Daily Current Affairs – October 27 & 28, 2023
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Daily Current Affairs - Banking - October 27 & 28, 2023
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National News
7th Edition of the India Mobile Congress (IMC)
- The Prime Minister, Narendra Modi inaugurated the 7th Edition of the India Mobile Congress 2023 at Bharat Mandapam in New Delhi.
- India Mobile Congress (IMC) is the largest telecom, media, and technology forum in Asia to be held with the theme ‘Global Digital Innovation’.
- The IMC 2023 aims to strengthen India’s position as a developer, manufacturer, and exporter of key cutting-edge technologies. During the program, the Prime Minister awarded 100 ‘5G Use Case Labs’ to educational institutions across the country.
SARAS Mela
- Minister of State for Rural Development, Consumer Affairs, Food and Public Distribution Sadhvi Niranjan Jyoti inaugurated the popular SARAS Mela showcasing best of Crafts by Rural SHG Women at Gurugram.
- The SARAS Melas organised by the Ministry of Rural Development and National Institute of Rural Development and Panchayati Raj (NIRDPR) is an important initiative to support livelihood enhancement support initiatives.
- This is the second edition of Saras Ajeevika Mela organised in Gurugram where over 800 SHG women from across the country are showcasing their handicraft and handloom products along with regional culinary delight.
- The two-week-long cultural fest is organised at the Leisure Valley ground in Sector 29 will continue till November 11.
- The fair will be open daily from 11am to 9.30pm with no entry fee.
- Around 400 stalls are on display with a variety of art and craft and workshops will be organised for women of self-help groups to develop marketing skills.
- DAY-NRLM is a flagship rural poverty alleviation program of the Government of India and today it is the world’s largest initiative to improve the livelihoods of the rural poor.
‘Dark Patterns Buster Hackathon 2023’
- The Department of Consumer Affairs in collaboration with IIT (BHU), launched Dark Patterns Buster Hackathon 2023.
- The deliverables of the Hackathon will be to design & prototype innovative app or software based solutions such as; browser extensions, plugins, add-ons, mobile applications etc. that can detect the use, type and scale of dark patterns for e-Commerce platforms.
- The initiative taken by the Department towards drafting of guidelines and identification of dark patterns was appreciated in general by the industry stakeholders.
- Besides there were various suggestions for including certain new dark patterns, few more illustrations and modification of definitions of few existing dark patterns in the guidelines.
International News
International Travel Exhibitions
- Ministry of Tourism along with various stakeholders including tour operators and state tourism departments participated in one of the important international travel exhibitions held at Singapore with an objective to promote inbound tourism to India globally including the Asia Pacific region.
- Ministry of Tourism is leading the participation of the Indian industry at the exhibition, which draws the travel trade business and stakeholders from across the globe and particularly from the Aisa Pacific region, to showcase varied tourism products and series of transformative experiences for travellers to India under the theme ‘Incredible India! Visit India Year 2023’.
- The Incredible India pavilion was inaugurated by H.E. Dr Shilpak Ambule, the High Commissioner of India to Singapore.
- As a part of its promotional efforts in conjunction with the Indian Missions overseas, the objective of the participation of Ministry of Tourism at the exhibition, is to garner attention of both the media and the industry towards India as a lucrative destination with various thematic products of adventure, wellness, Himalayas, ecotourism, sustainable tourism and exotic wildlife.
- Within Incredible India pavilion at ITB Asia there were Destination Management Companies (DMCs) including Indian Railways Catering and Tourism Corporation (IRCTC) and Hyderabad International Convention Centre who showcased their products and services and had fruitful interactions with potential clients and partners.
- The State Government of Goa as well UT administrations of Ladakh, Jammu and Kashmir and Puducherry also participated to showcase their respective tourism products.
State News
PM laid foundation stone of multiple development projects in Shirdi, Maharashtra
- The Prime Minister, Narendra Modi inaugurated, dedicated to the nation and laid the foundation stone of multiple development projects worth about Rs 7500 crores in sectors like health, rail, road, oil and gas in Shirdi, Ahmednagar, Maharashtra.
