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Daily Current Affairs – October 20 & 21, 2023

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Daily Current Affairs - Banking - October 20 & 21, 2023

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National News

418-feet national flag at Attari-Wagah border

  • Union Minister Nitin Gadkari inaugurated a 418-feet national flag, the tallest in the country, at Attari in Punjab’s Amritsar district.
  • A surveillance system has been fitted atop the flag which will help the BSF troops keep track of the activities near the border.
  • Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh

First district in India to declare official tree, flower, bird, species

  • Kasaragod district of Kerala has become the first district in India to officially designate its own tree, flower, bird and species.
  • The official tree of the district is ‘Kanjiram’ (Strychnos nux-vomica Linn), a species deriving its name from ‘kasara’, meaning wormwood, from which the name of the district originates.
  • The district bird is the White Bellied Sea Hawk, which is native to the region spanning from Mahe to Manjeswaram.
  • Notably, it is listed under Schedule I of the Wildlife Protection Act, and its nest-building habits play a crucial role in protecting the trees where it resides.
  • Kasaragod has also chosen the Cantor’s Giant Softshell Turtle, locally known as ‘Bheemanama’, as the district species.
  • This rare species is listed on the Red List of Endangered Freshwater Turtles and relies on estuaries for laying eggs, making its conservation particularly critical.
  • The district flower, ‘Periya Polathali’ or Crinum malabarica, with its distinctive white flowers tinged with red, is another remarkable addition to the list.
  • This plant is found exclusively in the streams originating from the laterite hills in Kasaragod, emphasising its significance.
  • The decision to officially recognise these natural elements was taken jointly by the district panchayat and the Biodiversity Management Committee.
  • Kerala – Thiruvananthapuram (Capital) – Pinarayi Vijayan (CM) – Arif Mohammad Khan (Governor) – Malayalam (Language)

India’s first Regional Rapid Transit System (RRTS)

  • The Prime Minister, Shri Narendra Modi inaugurated the priority section of Delhi-Ghaziabad-Meerut RRTS Corridor at Sahibabad RapidX Station in Ghaziabad, Uttar Pradesh.
  • He also flagged off the Namo Bharat RapidX train connecting Sahibabad to Duhai Depot, marking the launch of the Regional Rapid Transit System (RRTS) in India.
  • Uttar Pradesh – Lucknow (Capital) – Yogi Adityanath (CM) – Anandiben Patel (Governor) – Hindi (Language)

State News

Arunachal Pradesh Cabinet

  • The Arunachal Pradesh State Cabinet approved the constitution of Special Tiger Protection Force (STPF) in the State for three Tiger Reserves of the State namely- Namdapha, Pakke and Kamlang.
  • This decision will result in the creation of 336 regular posts in the state.
  • The state cabinet also approved to provide a lump-sum monthly honorarium to all the Third Language Teachers of various tribes who have developed their own scripts.
  • There are 1043 Language teachers engaged presently in Arunachal Pradesh and this decision of the cabinet is seen as an encouragement of the third language subject of respective tribes, right from elementary level onwards.
  • The Cabinet also approved the Amendment of Arunachal Pradesh State Industrial and Investment Policy 2020 and framing of Arunachal Pradesh Home Guard Rules 2023 along with others.
  • Arunachal Pradesh – Itanagar (Capital) – Pema Khandu (CM) – Kaiwalya Trivikram Parnaik (Governor) – English (Language)

Banking and Finance

RBI Monetary Penalty

  • The Reserve Bank of India (RBI) had imposed a monetary penalty of ₹2.50 crore on L&T Finance Limited for non-compliance with certain provisions of the Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.
  • This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.
  • RBI had also imposed a monetary penalty of ₹2.00 lakh on Vadnagar Nagarik Sahakari Bank Ltd., Vadnagar, Gujarat for contravention 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’, and ‘Co-operative Banks – Interest Rate on Deposits.
  • RBI had also imposed a monetary penalty of ₹3.00 lakh on People’s Co-operative Bank Ltd., Dholka, Gujarat for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ and ‘Co-operative Banks – Interest Rate on Deposits’.
  • RBI had also imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Chhapi Nagarik Sahakari Bank Ltd., Banaskantha, Gujarat for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’.
  • RBI had also imposed a monetary penalty of ₹2.00 lakh on Mahila Co-operative Nagrik Bank Ltd., Bharuch, Gujarat for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Know Your Customer (KYC)’.
  • RBI had also imposed a monetary penalty of ₹6.00 lakh on Surat National Co-operative Bank Ltd., Surat, Gujarat for contravention of directions issued by RBI on ‘Co-operative Banks – Interest Rate on Deposits’ and ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’.
  • All this penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

