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Daily Current Affairs – October 26, 2023

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Daily Current Affairs - Banking - October 26, 2023

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National News

Cabinet Approval

  • The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Shri Narendra Modi has approved the proposal of the Department of Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for Rabi Season 2023-24 (from 01.10.2023 to 31.03.2024) on Phosphatic and Potassic (P&K) fertilizers.
  • Nitrogen – ₹47.02/kg
  • Phosphorus – ₹20.82/kg
  • Potassium – ₹2.38/kg
  • Sulphur – ₹1.89/kg
  • In the upcoming Rabi season 2023-24, an expenditure of ₹22,303 crores is expected on NBS.
  • The subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2023-24 (applicable from 01.10.2023 to 31.03.2024) to ensure smooth availability of these fertilizers to the farmers at affordable prices.
  • The cabinet has also approved inclusion of Jamrani Dam Multipurpose Project of Uttarakhand under Pradhan Mantri Krishi Sinchayee Yojana-Accelerated Irrigation Benefit Programme (PMKSY-AIBP) of Department of Water Resources, River Development and Ganga Rejuvenation.
  • The CCEA has approved central support of ₹1,557.18 crores to Uttarakhand for completion of the project with estimated cost of ₹2,584.10 crores by March, 2028.
  • The project envisages construction of a dam near Jamrani village across river Gola, a tributary of river Ram Ganga, in Nainital district of Uttarakhand.
  • The dam would feed the existing Gola barrage, through its 40.5 km length of canal system and 244 km long canal system, which was completed in 1981.
  • The cabinet was also apprised of a Memorandum of Cooperation (MoC) signed in July, 2023 between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Economy, Trade and Industry of Japan on Japan-India Semiconductor Supply Chain Partnership.
  • The MoC intends to strengthen cooperation between India and Japan towards enhancement of semiconductor supply chain, recognizing the importance of semiconductor for the advancement of industries and digital technologies.
  • The MoC shall come into effect from the date of signature of the Parties and shall be remain in force for a period of five years.
  • Both G2G and B2B bilateral Cooperation on opportunities to advance resilient semiconductor supply chain and leverage complementary strengths.
  • MoC envisages improved collaboration leading to employment opportunities in the field of IT.

“National Symposium on Production of Improved and Traditional Seeds through Cooperative Sector”

  • Union Home Minister and Minister of Cooperation Amit Shah addressed the “National Symposium on Production of Improved and Traditional Seeds through Cooperative Sector” organized by the Bharatiya Beej Sahakari Samiti Limited (BBSSL) in New Delhi.
  • He also unveiled the Logo, Website and Brochure and distribute membership certificates to BBSSL members.
  • During the symposium, objectives of BBSSL, importance of seed production through PACS and role of seeds in productivity and nutrition of crops, along with role of cooperative societies in upliftment of small and marginal farmers, will be discussed.
  • The symposium will begin with a presentation by officials of the Ministry of Cooperation on 54 new initiatives taken in the last 27 months to strengthen the cooperative sector.
  • Apart from about 2000 participants from all over the country, thousands of participants will also participate in this one-day symposium through virtual medium.
  • Three major cooperative societies of the country – Indian Farmers Fertilizer Cooperative Limited (IFFCO), Krishak Bharati Cooperative Limited (KRIBHCO) and National Agricultural Cooperative Marketing Federation of India (NAFED) and two major statutory bodies of the Government of India – National Dairy Development Board (NDDB) and National Cooperative Development Corporation (NCDC) have jointly promoted BBSSL.
  • Ministry of Cooperation – Amit Anil Chandra Shah,Union Minister (Gandhinagar,Gujarat) – B. L. Verma, Minister of State (Rajya Sabha MP,UP)

43rd edition of PRAGATI

  • Prime Minister Narendra Modi chaired the meeting of the 43rd edition of PRAGATI involving Centre and State governments.
  • PRAGATI is the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation.
  • He reviewed eight key projects spread across seven states having cumulative worth around 31 thousand crore rupees.
  • Among these, four projects were concerned with water supply and irrigation, two projects for expanding National highways and connectivity, and two projects for rail and metro rail connectivity.
  • These are Bihar, Jharkhand, Haryana, Odisha, West Bengal, Gujarat and Maharashtra.
  • During the interaction, the Prime Minister also reviewed ‘Mobile Towers and 4G Coverage under USOF Projects’.
  • Under the Universal service obligation fund, USOF, 33 thousand 573 villages with 24 thousand 149 mobile towers are to be covered for saturation of mobile connectivity.
  • The Prime Minister asked to ensure setting up of mobile towers in all uncovered villages within this financial year with regular meetings with all stakeholders.
  • This will ensure saturation of mobile coverage in the remotest of the areas.
  • As many as 348 projects having a total cost of over 17 lakh crore rupees have been reviewed so far under the PRAGATI meetings.