- The multiple development projects include Ayush Hospital at Ahmednagar Civil Hospital; Electrification of Kurduwadi-Latur Road railway section (186 Km); 3rd & 4th railway lines connecting Jalgaon to Bhusaval (24.46 km); four laning of Sangli to Borgaon section of NH-166 (Package-I); and additional facilities at Manmad Terminal of Indian Oil Corporation Limited.
- He laid the foundation stone of the Maternal & Child Health Wing at Ahmednagar Civil Hospital.
- And also distributed Ayushman cards and Svamitva cards to beneficiaries.
- Among other projects, He also inaugurated the new Darshan Queue complex at Shirdi, dedicated to the nation the left bank (85km) canal network of the Nilwande Dam, and launched the ‘Namo Shetkari Mahasanman Nidhi Yojana’ benefitting more than 86 lakh farmer-beneficiaries.
Schemes
Swadesh Darshan 2.0 scheme
- In Punjab, two cities, Amritsar and Kapurthala, have been included in the 30 cities of historical and religious tourism importance of 15 States of the country selected under the Swadesh Darshan 2.0 scheme of the Union Ministry of Tourism.
- Earlier in the year 2018-19 Sri Anandpur Sahib, Sri Fatehgarh Sahib, Chamkaur Sahib, Ferozepur, Khatkar Kalan, Patiala and Kalanaur were selected in this Scheme.
- The objective of the Swadesh Darshan Scheme of the Union Government is to make the visit of tourists pleasant and memorable by providing better basic facilities in cities of historical and religious importance.
- Under this, 70 crores of rupees will be spent on development works in Amritsar and Kapurthala cities of Punjab.
- The government’s effort is to ensure that tourists stay in these cities for a longer period and get detailed information about the historical and cultural heritage.
Regional Connectivity Scheme – UDAN
- Regional Connectivity Scheme, RCS – UDAN has completed six years.
- The government-backed initiative to improve infrastructure and connectivity in India, especially in remote and underserved regions, was launched on October 21 2016, with a ten-year vision.
- The first RCS-UDAN flight was inaugurated by Prime Minister Narendra Modi on April 27 2017, connecting Shimla to Delhi.
- The scheme focuses on improving unserved air routes in underserved regions of the country and fulfilling the aspirations of the common citizens.
- RCS-UDAN has facilitated the travel of more than 130 lakh passengers so far, demonstrating its success in enhancing air travel accessibility.
Banking and Finance
RBI hiked limit of non-callable FDs
- The Reserve Bank of India (RBI) had increased the minimum amount for offering non-callable term deposits to Rs 1 crore from the existing Rs 15 lakh for banks.
- So, all customers will get an option to prematurely withdraw money from fixed deposits (FDs) of up to Rs 1 crore.
- all domestic term deposits accepted from individuals for amount of ₹1 crore and below shall have premature-withdrawal-facility.
- This regard shall also be applicable for Non-Resident (External) Rupee (NRE) Deposit / Ordinary Non-Resident (NRO) Deposits.
- As per the RBI’s Master Direction “on Interest Rate on Deposits”, banks are permitted to offer differential rate on interest on TDs based on non-callability of deposits (i.e., non-availability of premature withdrawal option) in addition to tenor and size of deposits.
RBI’s new directive for credit institutions
- Reserve Bank of India (RBI) has issued new regulations that mandate credit institutions (CIs) and credit information companies (CICs) to pay customers Rs 100 per day in cases where they fail to resolve complaints within 30 days in a significant move to improve the accountability and customer service of credit information companies.
- Complainants shall be entitled to a compensation of Rs 100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with a CI/ CIC, states the Reserve Bank of India in its Framework for compensation to customers for delayed updation/ rectification of credit information notification.
- Credit information companies, also known as credit bureaus, collate credit data from different lending institutions to formulate credit reports that aid in evaluating the creditworthiness of individuals or businesses.
- Any errors or discrepancies in these reports can severely impact an individual’s borrowing capability and cost of credit.
- Therefore, the swift and effective resolution of complaints lodged against such discrepancies is crucial.
Mobikwik's Zaakpay gets in-principle nod to operate as payment aggregator
- Zaakpay, the secure payment gateway arm of MobiKwik, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator.