NPCI Bharat BillPay launched B2B services

  • NPCI Bharat BillPay, a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has launch services under the Business-to-Business (B2B) category.
  • The service has gone live with Jio Payments Bank’s MyJio app for the Biller Arzooo with Axis Bank as the Biller Operating Unit (BOU).
  • Services will include flexible invoice presentation, complaint management and MIS (management information system), among others.
  • The platform will offer multiple payment modes like UPI, net banking, cards, wallet, IMPS, cash, etc along with multiple payment channels like Mobile app, Website, Agent, Branch, etc, NPCI said, adding that it will also allow partial payments in order to cater cashflow needs of the B2B segment.
  • National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)

First Russian bank to register with Sebi as FPI: NSDL

  • Sberbank of Russia has become the first Russian bank to register with the Indian markets regulator as a foreign portfolio investor (FPI).
  • Sberbank of Russia, a state-owned bank which already has a presence in India, registered with the Indian markets regulator for a Category I FPI licence last week.
  • FPIs with category I licence have to follow less lenient beneficial ownership disclosures, can subscribe to overseas derivative instruments which have Indian stocks as underlying and also enjoy certain taxation benefits.
  • Category I FPI registration is only granted to government or government related foreign investors or regulated entities such as banks, sovereign wealth funds, investment trusts, pension funds, asset management companies.
  • Sberbank’s registration takes the total number of Russia-based FPIs in India to five, with all others being non-banks.
  • As of now, Alfa Capital Management, First Asset Management, Igor Noskov, and Vesvolod Rozanov have been granted FPI registrations. 
  • The bank had received approval from the Reserve Bank of India (RBI) in May 2010 to set up a branch in India and commenced its banking business from January 2011.
  • Russia – Moscow (Capital) – Russian Ruble (Currency) – Vladimir Putin (President) – Mikhail Mishustin (Prime Minister) – Russian (Language)

Business and Economy

IRCTC tied up with Zomato for delivery of pre-ordered meals

  • Under Indian Railways Catering and Tourism Corporation (IRCTC)E- Catering segment, IRCTC has tied up with M/s. Zomato Limited for supply and delivery of pre-ordered meals through IRCTC’s E-catering portal as a Proof of Concept (PoC) in the first phase at five Railway stations i.e. New Delhi, Prayagraj, Kanpur, Lucknow & Varanasi,”
  • Indian Railway Catering and Tourism Corporation (IRCTC) – 27/09/1999 (Founded) – New Delhi (HQ) – Rajni Hasija (Chairman & MD)

Agreements and MoUs signed

Indian Institute of Science signed MoU with Samsung Semiconductor India Research

  • Samsung Semiconductor India Research (SSIR) had signed a Memorandum of Understanding (MoU) with Indian Institute of Science (IISc) to establish a quantum technology lab with the primary goal of providing research and training opportunities to faculty members and students pursuing higher education in fields such as physics, engineering, computer science and mathematics.
  • A Memorandum of Understanding (MoU) was signed by Balajee Sowrirajan, Chief Vice President and Managing Director of SSIR, and Prof Govindan Rangarajan, Director of IISc.
  • The lab will focus on integrating cryogenic control chips with qubits, single photon sources and detectors while addressing reliability challenges in quantum technologies.
  • Both organisations aim to emphasise the development of indigenous quantum technologies, making a significant local impact and elevating India’s research innovations on the global stage.

Science and Technology

Bharat Semiconductor Research Centre in 2024

  • The Ministry of Electronics and Information Technology announced the setting up of the Bharat Semiconductor Research Centre next year, in collaboration with industry experts and academia.
  • The research facility will be created in public-private partnership (PPP) mode.
  • IMEC, Nano Tech, MIT and ITRI are notable research organisations in the field of nanoelectronics and semiconductor technology.
  • While IMEC is a Belgium-based non-profit organisation that employs researchers in advanced semiconductor R&D activities, Taiwan-based ITRI is known to have incubated companies such as TSMC, Taiwan Mask Corp and others.
  • MIT and Nano Tech too are actively researching nanoscale science and technology.
  • The government aims to build BSRC on the same lines in India.
  • Ministry of Electronics and Information Technology – Ashwini Vaishnaw, Cabinet Minister (Rajya Sabha MP, Odisha) – Rajeev Chandrasekhar, Minister of State (Rajya Sabha MP, Karnataka)

