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Daily Current Affairs – October 16 & 17, 2023

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Daily Current Affairs - Banking - October 16 & 17, 2023

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National News

International Conclave of Food & Agriculture Organization

  • Union Fisheries Minister Parshottam Rupala had addressed the International conclave of the FAO at Mahabalipuram near Chennai.
  • The Minister gave an open invitation for the first edition of the global fisheries conference to be held in Gujarat on November 21st and 22nd this year on the occasion of World Fisheries Day.
  • Delegates from 18 countries including the USA, Japan, Italy, China France, Ireland, Srilanka, and Bangladesh are attending the conference.
  • Ministry of Fisheries, Animal Husbandry and Dairying – Parshottam Rupala,Union Minister (Rajya Sabha MP,Gujarat) – Sanjeev Balyan, Minister of State (Muzaffarnagar,UP), L. Murugan, Minister of State (Rajya Sabha MP,MP)

International News

18th India-Vietnam Joint Commission

  • External Affairs Minister Dr S Jaishankar co-chaired the meeting of the 18th India-Vietnam Joint Commission in Hanoi with his Vietnamese counterpart Bui Thanh Son.
  • The discussions covered cooperation in political, defence and maritime security, judicial, trade and investment, energy, development, education and training, science and technology, and cultural domains.
  • Dr Jaishankar also jointly unveiled the commemorative stamps celebrating 50 years of the establishment of diplomatic ties between India and Vietnam with his counterpart.
  • Vietnam – Hanoi (Capital) – Vietnamese dong (Currency) – Nguyễn Phú Trọng (General Secretary) –   Phạm Minh Chính (Prime Minister) – Võ Văn Thưởng (President) – Vietnamese (Language)

State News

ADB joined hand with West Bengal to study economic corridors' development

  • The Asian Development Bank (ADB) had joined hands with the West Bengal government to undertake a study for the development of state economic corridors.
  • The study aims at “strategising economic development across the nodes of Andal-Panagarh, Kharagapur-Goaltore-Salboni and growth centres such as Siliguri, Dankuni and Kalyani with urban-industriallogistics-skills-energy-social sector convergence“.
  • The ADB has worked on a number of landmark projects, including the East Coast Economic Corridor and the Bangladesh Corridor study.
  • West Bengal – Kolkata (Capital) – Mamata Banerjee (CM) – C. V. Ananda Bose (Governor) – Bengali & English (Language)

Museum dedicated to World Food Prize laureate

  • An institute and a museum dedicated to World Food Prize laureate Dr Gurdev Singh Khush (88), the legendary rice-breeder fondly known as “Father of Rice Revolution” and ‘Paddy Daddy’, was inaugurated at his alma-mater Punjab Agricultural University (PAU), Ludhiana.
  • He developed more than 300 rice varieties, being cultivated across the globe.
  • Punjab – Chandigarh (Capital) – Bhagwant Singh Mann (CM) – Banwarilal Purohit (Governor) – Punjabi (Language)

Banking and Finance

RBI Monetary Penalty

  • The Reserve Bank of India (RBI) had imposed a monetary penalty of ₹4.50 lakh on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad, Gujarat for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Maintenance of Cash Reserve Ratio (CRR)’.
  • The bank had also imposed a monetary penalty of ₹2.00 lakh on Makarpura Industrial Estate Co-operative Bank Ltd., Vadodara, Gujarat for contravention of Section 26A (2) of the Banking Regulation Act, 1949 and RBI directions on ‘Loans and advances to directors, relatives, firms/concerns in which they are interested’.
  • The bank had also imposed a monetary penalty of ₹50,000/-  on The Sevalia Urban Co-operative Bank Ltd., Sevalia, Kheda, Gujarat for non-compliance of directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’ read with ‘Loans and Advances to Directors etc. – Directors as surety/guarantors – Clarification’.
  • The central bank also imposed a monetary penalty of ₹2.00 lakh on Nagarik Sahakari Bank Ltd., Babra, Gujarat  for ‘Loans and advances to directors, relatives, firms/concerns in which they are interested’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Co-operative Banks – Interest Rate on Deposits’.
  • The central bank had also imposed a monetary penalty of ₹1.70 lakh on West End Housing Finance Limited for non-compliance with National Housing Bank (NHB) directions on ‘Housing Finance Companies – Approval of Acquisition or Transfer of Control (NHB) Directions 2016’ and RBI direction on ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

ADB loan to Gujarat

  • The Asian Development Bank (ADB) has approved a $181 million loan to build quality infrastructure and services toward improving urban livability and mobility in the peri-urban areas of Ahmedabad city in Gujarat, India.
  • The Ahmedabad Peri-urban Livability Improvement Project will construct 166 kilometers (km) of water distribution network, 126 km of climate-resilient stormwater drainage, 300 km of sewerage systems, and four sewage treatment plants, providing residents of Ahmedabad’s surrounding areas with quality urban infrastructure and services.
  • The project is also supporting 10 junction improvements along the existing Sardar Patel Ring Road to improve connectivity of peri-urban areas to Ahmedabad city.
  • Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 68 countries

