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Daily Current Affairs – October 06, 2023

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Daily Current Affairs - Banking - October 06, 2023

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National News

GI Tag

  • Basohli Pashmina, a more than 100-year-old traditional craft from Jammu and Kashmir’s Kathua district, has got the Geographical Indication (GI) tag.
  • Basohli Pashmina, a hand-spun product known for extreme softness, fineness and light-weight, has insulating properties and extended life.
  • Pashmina products include shawls for both men and women, mufflers, blankets and basket.
  • Churpi is prepared from the milk of Arunachali yak, which is a unique yak breed found in West Kameng and Tawang districts of Arunachal Pradesh.
  • Yak Churpi, a naturally fermented milk product made from yak milk, has been given recognition as a Geographical Indication (GI) of Arunachal Pradesh.

State News

Prime Minister laid foundation stone in Madhya Pradesh

  • The Prime Minister, Shri Narendra Modi laid the foundation stone and dedicated to the nation development projects in sectors like road, rail, gas pipeline, housing and clean drinking water worth more than Rs 12,600 crore in Jabalpur, Madhya Pradesh.
  • He performed ‘bhoomi poojan’ of ‘Veerangana Rani Durgavati Smarak aur Udyaan’ in Jabalpur in line with the 500th birth centenary celebrations of Rani Durgavati.
  • The projects include the inauguration of more than 1000 houses constructed under the Light House Project in Indore, laying the foundation stone of multiple Jal Jeevan Mission projects in Mandla, Jabalpur and Dindori districts and dedication of Jal Jeevan Mission project in Seoni district, laying the foundation stone and dedication of multiple projects worth more than Rs 4800 crore for improving road infrastructure in Madhya Pradesh, dedication of rail projects worth more than Rs 1850 crore, Vijaipur – Auraiyan- Phulpur Pipeline Project and a new bottling plant in Jabalpur, and laying the foundation stone of Nagpur Jabalpur section (317 km) of Mumbai Nagpur Jharsuguda Pipeline Project.
  • Madhya Pradesh – Bhopal (Capital) – Shivraj Singh Chouhan (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)

Banking and Finance

Fourth Bi-Monthly Monetary Policy Statement 2023-24

  • All 6 RBI MPC members unanimously voted to keep repo rate unchanged at 6.5%.
  • This is the fourth meeting on the trot that the MPC decided to maintain the status quo on the repo rate.
  • The MPC last raised this rate from 6.25% to 6.50% at its meeting in February 2023.
  • RBI remains focused on withdrawal of accommodation support growth, tame inflation.
  • Real GDP growth forecast retained at 6.5% for FY24.
  • Inflation forecast too retained at 5.4% for FY24.
  • Limit of gold loan under Bullet Repayment Scheme for UCBs doubled to ₹4 lakhs.
  • Payments Infrastructure Development Fund (PIDF) scheme extended by 2 years to December 2025.
  • It will now include beneficiaries of the PM Vishwakarma scheme.
  • RBI has plans to undertake open market operation (OMO) with regard to G-secs to manage liquidity via auction mode.
  • RBI will introduce the facility for creation of card-on-file tokenisation at the issuer bank level to enhance convenience for cardholders.
  • RBI has allowed NBFCs (middle and base layer entities) to utilise credit risk mitigation tools to offset their exposure with eligible credit risk transfer instruments.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

Business and Economy

WTO halves world trade growth projection for 2023 to 0.8%

  • The WTO has slashed its projection for world trade growth in 2023 by half to 0.8% from its earlier estimate of 1.7% in April this year as the “abrupt” slowdown in world output and trade in the fourth quarter of the last year spilled over into the current year.
  • World Trade Organization (WTO) – 01/01/1995 (Founded) – Geneva, Switzerland (HQ) – Ngozi Okonjo-Iweala (Director General) – 164 members (160 UN member states, the European Union, Hong Kong, Macao, and Taiwan) – English, French, Spanish (Official Language)

Summit and Conference

AtoZero ASEAN Summit

  • The AtoZero (Accelerate To Net Zero) ASEAN Summit, was a 3-day event co-organised by Constellar and the Malaysian Green Technology and Climate Change Corporation (MGTC) at Kuala Lumpur, Malaysia.
  • Deputy Prime Minister of Malaysia, Datuk Seri Fadillah Yusof inaugurated Indian Renewable Energy Development Agency Ltd (IREDA) pavilion at the Summit.
  • The IREDA pavilion showcases the company’s achievements, expertise, and contributions to the renewable energy sector.
  • It serves as a platform for IREDA to collaborate with international partners and showcase the country’s progress in renewable energy development.
  • It offers a unique opportunity for delegates, industry experts, and stakeholders to engage in discussions, explore collaborations, and gain insights into the future of the renewable energy sector.
  • Malaysia – Kuala Lumpur (Capital) – Ringgit (Currency) – Abdullah (Monarch) – Anwar Ibrahim (Prime Minister) – Malay (Language)