Top Producers of Lignite

  • As per the provisional statistics released by Union Ministry of Coal, Tamil Nadu was the largest producer of lignite and produced 22.480 Million Tonnes (MT) in 2022-23 and accounted for 49.97% of the production, followed by Gujarat at 27.37% and Rajasthan at 22.67%.
  • In terms of despatch of lignite, Tamil Nadu had the highest share of 24.166 MT or 51.61%, followed by Gujarat at 26.27% and Rajasthan at 22.12%.
  • Tamil Nadu’s lignite production stood at 23.635 MT in 2021-22, followed by 18.026 MT in 2020-21, In 2019-20, the State’s lignite production was 23.516 MT and it was 23.041 MT in 2018-19.
  • Tamil Nadu accounts for about 82% of India’s lignite reserves of 40.9 billion tonne, as per the National Electricity Plan Volume-I: Generation, notified by the Central Electricity Authority (CEA).
  • Tamil Nadu has lignite reserves of 33,309.53 million tonnes.
  • Ministry of Coal – Pralhad Venkatesh Joshi,Union Minister (Dharwad,Karnataka)

International News

United Nations Forum on Forests

  • The Ministry of Environment, Forest and Climate Change is organising a Country-Led Initiative (CLI) event as part of the United Nations Forum on Forests (UNFF) from 26-28 October, 2023 at the Forest Research Institute (FRI), Dehradun, Uttarakhand.
  • The United Nations Forum on Forests promotes the management, conservation, and sustainable development of all types of forests.
  • India holds the distinction of being a founding member of UNFF.
  • The UN General Assembly adopted the first-ever UN Strategic Plan for Forests for the period of 2017-2030.
  • This Strategic Plan serves as a global framework for actions at all levels to achieve the sustainable management of all types of forests, including trees outside forests, and to combat deforestation and forest degradation.
  • The CLI’s primary goal is to contribute to the discussions of UNFF regarding the implementation of Sustainable Forest Management and the UN Strategic Plan for Forests.
  • It also aims to facilitate the sharing of best practices among UNFF member States for the implementation of SFM and the UNSPF.
  • The CLI will discuss on thematic areas involving forest fires and forest certification.
  • During this event, experts from UNFF member countries, the UN organizations, regional and sub-regional partners, as well as major groups, will deliberate on the thematic issues.
  • United Nations Forum on Forests (UNFF) – 18/10/2000 (Founded) – New York (HQ) – Kitty Sweeb (Chairman)

State News

Rural Health Training Centre (RHTC) Hospital in Najafgarh, Delhi

  • Union Minister for Health and Family Welfare, Dr. Mansukh Mandaviya inaugurated the fourth hospital of Central Government “Rural Health Training Centre (RHTC) Hospital” in Najafgarh, Delhi.
  • First approved in 2018 in Najafgarh area by the Union Cabinet under the chairmanship of Hon’ble Prime Minister Shri Narendra Modi, the RHTC hospital will cater to the health needs of the people of Najafgarh and 73 surrounding villages.
  • This 163-bed hospital will have facilities like OPD, Radiology, 24 X 7 Emergency services, Medicine ward, Gynecology ward, Pediatric ward, Surgery and ICU.
  • Ministry of Health and Family Welfare – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Dr. Bharati Pravin Pawar,Minister of State (Dindori,Maharashtra), Satya Pal Singh Baghel ,Minister of State (Agra,UP)

Schemes

PM SVANidhi scheme

  • According to SBI research report early 75% of beneficiaries of PM SVANidhi scheme come from the non-general category with the OBCs accounting for 44%.
  • The report said, that the Scheduled Castes and Scheduled Tribes account for 22% of the total disbursement of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme and 43% of the total beneficiaries are women.
  • The SBI report said that female share indicates empowerment of entrepreneurial capabilities of urban females, giving SVANidhi a gender equaliser tag.
  • Till date, around 70 lakh loans have been disbursed in all three tranches, benefiting over 53 lakh street vendors, with the total value exceeding 9,100 crore rupees.
  • Over 65% of the borrowers under the scheme are in the 26-45 age group.
  • Ministry of Housing and Urban Affairs (MoHUA) has launched PM Street Vendor’s AtmaNirbharNidhi (PM SVANidhi) on June 01 2020, a Special Micro-Credit Facility Scheme for providing affordable loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
  • Urban street vendors will be eligible to avail Working Capital (WC) loan of up to ₹10,000.
  • Initial duration was June 1, 2020, to March 2022 and was further extended to December 2024.
  • Ministry of Housing and Urban Affairs – Hardeep Singh Puri,Cabinet Minister (Rajya Sabha MP,UP) – Kaushal Kishore, Minister of State (Mohanlalganj,UP)