Business and Economy

FICCI Economic Outlook Survey

  • The latest round of FICCI’s Economic Outlook Survey has projected annual median GDP growth forecast for the year 2023-24 at 6.3% with a minimum and maximum growth estimate of 6% and 6.6%, respectively.
  • Federation of Indian Chambers of Commerce & Industry (FICCI) – 1927 (Founded) – New Delhi (HQ) – Shubhrakant panda (President)

Summit and Conference

3rd edition of Global Maritime India Summit

  • Prime Minister Narendra Modi had inaugurated the third edition of the Global Maritime India Summit 2023.
  • The three-day summit was held at MMRDA Grounds in Mumbai.
  • This biggest maritime event is being organised by the Ministry of Ports, Shipping and Waterways.
  • The summit provides an excellent platform for attracting investment in the country’s maritime sector.
  • Ministry of Ports, Shipping and Waterways – Sarbananda Sonowal, Union Minister (Rajya Sabha MP, Assam) – Shripad Yesso Naik, Minister of State (North Goa) & Shantanu Thakur, Minister of State (Bangaon,West Bengal)

5th edition of India STEM Summit 2023

  • Union Minister for Road Transport and Highways Nitin Gadkari addressed the 5th edition of India STEM Summit 2023 in New Delhi.
  • STEM Summit pertains to integrating Science, Technology, Engineering, and Math (STEM) in the education sector that results in developing curiosity, inquisitiveness, critical-thinking, problem-solving capacities, imagination, questioning and exploration skills among learners.
  • Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh

Science and Technology

Dashboard for Data on Adoption and Forecasts of Electric Vehicles

  • The Union Minister for Power and New & Renewable Energy, Shri R. K. Singh launched a brand-new EV-Ready India Dashboard (evreadyindia.org) in New Delhi.
  • Developed by policy and industry experts at thinktank OMI Foundation, the dashboard is a free digital platform focussed on near real-time Electric Vehicle adoption and forecasts, associated battery demand, charging density, and market growth trends.
  • The dashboard is expected to facilitate greater inclusion across audiences, for the industry, policymakers and end users of electric vehicles.
  • The platform leverages the power of data and AI and seeks to address the need for macroeconomic data and analysis on India’s massively growing electric mobility segment.
  • Ministry of Power – Raj Kumar Singh,Union Minister (Arrah, Bihar)
  • Ministry of New and Renewable Energy – Raj Kumar Singh,Union Minister (Arrah, Bihar) – Bhagawanth,Minister of State (Bidar,Karnataka)


Ecuador President

  • Daniel Noboa had become the youngest- ever president of Ecuador at the age of 35 by replacing Guillermo Lasso.
  • He was elected as 48th President of Ecuador.
  • Ecuador – Quito (Capital) – United States dollar (Currency) – Daniel Noboa (President) – Spanish (Language)

Chairman of Tea Board

  • The Union Commerce and Industry Ministry has appointed Amardeep Singh Bhatia as chairman of Tea Board.
  • Bhatia, additional secretary in the Commerce and Industry ministry, will hold the post of chairman of Tea Board with effect from October 12 as an additional charge for a period of six months.
  • Saurav Pahari will remain the deputy chairman of the Tea Board.

India's ambassador to UN

  • External Affairs Ministry spokesperson Arindam Bagchi has been appointed India’s permanent representative to the United Nations (UN) and other international organisations in Geneva.
  • Bagchi, a 1995-batch Indian Foreign Service (IFS) official, took over as spokesperson of the Ministry of External Affairs (MEA) in March 2021.
  • He would succeed Indra Mani Pandey.
  • United Nations (UN) – 24/10/1945 (Founded) – New York (HQ) – António Guterres (Secretary General) –       193 member states & 2 observer states

Awards and Recognitions

Best Tourism Village Award

  • Ministry of Tourism had presented “Best Tourism Village of India 2023” to the Nawanpind Sardaran village in Gurdaspur Tehsil in Gurdaspur District of Punjab for protecting and advancing Punjab’s cultural heritage and sustainable development through tourism.
  • The village was chosen Out of 750 villages from 31 states and union territories competing for the title.
  • It comprises two havelis—the “Kothi” and “Pipal Haveli” built by Sardar Narian Singh and his family.
  • Ministry of Tourism – Gangapuram Kishan Reddy,Union Minister (Secunderabad,Telangana) – Shripad Naik, Minister of State (North Goa,Goa) & Ajay Bhatt, Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)