Conference on Homeopathy in Kolkata

  • Union Minister of State for Ayush and Women and Child Development Dr Mahendrabhai Munjapara inaugurated the conference on Homeopathy
  • at Kolkata with the aim to achieve “Sarvajnaya Swasthya,”.
  • The conference was organised by Central Council for Research in Homoeopathy through Dr Anjali Chatterjee Regional Research Institute for Homoeopathy as an East zone event, to lead homoeopathy to a stage where it becomes the primary choice for patient treatment, wellness, health promotion, and disease prevention – a goal en-capsulated by “Sarvajnaya Swasthya”.
  • The World Homoeopathy Day commemorates the birth anniversary of Dr Samuel Hahnemann on 10th of April.
  • This year it was decided to mark the celebration not for one day or at one place, but to organise events in four zones across the country.
  • Ministry of Ayush – Sarbananda Sonowal,Union Minister (Rajya Sabha MP,Assam) – Dr. Mahendra Munjpara,Minister of State (Surendranagar,Gujarat)

Science and Technology

Tata Elxsi collaborated with IISc to enhance cyber security

  • Tata Elxsi has announced a joint venture with the Indian Institute of Science (IISc) to develop advanced Automotive Cyber Security Solutions.
  • This initiative is part of their existing Memorandum of Understanding (MoU) and will combine Tata Elxsi’s expertise in artificial intelligence, machine learning, and software-defined vehicles (SDV) and EV solutions with IISc’s research capabilities.
  • The partnership aims to tackle the growing cybersecurity challenges posed by complex in-vehicle networks and the evolution of software in modern vehicles. The rise of vehicle-to-vehicle and vehicle-to-anything (V2X) connectivity has opened avenues for potential threats such as theft, remote control, tampering, and unauthorised access to personal information.
  • Tata Elxsi is a provider of design and technology services spanning various industries, including Automotive, Broadcast, Communications, Healthcare, and Transportation.
  • The company leverages digital technologies like IoT, Cloud, Mobility, Virtual Reality, and Artificial Intelligence to help clients reimagine their products and services.

‘SUGAM REC’ - mobile app

  • REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has launched a mobile application, exclusively for current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.
  • Named ‘SUGAM REC’, the mobile app will offer investors with complete details of their investment in REC 54EC Bonds.
  • Investors will be able to download their e-bond certificates, apply for fresh investment, download important forms related to updating of KYC, and also connect with REC’s Investor Cell via call / email / WhatsApp.
  • The mobile application can be downloaded free of charge, on Android and iOS platforms.
  • REC Limited – 25/07/1969 (Founded) – New Delhi (HQ) – Vivek Kumar Dewagan (CMD)


CEO of India Semiconductor Mission

  • Akash Tripathi, chief executive of MyGov, was appointed as the new Chief Executive Officer (CEO) of India Semiconductor Mission.
  • The tenure of the current CEO of India Semiconductor Mission (ISM), Amitesh Kumar Sinha, ended on October 4.
  • Launched in 2021, ISM’s main focus is to establish a semiconductor manufacturing ecosystem in India.
  • It was allocated $10 billion by the Centre.
  • The ISM screens applications received for manufacturing semiconductors in India and shortlists the ones that are eligible for subsidies.

SBI Chairman tenure till August 2024

  • The Appointments Committee of the Cabinet has given its nod for extending the tenure of SBI Chairman Dinesh Kumar Khara till August 28, 2024.
  • The three-year tenure of 62-year-old Khara is due to end on October 6 and the order is expected to be issued soon.
  • Khara was appointed as Chairman of the country’s largest commercial bank on October 7, 2020, for a period of three years.
  • The current norms stipulate that a person can hold the post of SBI Chairman up to the age of 63.
  • In 1984, Khara started his career in SBI as a probationary officer.
  • State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)

Awards and Recognitions

The Nobel Prize in Literature 2023

  • The Nobel Prize in Literature for 2023 is awarded to the Norwegian author Jon Fosse, “for his innovative plays and prose which give voice to the unsayable”.
  • French author Sully Prudhomme was the first person to win the Nobel Prize in Literature in 1901.
  • Swedish author Selma Lagerlöf was the first woman to be awarded in 1909.
  • The youngest literature laureate is Rudyard Kipling, best known for The Jungle Book, who was 41 years old when he was awarded the literature prize in 1907.
  • The oldest Nobel Prize laureate in literature to date is Doris Lessing, who was 88 years old when she was awarded the Prize in 2007.
  • 116 Nobel Prizes in Literature have been awarded since 1901.
  • It was not awarded on seven occasions: in 1914, 1918, 1935, 1940, 1941, 1942, and 1943.
  • 120 individuals have been awarded the Nobel Prize in Literature 1901-2023.
  • 17 women have been awarded the Nobel Prize in Literature.
  • In 1931, the Nobel Prize in Literature was awarded posthumously to Erik Axel Karlfeldt.
  • The Nobel Prize in Literature has been shared between two individuals on four occasions only.
  • Last year Annie Ernaux (France) won the Nobel Prize “for the courage and clinical acuity with which she uncovers the roots, estrangements and collective restraints of personal memory”