Chief Minister Green Road Infrastructure Development Scheme (Urban)

  • The Uttar Pradesh government approved a Rs 500 crore scheme, the Chief Minister Green Road Infrastructure Development Scheme (Urban), to construct roads of international standards in all cities.
  • In the first phase of this ambitious scheme, road construction work will be carried out in 17 municipal corporations and all the roads between 10-45 meters will be developed as state-of-the-art roads.
  • In the second phase, roads of 200 municipalities and 545 nagar panchayats will be covered.
  • The state government will establish Urban Road Infrastructure Development Agency (URIDA) to develop, finance and monitor the roads of the civic bodies.
  • A committee will be constituted under the chairmanship of the Chief Secretary to monitor the works of URIDA.
  • Its work will also be monitored through an online portal.
  • In another decision, the cabinet approved ‘Vandan Yojana’ for the development and beautification of infrastructure facilities at the sites of cultural, mythological, religious and historical importance located in the urban areas.
  • Rs 50 crore has been sanctioned for the Vandan scheme for the time being while the Chief Minister and Finance Minister have assured to increase the funds for this.
  • Uttar Pradesh – Lucknow (Capital) – Yogi Adityanath (CM) – Anandiben Patel (Governor) – Hindi (Language)

Banking and Finance

RBI asked private banks to have at least two whole-time directors

  • Reserve Bank of India has asked private banks and wholly owned subsidiaries of foreign banks to ensure at least two Whole Time Directors (WTDs), including the MD and CEO, on their boards to facilitate succession planning.
  • The number of Whole Time Directors should be decided by the Board of the bank by taking into account factors such as the size of operations, business complexity, and other relevant aspects.
  • The RBI directed banks that currently do not meet this requirement to submit their proposals for the appointment of WTDs under the Banking Regulation Act, 1949, within a period of four months from the date of issuance of the circular.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

IndusInd Bank tied up with Viamericas to enhance Fast Remit platform

  • IndusInd Bank has entered into a collaboration with Viamericas Corporation to offer non-resident Indians (NRIs) in the US digital inward remittance services on the ‘Indus Fast Remit’ platform.
  • The service will offer competitive exchange rates on remittances to India.
  • NRIs can initiate remittance transactions using the auto debit payment mode (automated clearing house – ACH) through their overseas bank accounts on the Fast Remit platform.
  • Viamericas Corporation will leverage its existing Vostro relationship with IndusInd Bank to credit beneficiary accounts in India, utilising the RBI’s RDA scheme.
  • The digital remittance platform assures customers transparency of payment status, the exact INR amount to be received by the beneficiary, and the expected delivery time.
  • IndusInd Bank Limited – April 1994 (Founded) – Mumbai (HQ) – Sumant Kathpalia (MD & CEO) – “We Make You Feel Richer” (Tagline)

AU Small Finance Bank launched its first Green FD

  • AU Small Finance Bank (AU SFB) launched its first Green Fixed Deposit (FD) called ‘Planet First – AU Green Fixed Deposit’ to support renewable and green projects like solar power, electric vehicles etc. 
  • The SFB joins the likes of HDFC Bank, Federal Bank, IndusInd Bank, Union Bank, and DBS Bank in offering Green FDs.
  • Notably, the Planet First – AU Green Fixed Deposit offers an interest rate of up to 8.50%, with a minimum investment requirement of only Rs 5,000. 
  • Deposits of up to Rs 5 lakh are insured under Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme.
  • Both existing and new customers of AU SFB can open their Green FD accounts through Video Banking, the AU 0101 App, NetBanking, or by visiting their nearest AU Small Finance Bank branches.
  • Earlier in June, the Reserve Bank of India (RBI) came out with the Framework for acceptance of Green Deposits to enhance transparency and ensure that the money is used for its intended cause.
  • AU Small Finance Bank – 1996 (Founded) – Jaipur, Rajasthan (HQ) – Raj Vikash Verma (Chairman) – Sanjay Agarwal (MD & CEO)

Business and Economy

Central government surpasses 50% of budgeted capex so far in FY24

  • The government has crossed 50% of its budgeted target for capital expenditure, or the Rs 5-lakh-crore mark, so far in the ongoing financial year 2023-24, adding that overall trends in revenue and spending were along expected lines and the Centre should be able to meet its stated fiscal deficit target of 5.9% of the gross domestic product.