- This authorisation will allow Zaakpay to onboard new merchants onto its platform, facilitating quick and easy processing of online payments.
- The platform collaborates with various brands in e-commerce, mobility, and bill payments, offering over 100 different payment methods including UPI, debit and credit cards, net banking, and mobile wallets.
- Zaakpay also ensures security through multiple encryption levels, system-level firewalls, and compliance with standards such as PCI DSS, PA DSS, Tokenisation, and security standards issued by regulators and network operators.
India's first IFSCA digital escrow authorisation
- Escrowpay, the leading digital escrow platform, has been granted the first digital escrow regulatory fintech authorisation from IFSCA, Gift City, marking a major milestone in its commitment to compliance and innovation in digital payments.
- The digital escrow regulatory authorisation is a testament to Escrowpay’s dedication to providing secure and efficient financial solutions to 70 million SMEs in India.
- The authorisation will position Escrowpay as a responsible and trusted player with regulatory oversight in the fintech sector.
- It provides digital escrow services to 3,000+ clients, including MSMEs, unicorns, listed enterprises, and emerging digital-first businesses across India, and has processed transactions in excess of Rs 15,000 crore.
Agreements and MoUs signed
Hindustan Aeronautics Ltd (HAL) signed MoU with Safran Aircraft Engines
- Hindustan Aeronautics Ltd (HAL) and Safran Aircraft Engines signed a memorandum of understanding (MoU) to develop industrial cooperation in ring forging manufacturing for commercial engines.
- The MoU was signed by Mihir Kanti Mishra, CEO (Bangalore Complex), HAL, and Dominique Dupuy, Senior Vice-President (Purchasing), Safran Aircraft Engines, in Bengaluru.
- As part of the partnership, HAL will produce LEAP (Leading Edge Aviation Propulsion, powering the Airbus A320 Neo family and Boeing 737 Max) engine forgings at its foundry and forge facility in Bengaluru.
- An Industrial Cooperation Contract was also signed by Anil Kumar VN, GM (F&F), HAL, and Jean Michel, Strategy Director and India Development for Safran Military Division.
Summit and Conference
16th Urban Mobility India Conference 2023
- Union Minister, Hardeep Singh Puri inaugurated the 16th Urban Mobility India Conference.
- It is a three-day conference under the aegis of the Ministry of Housing and Urban Affairs in collaboration with the Delhi Metro Rail Corporation Limited in New Delhi.
- Over 15 technical sessions and round table discussions on topics including multimodal integration, sustainability, and digitalization will be conducted during the conference.
- Around 22 exhibitors from metro rail companies, public and private sectors will participate.
Appointments
Prime Minister of Slovakia
- Leftist leader Robert Fico was appointed Slovakia’s prime minister for the fourth time by replacing Ľudovít Ódor.
- He quit as prime minister in 2018 amid mass public protests against corruption after a journalist was murdered.
- He had served previously from 2006 to 2010 and from 2012 to 2018.
Head coach of the senior women’s cricket team
- Indian domestic cricket legend Amol Muzumdar was appointed as the head coach of the senior women’s cricket team by BCCI.
- He scored 111,67 first-class runs in 171 matches including 30 centuries during his 21-year career.
- He also played 100 List A games and 14 T20 matches.
International Competition Network's steering group Member
- The Competition Commission of India (CCI) has become a part of the prestigious 18-member steering committee of the International Competition Network (ICN) after “consistent efforts”.
- The steering committee is the ICN’s apex body.
- The ICN, comprising 140 competition agencies, typically provides antitrust authorities with a specialised, yet informal, venue for maintaining regular contacts and addressing practical competition concerns.
- The ICN is the only global body devoted exclusively to competition law enforcement and its members represent national and multinational competition authorities.
- Members produce work through their involvement in flexible project-oriented and results-based working groups.
- In September 2023, India hosted the bi-annual conference of the competition regulators of the BRICS grouping after a decade to deliberate on new dimensions of antitrust regulations, among others.
- The BRICS competition authorities discussed existing and emerging anti-trust issues, including regulations for digital players and the leniency regime.
12-member committee of IRDAI
- The Insurance Regulatory and Development Authority of India (Irdai) has constituted a committee of 12 members to simplify insurance policy wording.