The Nobel Peace Prize 2023

  • The Nobel Peace Prize 2023 was given to Narges Mohammadi of Iran for her fight against the oppression of women in Iran and her fight to promote human rights and freedom for all.
  • The founder of the International Committee of the Red Cross (ICRC), Henry Dunant, was awarded the first Nobel Peace Prize in 1901.
  • The first time a Nobel Peace Prize was awarded to a woman was in 1905, to Bertha von Suttner.
  • The youngest Nobel Peace Prize laureate is Malala Yousafzai, who was 17 years old when awarded the 2014 peace prize.
  • The oldest Nobel Peace Prize laureate to date is Joseph Rotblat, who was 87 years old when he was awarded the prize in 1995.
  • The Nobel Peace Prize has been awarded to 141 laureates* – to 111 individuals and 30 organisations.
  • Since Comité International de la Croix Rouge (International Committee of the Red Cross) was awarded three times (1917,1944 &1963) and Office of the United Nations High Commissioner for Refugees was awarded twice (1954 & 1981) there are 111 individuals and 27 organisations that have been awarded the Nobel Peace Prize.
  • Of the 111 individuals awarded the Nobel Peace Prize, 19 are women.
  • 70 peace prizes have been given to one laureate only.
  • 31 peace prizes have been shared by two laureates.
  • 2 peace prizes have been shared between three persons.

Spinoza Prize

  • Indian-origin professor Dr Joyeeta Gupta has received the Spinoza Prize, the highest distinction in Dutch science for her work in the field of climate change at a ceremony in the Netherlands.
  • The prize was presented to her by the Netherlands’ Minister for Education, Science, and Culture, Robert Dijkgraaf at The Hague.
  • The Dutch Research Council (NWO) prize is worth 1.5 million euros which Gupta intends to spend on scientific research and activities related to knowledge utilisation.
  • Joyeeta Gupta is a Dutch environmental scientist who is professor of Environment and Development in the Global South at the University of Amsterdam.
  • Netherlands – Amsterdam (Capital) – Euro & United States dollar (Currency) – Willem-Alexander (Monarch) – Mark Rutte (Prime Minister) – Dutch (Language)

Important Days

World Smile Day

  • World Smile Day is annually celebrated on the first Friday in October.
  • This year it falls on October 6.
  • The Day aims to promote goodwill and positivity by smiling at others and performing acts of kindness while serving as a reminder of the power of a simple smile to brighten someone’s day and improve the world around us.
  • Initiated by Harvey Ball, a commercial artist from Worcester in Massachusetts, who is best known for creating the iconic smiley face symbol in 1963.
  • World Smile Day was created by him in 1999 as a way to encourage people to do acts of kindness and spread happiness by simply smiling.

World Cerebral Palsy Day

  • World Cerebral Palsy Day is annually celebrated on October 6.
  • The primary aim of the day was to bring people living with cerebral palsy, their families, supporters and organisations together across the globe.
  • Apart from that, the day is also observed every year to recognise the struggles and daily challenges of people living with Cerebral Palsy and find new ways to make their lives easier.
  • In 1948, the United Cerebral Palsy Association was formed to help people suffering from this motor disability condition with diagnosis, and treatment and provide them funding as well.
  • Later in 2012, the Cerebral Palsy Alliance announced October 6 to be designated and observed as World Cerebral Palsy Day.

Daily Current Affairs - October 06, 2023 - Consolidated

  • GI Tag
  • Prime Minister laid foundation stone in Madhya Pradesh
  • Fourth Bi-Monthly Monetary Policy Statement 2023-24
  • WTO halves world trade growth projection for 2023 to 0.8%
  • AtoZero ASEAN Summit
  • Conference on Homeopathy in Kolkata
  • Tata Elxsi collaborated with IISc to enhance cyber security
  • ‘SUGAM REC’ – mobile app
  • CEO of India Semiconductor Mission
  • SBI Chairman tenure till August 2024
  • The Nobel Prize in Literature 2023
  • The Nobel Peace Prize 2023
  • Spinoza Prize
  • World Smile Day
  • World Cerebral Palsy Day

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