Daily Current Affairs September 26 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Implements Basel-III Capital Framework for All India Financial Institutions

• The Reserve Bank of India (RBI) has introduced norms on the Basel III capital framework, fundraising, exposure guidelines, and norms on the classification and valuation of investment portfolios for All India Financial Institutions (AIFIs), which will come into effect from April 2024.
• India has 5 AIFIs that are regulated by the RBI.
• These institutions are the Export-Import Bank of India (EXIM Bank), the National Bank for Agriculture and Rural Development (Nabard), the National Bank for Financing Infrastructure and Development (NaBFID), the National Housing Bank (NHB), and the Small Industries Development Bank of India (SIDBI).

Daily Current Affairs September 24 & 25 2023 | Latest News

 

CURRENT AFFAIRS: BANKING & FINANCE

Finance Ministry is comfortable with 6.5% baseline GDP growth estimate for FY24

• Terming India’s economic outlook for the current fiscal remains “bright”, the finance ministry stated the baseline estimate for GDP growth in FY24 is 6.5%.
• The Indian economy grew by 7.2 percent last fiscal but growth is expected to slow down in the current fiscal due to the global slowdown.
• The economy however, grew at a higher than anticipated rate of 7.8% in the first quarter of 2023-24, raising growth projections by private agencies for the fiscal.
• However, most agencies still remain cautious about GDP growth with forecasts at less than 6.5%.
• The monthly report however, highlighted positives for the economy and noted that the monsoon deficit of August has been partially plugged in September while prices of selected food items that drove inflation to over 7% in July are on the retreat.

Daily Current Affairs September 23 2023 | Latest News

 

CURRENT AFFAIRS: BANKING AND FINANCE

Ministry of Finance approves welfare measures for LIC agents and employees

• The Ministry of Finance approved a series of welfare measures for the benefit of Life Insurance Corporation of India (LIC) agents and employees.
• The welfare measures are related to the amendments to LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Unif orm Rate of Family Pension among others.
• More than 13 lakh agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and the deepening of insurance penetration in India, will benefit from these welfare measures.

Daily Current Affairs September 22 2023 | Latest News

 

CURRENT AFFAIRS: BANKING AND FINANCE

ACKO launches campaign ‘Health Insurance ki Subah ho Gayi Mamu’ for its newly introduced ACKO Platinum Health Plan

• ACKO has launched its health insurance product – ACKO Platinum Health Plan.
• As per the company, the plan has features including 100% bill payment, no room rent capping, and zero waiting period, among others.
• The company claims that the series of ad films focuses on educating the audience on zero waiting period, 100% bill payment, benefits of providing full disclosures of ailments for a stress-free claim process, and ease of filing claims.
• The campaign’s series of commercials aims to inform viewers about a number of important features of the ACKO Platinum Health Plan, including:

Daily Current Affairs September 21 2023 | Latest News

 

CURRENT AFFAIRS: BANKING AND FINANCE

SIDBI to raise Rs 10,000 crore from rights issue next fiscal

• SIDBI has planned to raise ₹10,000 crore from the rights issue next fiscal to expand its capital base.
• SIDBI, which refinances SME loans, plans to conduct the rights issue in two tranches of ₹5,000 crore each next fiscal.
• SIDBI expects to increase its assets to ₹5 lakh crore by March 2024 from about ₹4 lakh crore in March 2023.
• The shareholders will subscribe to the proposed rights issue.
• The Central Government owns 20.8% of SIDBI.
• State Bank of India (SBI) holds 15.65% and Life Insurance Corporation of 13.33%.

Daily Current Affairs September 20 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

IREDA signs MoUs with Bank of Maharashtra for Financing Renewable Energy Projects 

• Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM).
• This collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
• The MoU comprises several services including co-len ding and co-origination support for all Renewable Energy projects, facilitating loan syndication and underwriting, management of Trust & Retention Account for IREDA borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years for IREDA borrowings.

Daily Current Affairs September 19 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Indian Bank Launches ‘IB SAATHI’ to Offer Basic Banking Services  

• Indian Bank has launched a financial inclusion solution called “IB SAATHI” (Sustainable Access and Aligning Technology for Holistic Inclusion).
• The initiative focuses on providing basic banking services to stakeholders through the business correspondent (BC) channel.
• IB SAATHI aims to simplify the delivery of services and offers both basic and value-added services to customers
• The bank plans to offer basic banking services at all its branches for a minimum of 4 hours per day.
• Banking Correspondents (BCs) will also provide services directly to customers at their doorstep.
• Indian Bank has set a target to deploy around 5,000 banking correspondents by March 2024 to expand its reach and accessibility to customers.
• The initiative is part of the bank’s efforts to promote financial inclusion and enhance banking services for underserved areas and populations.

Daily Current Affairs September 17 & 18 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes monetary penalty on 4 co-operative banks

• The Reserve Bank of India (RBI) has imposed monetary penalties on 4 cooperative banks for deficiencies in regulatory compliance.

List of 4 cooperative banks :

1. The Becharaji Nagarik Sahakari Bank Limited., located in Mehsana, Gujarat, has been penalised ₹2.00 lakh.
2. The Waghodia Urban Co-operative Bank Ltd., located in Vadodara, Gujarat, faces a penalty of ₹5.00 lakh.
3. The Viramgam Mercantile Co-operative Bank Ltd., situated in Ahmedabad, Gujarat, is also penalised ₹5.00 lakh.
4. The Baramati Sahakari Bank Ltd., based in Baramati, Pune,Maharashtra has received a penalty of ₹2.00 lakh.

