities. The Santhals suffered heavy taxation, usury, and exploitation by zamindars and traders. The rebellion is an important chapter in the broader history of India’s struggle against colonialism. It underlines the role of indigenous communities in resisting exploitation and asserting their rights long before mainstream nationalist movements gained momentum. The Santhal Rebellion left a legacy. It highlighted the injustices faced by indigenous communities under colonial rule and inspired subsequent movements for tribal rights and autonomy. The courage and resilience of Santhal leaders, especially Sidhu and Kanhu Murmu, is commemorated every year on Hool Diwas, especially in the states of Jharkhand, Bihar, West Bengal, and Odisha. The Santhal Rebellion of 1855 is evidence of the enduring spirit of resistance among India’s tribal communities. It serves as a reminder of the struggles faced by indigenous people and their contribution to the broader fight for justice and freedom in India. The legacy of the Santhal Hool inspires efforts to address issues of exploitation and marginalisation faced by tribal communities even today.

Data is everything nowadays it is raw material, considering the importance of management and availability of correct data the Ministry of Statistics and Programme Implementation (MoSPI) has developed an e-Statistics Portal to provide real-time inputs to planners, policy-makers, researchers, and the general public to enhance user experience and data accessibility through the use of cutting-edge technologies and adoption of global best practices. The portal aims to establish a comprehensive data management and sharing system to facilitate the dissemination of official statistics in the country. The e-Sankyiki Portal has two modules: Ministry of Statistics and Programme Implementation (MoSPI ) :- The Ministry of Statistics and Programme Implementation came into existence as an independent Ministry on 15.10.1999 after the merger of the Department of Statistics and the Department of Programme Implementation. The Ministry has two wings, one dealing with Statistics and the other with Programme Implementation. The Statistical Wing, called the National Statistical Office (NSO), comprises the (i)Central Statistical Office (CSO) (ii) Computer Centre (iii) National Sample Survey Office(NSSO). The Programme Implementation Wing comprises three divisions namely (i) Twenty Point Programme (ii) Infrastructure Monitoring and Project Monitoring and (iii) Member of Parliament Local Area Development Scheme. Besides these two wings, there is a National Statistical Commission created through a resolution of the Government of India and an autonomous body, namely the Indian Statistical Institute, declared as an institution of national importance by an Act of Parliament. The Ministry of Statistics and Programme Implementation (MoSPI) is the nodal ministry for the integrated development of the National Statistical System in the country in conformity with global statistical practices and data dissemination standards.