Acquisitions and Mergers

Tata Steel bought 26% stake in Tata Power arm

  • Tata Steel will acquire 26% stake in TP Vardhaman Surya (TPVSL), a wholly-owned subsidiary of Tata Power Renewable Energy.
  • TSL will also execute a fixed-tariff long-term agreement with TPVSL to source 379 MW of captive renewable power, which will save 50 million tonne of carbon emissions over the contract period of 25 years.
  • TPVSL will set up a 966 MW solar-wind hybrid renewable power facility which would make it one of the biggest industrial power projects under group captive segment in the country.
  • Tata Steel Limited – 26/08/1907 (Founded) – Mumbai (HQ) – Natarajan Chandrasekaran (Chairperson)

Kotak got RBI nod to acquire Sonata Finance

  • Kotak Mahindra Bank has received the RBI’s approval to acquire the microfinance entity Sonata Finance for a total cash consideration of ₹537 crores.
  • The approval was received on October 19.
  • The private sector bank had in February 2023 notified that it had entered into a share purchase agreement with the shareholders of Sonata Finance to acquire 100 per cent of the issued and paid-up capital.
  • Kotak Mahindra Bank – 21/11/1985 (Founded) – Mumbai (HQ) – Dipak Gupta (MD & CEO) – “Let’s Make Money Simple” (Tagline)

Appointments

Governors of Tripura & Odisha

  • President Droupadi Murmu had appointed Indra Sena Reddy Nallu as the Governor of Tripura by replacing Satyadeo Narain Arya, while Former Jharkhand Chief Minister Raghubar Das as the new Governor of Odisha by replacing Prof. Ganeshi Lal.

Awards and Recognitions

Best Tourism Villages awarded by UN World Tourism Organization

  • Dhordo village in Kutch district of Gujarat has gained global recognition as one of the Best Tourism Villages awarded by the United Nations World Tourism Organization.
  • United Nations World Tourism Organization (UNWTO) – 01/11/1975 (Founded) – Madrid, Spain (HQ) – Zurab Pololikashvili (Secretary-General)

Golden Peacock Award

  • Institute of Directors (IOD) had honoured REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power with Golden Peacock Award for its exceptional performance in risk management.
  • Director (Projects), REC, Shri V. K. Singh and Executive Director (Finance), REC, Shri Daljeet Singh Khatri received the award on behalf of REC at a glittering ceremony held in London.
  • REC Limited was selected by the jury panel headed by former Chief Justice of India, Justice M. N. Venkatachaliah.
  • The recognition also underscores REC’s commitment to excellence and innovation in its operations in the power sector.
  • The Golden Peacock Awards, established by the Institute of Directors (IOD), India in 1991, has emerged as an internationally acclaimed standard for corporate excellence.
  • REC Limited (Rural Electrification Corporation Limited) – 25/07/1969 (Founded) – New Delhi (HQ) – Vivek Kumar Dewagan (CMD)

EU human rights prize

  • Mahsa Amini, the 22-year-old Kurdish-Iranian woman who died in police custody in September 16 2022 in Iran, sparking worldwide protests against the country’s conservative Islamic theocracy, was awarded the European Union’s top human rights prize.
  • The EU award, named for Soviet dissident Andrei Sakharov, was created in 1988 to honor individuals or groups who defend human rights and fundamental freedoms.
  • Sakharov, a Nobel Peace Prize laureate, died in 1989.
  • European Union (EU) – 01/11/1993 (Founded) – Brussels (Capital) – 27 countries (Members)

ISAR Honours 2023

  • The Institute of Chartered Accountants of India’s (ICAI) had bagged awarded the 6th edition of ISAR Honours 2023 by the UNCTAD (United Nations Conference on Trade and Development) working group on International Standards for Accounting and Reporting (ISAR) during the 8th World Investment Forum at Abu Dhabi.
  • The Institute of Chartered Accountants of India’s (ICAI) sustainability initiatives received the highest score amongst 70 initiatives received from around the world.
  • Institute of Chartered Accountants of India (ICAI) – 01/07/1949 (Founded) – New Delhi (HQ) – Aniket Sunil Talati
  • United Nations Conference on Trade and Development (UNCTAD) – 30/12/1964 (Founded) – Geneva (HQ) – Rebeca Grynspan (Secretary-General)

Sports News

Qatar Masters

  • In Qatar Masters Indian chess grandmaster, Karthikeyan Murali (24 years) became the third Indian player to beat the world’s number one player, Magnus Carlsen in classical chess.
  • He is the third Indian after Harikrishna and Viswanathan Anand to have beaten Carlsen.
  • Qatar – Doha (Capital) – Qatari riyal (Currency) – Tamim bin Hamad (Emir) – Mohammed bin Abdulrahman bin Jassim Al Thani (Prime Minister) – Arabic (Language)