Daily Current Affairs September 16 2023 | Latest News

 

CURRENT AFFAIRS: BANKING AND FINANCE

RBI sets 30-day deadline for banks and NBFCs to release property documents after loan settlement

• Banks and NBFCs have been directed by RBI to release property documents within 30 days of settlement of loan account.
• These directions come under Reserve Bank of India’s responsible lending conduct for regulated entities.

Daily Current Affairs September 15 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Cashfree Payments Collaborates with NPCI to Introduce ‘AutoPay on QR’ for Subscription-Based Businesses

• Cashfree Payments, a prominent player in the payments and API banking solutions sector, has collaborated with the National Payments Corporation of India (NPCI) to introduce ‘AutoPay on QR.’

Aim :

• To support subscription-based businesses in improving customer acquisition, retention, and overall growth.

Major countries of the world and their highest honors.

  Major countries of the world and their highest honors.

☞ Argentina - The Order of San Martín

☞ Cambodia - Royal Order of Cambodia

☞ Indonesia - Star of the Republic of Indonesia (Witang Republik Indonesia)

☞ Kuwait - Mubarak Al Kabir Medal

☞ Canada - Order of Canada

☞ Germany - Pol Le Merite Iron Cross

☞ China - Order of Brilliant Jade

☞ Japan - Order of Molownia Sun

☞ Turkey - Order of Democracy

☞ Denmark - Order of Diana Brog

☞ Nicaragua - Augusto Cesar Sandino Ayer

☞ Netherlands - Order of the Netherlands Lion

☞ Nepal - Jewel of Nepal (Main title)

☞ Norway - Order of St Olave

☞ New Zealand - The Order of New Zealand

☞ Pakistan - Nishan-e-Pakistan

☞ Poland - Cross of Merit

☞ Philippines - Quezon Service Cross

☞ France - Lane of Honor

☞ Bangladesh - Bangladesh Swadhinata Sammanona (Bangladesh Freedom Honour)

☞ India - Bharat Ratna

☞ Bhutan – Eye of Great Victory of Thugair Dragon

☞ Mongolia - Best Worker

☞ United Kingdom - Order of Merit

☞ Russia – Order of St. Andrew the Apostle

☞ Vietnam - The Order of the Golden Star

☞ Sri Lanka - Pride of Sri Lanka (Sri Lankabhimanya)

☞ United States of America - Language of Merit

☞ Saudi Arabia - King Abdul Aziz Medal

☞ Spain - Order of Isabella the Catholic

☞ Palestine - End Collar

☞ Hungary - The Order of the Banner

Daily Current Affairs September 14 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Bharti AXA Life Launches “Income Laabh” to Streamline Insurance with Enhanced Protection

• Bharti AXA Life Insurance has introduced a new insurance product called “Bharti AXA Life Income Laabh” with the goal of simplifying insurance and providing maximum protection to customers.
• This plan is designed to offer both financial protection and a consistent income stream to policyholders.

About Bharti AXA Life Income Laabh :

• Bharti AXA Life Income Laabh is a non-linked, non-participating individual savings plan that includes life insurance coverage.
• Customers who opt for this plan can expect a steady stream of guaranteed income for a period of 10 to 12 years, depending on the chosen policy term.
• Initially, the income payout is set at 100% of the annual premium paid. After 5 years (for a 10-year policy term), this payout increases to 150%.
• For a 12-year policy term, after 6 years, the income payout grows to 200%.
• In addition to the regular income payouts, the policyholder or nominee receives a guaranteed lump sum amount in the final year of the income period. This can be utilised to achieve significant life goals.
• The primary aim of this product is to enhance the financial well-being of policyholders and their families.

About Bharti AXA Life Insurance :

• Headquarters : Mumbai, Maharashtra
• MD & CEO : Parag Raja
• Bharti AXA Life Insurance is a Joint Venture (JV) between Bharti Enterprises ( 51%) and French insurance company AXA (49%).

First Indian Awardees of International Awards

 First Indian Awardees of International Awards

    

1st Indian to be awarded the Nobel prize in any field (literature)
Rabindranath Tagore (1913)

1st Indian to be featured as the Person of the Year by Time magazine
Mahatma Gandhi (1930)

1st Indian to be awarded the UNESCO's Kalinga Prize
Jagjit Singh (1963)

1st Indian to receive the Booker prize (British citizen)
Salman Rushdie

1st Indian woman (and also first Indian citizen) to receive the Booker prize
Arundhati Roy

1st Indian to receive the Pulitzer prize (Reporting category)
Gobind Behari Lal

1st Indian recipient of International Cricket Council's Sir Garfield Sobers Trophy
Rahul Dravid

1st Indian scientist to be awarded the Nobel prize
CV Raman (1930)

1st Indian to be awarded the Nishan-e-Pakistan
Morarjee Desai

1st Indian to be awarded Magsaysay Award
Vinoba Bhave

1st Indian to be awarded the Bangladesh Swadhinata Sammanona
Indira Gandhi

1st Indian and Indian Organisation to be awarded the Right Livelihood Award
Ela Bhatt of SEWA (Self-Employed Women's Association) (1984)

1st recipient of World Food Prize instituted By Norman Borlaug
MS Swaminathan (1987)

1st Asian recipient of Hoover Medal (America's prestigious award for outstanding extra-career services by engineers to humanity)
APJ Abdul Kalam (2008)

1st Indian recipient of DSC Prize for South Asian Literature
Jeet Thayil (2013)

1st Indian recipient of Priztker Prize (referred to as Nobel Prize of Architechture)
Balkrishna Doshi(2018)