President’s Colour award

  • The 3rd Battalion of the Naga Regiment (3 Naga) got the President’s Colour award from Army Chief Gen. Manoj Pande.
  • The ‘colour’ — represented by a flag — was presented to the battalion at the Kumaon Regimental Centre (KRC) in Ranikhet.
  • Also called ‘Nishan’, presidential colours are a military tradition, and seen as the recognition of a battalion’s feats.
  • ‘Colour’ symbolises the collective spirit of the battalion, and “its acts of valour forged in sweat and blood”.
  • The tradition began under colonial rule but, on 23 November 1950, the ‘king’s colour’ of the erstwhile British Indian regiments were laid to rest in the Chetwode Hall, Dehradun, to make way for the ‘colours’ of the President of the Republic of India.
  • The colours are presented by the President or, on her/his behalf, by the Chief of the Army Staff.
  • It was presented to Col Lalit Chandra Kandpal, the Commanding Officer of 3 Naga.
  • The 3rd battalion of the the Naga regiment was raised on 1 October 2009 at Haldwani, nestled among the Kumaon Hills, home of the Kumaon & Naga regiments.


Louise Glück passed away

  • Nobel laureate Louise Glück, a poet of unblinking candor and perception who wove classical allusions, philosophical reveries, bittersweet memories and humorous asides into indelible portraits of a fallen and heartrending world passed away at 80.
  • She won Nobel Prize for literature in 2020.

Sports News

FIDE World Junior Rapid 2023 Open

  • GM Raunak Sadhwani won FIDE World Junior Rapid 2023 Open against IM Tobias Koelle of Germany.
  • GM Nesterov and IM Dimitris Alexakis were placed second and third respectively.
  • This is Raunak’s second consecutive triumph of the month after winning 38th European Club Cup 2023 Open for Offerspill Sjakklubb along with Magnus Carlsen and Pranav Venkatesh.
  • In the girls’ section, Govhar Beydullayeva of Azerbaijan won Gold, while Xeniya Balabayeva won silver and Zeinep Sultanbek won bronze.

Important Days

World Spine Day

  • World Spine Day is annually celebrated on October 16.
  • The day is celebrated to raise awareness of the importance of spinal health.
  • The Day was first celebrated on October 16, 2008, and was initiated by the World Federation of Chiropractic (WFC).
  • Theme – “Move Your Spine”
  • World Federation of Chiropractic (WFC) – 1988 (Founded) – Toronto, Canada (HQ) – John Maltby (President)

World Food Day

  • World Food Day is annually celebrated on October 16.
  • The Day focuses on raising awareness on the importance and taking up initiatives to ensure that every person on this planet is given access to proper nutrition and proper food.
  • The member countries of the Food and Agriculture Organisation established World Food Day in November 1979 at the organisation’s 20th General Conference and called for the observance of World Food Day on 16 October 1981.
  • Theme – “Water is life, water is food. Leave no one behind”
  • Food and Agriculture Organization of the United Nations (FAO) – 16/10/1945 (Founded) – Rome (HQ) – Qu Dongyu (Director General)

International Day for the Eradication of Poverty

  • International Day for the Eradication of Poverty is annually celebrated on October 17.
  • The day aims to promote understanding and dialogue between people living in poverty and the wider society.
  • The Day was first observed on October 17, 1987.
  • Theme – “Decent Work and Social Protection: Putting dignity in practice for all”


Ministry of Defence signed contract with Cochin Shipyard Limited

  • The Ministry of Defence signed a contract in New Delhi for Mid Life Upgrade and Re-Powering of “INS Beas” with Kochi-based M/S Cochin Shipyard Limited (CSL) at an overall cost of Rs. 313.42 Crores.
  • INS Beas is the first of Brahmaputra Class Frigate to be re-powered from Steam to Diesel Propulsion.
  • After completion of Mid Life Upgrade and Re- Powering in 2026, INS Beas will join the active fleet of the Indian Navy with a modernized weapon suite and upgraded combat capability.
  • The transformative maiden re-powering project marks a significant stride in the maintenance philosophy of the Indian Navy and repair capabilities of M/s CSL. The project would involve more than 50 MSMEs and would lead to generation of employment for more than 3500 personnel.
  • The project will be a proud flag bearer of Atmanirbhar Bharat in consonance with the Make-in-India initiative of the Government of India.
  • Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)

Daily Current Affairs - October 16 & 17, 2023 - Consolidated

  • International Conclave of Food & Agriculture Organization
  • 18th India-Vietnam Joint Commission
  • ADB joined hand with West Bengal to study economic corridors’ development
  • Museum dedicated to World Food Prize laureate
  • RBI Monetary Penalty
  • ADB loan to Gujarat
  • FICCI Economic Outlook Survey
  • 3rd edition of Global Maritime India Summit
  • 5th edition of India STEM Summit 2023
  • Dashboard for Data on Adoption and Forecasts of Electric Vehicles
  • Ecuador President
  • Chairman of Tea Board
  • India’s ambassador to UN
  • Best Tourism Village Award
  • President’s Colour award
  • Louise Glück passed away
  • FIDE World Junior Rapid 2023 Open
  • World Spine Day
  • World Food Day
  • International Day for the Eradication of Poverty
  • Ministry of Defence signed contract with Cochin Shipyard Limited

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