- The committee, which will be headed by L Viswanathan, a member of the Insurance Advisory Committee (IAC), will also include the Secretary Generals of the Life Insurance and General Insurance Council along with the president of the Insurance Brokers Association of India (IBAI) and the Principal Officer, State Bank of India (Corporate Agent) as well as other senior members of the insurance industry.
- Further, the committee can also include external experts if found necessary.
- This decision comes in the backdrop of the Irdai’s observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts due to the complex language used in the policy, stopping them from making informed decisions while purchasing an insurance policy.
- As a step towards Irdai’s goal of Insurance for all by 2047, the regulator is putting efforts towards creating a progressive, supportive, facilitative and forward-looking architecture, which will foster a healthy environment leading to wider choice, accessibility and affordability to the policyholders.
Indian Professor WHO Advisory Group on Tuberculosis
- The World Health Organisation has appointed Indian School of Business’ Prof. Sarang Deo to its the strategic and technical advisory group for tuberculosis.
- He is operations management professor and deputy dean of faculty and research at the ISB.
- Prof. Deo will be part of a 15-member group of global experts who will provide the WHO Director-General with an independent evaluation of the strategic, scientific, and technical aspects of the organisation’s work on eradicating TB.
- The group is chaired by Ethel Leonor Maciel, from the Brazilian health ministry, and includes Dr Anurag Bhargava, Prof. of Medicine, Yenepoya Medical College from India.
Sports News
37th National Games
- Prime Minister Narendra Modi inaugurated the 37th edition of the National Games in Panaji, Goa.
- The games are being held at the Jawaharlal Nehru Stadium at Fatorda in South Goa.
- The National Games are being held in Goa for the very first time.
- More than 10,000 athletes from across the country will compete in over 43 sports disciplines across 28 venues.
Important Days
World Day for Audiovisual Heritage
- World Day for Audiovisual Heritage is annually observed on October 27.
- The day is a commemoration of the adoption, in 1980 by the 21st General Conference, of the Recommendation for the Safeguarding and Preservation of Moving Images.
- Theme – “Your Window to the World”.
Defence
6th Indian Coast Guard Subordinate Officers’ Conclave
- The 6th Indian Coast Guard Subordinate Officers’ Conclave was held in New Delhi.
- During the two-day conclave various MoUs towards enhancing welfare measures for the personnel of Coast Guard were signed.
- The theme of the conclave was Towards an Inclusive Approach.
- It comprised various brainstorming sessions and lectures on a variety of subjects including IT, health, HR, leadership and media sensitisation.
Army’s first Vertical Wind Tunnel
- Army Chief General Manoj Pande virtually inaugurated the Army’s first Vertical Wind Tunnel (VWT) in Bakloh, Himachal Pradesh to augment the training infrastructure of special forces and combat free-fallers.
- Functioning as a freefall simulator, the VWT creates a column of air at specific velocities, orchestrating different CFF conditions.
- The system offers a controlled environment, enabling trainees to enhance their skills by simulating real-life freefall conditions.
Daily Current Affairs - October 27 & 28, 2023 - Consolidated
- 7th Edition of the India Mobile Congress (IMC)
- SARAS Mela
- ‘Dark Patterns Buster Hackathon 2023’
- International Travel Exhibitions
- PM laid foundation stone of multiple development projects in Shirdi, Maharashtra
- Swadesh Darshan 2.0 scheme
- Regional Connectivity Scheme – UDAN
- RBI hiked limit of non-callable FDs
- RBI’s new directive for credit institutions
- Mobikwik’s Zaakpay gets in-principle nod to operate as payment aggregator
- India’s first IFSCA digital escrow authorisation
- Hindustan Aeronautics Ltd (HAL) signed MoU with Safran Aircraft Engines
- 16th Urban Mobility India Conference 2023
- Prime Minister of Slovakia
- Head coach of the senior women’s cricket team
- International Competition Network’s steering group Member
- 12-member committee of IRDAI
- Indian Professor WHO Advisory Group on Tuberculosis
- 37th National Games
- World Day for Audiovisual Heritage
- 6th Indian Coast Guard Subordinate Officers’ Conclave
- Army’s first Vertical Wind Tunnel
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