Second-highest opening partnership in World Cup history

  • Australian openers David Warner and Mitchell Marsh delivered spectacular batting performances during the team’s 2023 World Cup match against Pakistan at the M.Chinnaswamy Stadium in Bengaluru had scored 259-run opening partnership, the second-highest opening stand in the history of World Cups.
  • Earlier SriLankan openers orchestrated a 282-run partnership against Zimbabwe at the Pallekele International Cricket Stadium in the 2011 World Cup.
  • International Cricket Council (ICC) – 15/06/1909 (Founded) – Dubai,UAE (HQ) – Greg Barclay (Chairman) – 108 countries

Important Days

National Solidarity Day 2023

  • National Solidarity Day is annually observed on October 20 in India.
  • The day commemorate to honour the soldiers who fought during the Sino-Indian War of 1962.
  • The Sino-Indian War, also known as the China–India War, occurred from October to November 1962.
  • The conflict emerged from a series of border skirmishes and territorial disputes.
  • On October 20, 1962, China launched a devastating attack, resulting in India’s defeat and territorial losses, notably Aksai Chin.
  • In 1966, a committee elected by then Prime Minister Indira Gandhi established October 20 as National Solidarity Day to honour soldiers and their families who sacrificed in conflicts.
  • China – Beijing (Capital) – Renminbi (Currency) – Xi Jinping (President) – Chinese (Language)

Police Martyrs' Day 2023

  • Police Martyrs’ Day annually observed on October 21 in India.
  • The day honours and remembers police officers who sacrificed their lives in the line of duty.
  • Police Martyrs’ Day has its roots in a tragic event that occurred on October 20, 1959.
  • Ten brave Police Personnel lost their lives, and seven others were injured.
  • The injured were taken as prisoners by the Chinese.
  • The bodies of the ten martyred personnel were eventually returned by the Chinese on November 13, 1959, three weeks after the incident.
  • Recognizing the valour and sacrifice of these gallant martyrs, the Annual Conference of Inspectors General of Police of States and Union Territories in January 1960 decided to observe October 21 as “Commemoration Day” or Martyrs’ Day.

Defence

Third Stealth Destroyer ‘IMPHAL’

  • Mazagon Dock Shipbuilders Limited (MDL) had delivered the third Stealth Destroyer of the Project 15B Class Guided Missile Destroyer, named Yard 12706 or ‘IMPHAL,’ to the Indian Navy.
  • This ship is built using Indigenous Steel DMR 249A and is among the largest Destroyers constructed in India, measuring 164 meters in overall length and with a displacement of over 7500 tons.
  • Notably, it’s the first among all P15B ships to be fitted with upgraded BrahMos missiles, capable of Long Range & Land attack.
  • Furthermore, ‘IMPHAL’ is the first Naval Warship commissioned with accommodations for women officers and sailors.
  • The first ship of the P15B class, ‘Visakhapatnam,’ was commissioned on November 21, 2021.
  • The second ship, ‘Mormugao,’ joined the fleet on December 18, 2022.
  • ‘IMPHAL,’ the third ship, was delivered to the Indian Navy on October 20, 2023.
  • The fourth ship, ‘Surat,’ was launched on May 17, 2022, and is in the advanced stage of outfitting.
  • Mazagon Dock Shipbuilders Limited (MDL) – 1934 (Founded) – Mumbai (HQ) – Sanjeev Singhal (Chairman & MD)

Daily Current Affairs - October 20 & 21, 2023 - Consolidated

  • 418-feet national flag at Attari-Wagah border
  • First district in India to declare official tree, flower, bird, species
  • India’s first Regional Rapid Transit System (RRTS)
  • Arunachal Pradesh Cabinet
  • RBI Monetary Penalty
  • NPCI Bharat BillPay launched B2B services
  • First Russian bank to register with Sebi as FPI: NSDL
  • IRCTC tied up with Zomato for delivery of pre-ordered meals
  • Indian Institute of Science signed MoU with Samsung Semiconductor India Research
  • Bharat Semiconductor Research Centre in 2024
  • Tata Steel bought 26% stake in Tata Power arm
  • Kotak got RBI nod to acquire Sonata Finance
  • Governors of Tripura & Odisha
  • Best Tourism Villages awarded by UN World Tourism Organization
  • Golden Peacock Award
  • EU human rights prize
  • ISAR Honours 2023
  • Qatar Masters
  • Second-highest opening partnership in World Cup history
  • National Solidarity Day 2023
  • Police Martyrs’ Day 2023
  • Third Stealth Destroyer ‘IMPHAL’

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