Appointments

Woman IAF officer promoted to Air Marshal

  • Air Marshal Sadhna S Nair has become the second woman officer from the medical branch of the Indian Air Force (IAF) to be promoted to the rank of Air Marshal.
  • Air Marshal Padma Bandopadhyay, was the first woman to be promoted to the rank of Air Marshal in the medical branch of the IAF.
  • Prior to her promotion, Air Marshal Nair was serving as Principle Medical Officer (PMO) at HQ Training Command, IAF in the rank of Air Vice Marshal.
  • She is now serving as the Director General Hospital Services, Armed Forces.
  • Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)

National Icon of Election Commission

  • Actor Rajkummar Rao will be inducted as a National Icon by the Election Commission (EC).
  • He acted as an official tasked with conducting polls in the Naxal-affected areas of Chhattisgarh in the Hindi film “Newton” won the National Award for Best Feature Film in Hindi and was also India’s nominee for the Best Foreign Language Film category at the 90th Academy Awards, popularly known as Oscars.
  • Earlier, the EC recognised actors Pankaj Tripathi, Aamir Khan, and sportspersons, such as Sachin Tendulkar, M. S. Dhoni and M. C. Mary Kom, as national icons.

Awards and Recognitions

USA highest scientific honour

  • President Joe Biden honoured Two Indian-American scientists – Dr Ashok Gadgil and Dr Subra Suresh – with the National Medals in the fields of science and technology.
  • While Gadgil was conferred the National Medal for Technology and Innovation, Suresh won the National Medal of Science.
  • These medalists have made discoveries that enable life-saving medical treatments, help fight the opioid epidemic, improve food security, advance accessibility, protect our democracy, and much more.

Sports News

Paralympics champion Sumit Antil breaks world record

  • Reigning Paralympics champion Sumit Antil bettered his own javelin throw F64 world record with a stunning 73.29m effort on way to winning gold as he led India’s whopping 30-medal haul on the third day of competitions at the Hangzhou Asian Para Games.
  • The 25-year-old Antil broke his own previous world record of 70.83m which he had thrown while winning gold at the World Para Athletics Championships in Paris earlier this year.
  • Antil, the reigning world champion, had won gold in the men’s javelin F64 event at the Tokyo Paralympic Games with a then world record throw of 68.55m.
  • The F64 category is for athletes with a leg amputation, who compete with prosthetics in a standing position.

Important Days

International Lead Poisoning Prevention Week 2023

  • The International Lead Poisoning Prevention Week (ILPPW) takes place every year during the third week of October.
  • This year 2023 the week will be from 22 to 29 October.
  • The week is celebrated to raise awareness about health effects of lead exposure; highlight the efforts of countries and partners to prevent lead exposure, particularly in children; and urge further action to eliminate lead paint through regulatory action at country level.
  • The Week is an initiative of the Global Alliance to Eliminate Lead Paint (Lead Paint Alliance), which is jointly led by the UN Environment Programme (UNEP) and World Health Organization (WHO).
  • World Health Organization (WHO) – 07/04/1948 (Founded) – Geneva, Switzerland (HQ) – Tedros Adhanom (Director-General)
  • United Nations Environment Programme (UNEP) – 05/06/1972 (Founded) – Nairobi, Kenya (HQ) – Inger Andersen (Executive Director)

Accession Day

  • Accession Day is annually observed on October 26 in Jammu and Kashmir.
  • It is a public holiday in the Union Territory of Jammu and Kashmir, commemorating 26 October 1947, when Maharaja Hari Singh signed off the Instrument of Accession, in which Jammu and Kashmir joined the Dominion of India.
  • It became an official public holiday in Jammu and Kashmir for the first time in 2020.

Daily Current Affairs - October 26, 2023 - Consolidated

  • Cabinet Approval
  • “National Symposium on Production of Improved and Traditional Seeds through Cooperative Sector”
  • 43rd edition of PRAGATI
  • Top Producers of Lignite
  • United Nations Forum on Forests
  • Rural Health Training Centre (RHTC) Hospital in Najafgarh, Delhi
  • PM SVANidhi scheme
  • Chief Minister Green Road Infrastructure Development Scheme (Urban)
  • RBI asked private banks to have at least two whole-time directors
  • IndusInd Bank tied up with Viamericas to enhance Fast Remit platform
  • AU Small Finance Bank launched its first Green FD
  • Central government surpasses 50% of budgeted capex so far in FY24
  • Woman IAF officer promoted to Air Marshal
  • National Icon of Election Commission
  • USA highest scientific honour
  • Paralympics champion Sumit Antil breaks world record
  • International Lead Poisoning Prevention Week 2023
  • Accession Day

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