Current Affairs 7 October 2023

We are here for you to provide the important Recent and Latest Current Affairs 7 October 2023, which have unique updates of Latest Current Affairs 2023 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

Our Current Affairs October 2023 events will help you to get more marks in Banking, Insurance, SSC, Railways, UPSC, CLAT and all State Government Exams. Also, try our Latest Current Affairs Quiz and Monthly Current Affairs 2023 PDF which will be a pedestrian to crack your exams.

Read Current Affairs in CareersCloud APP, Course Name – Learn Current Affairs – Free Course – Click Here to Download the APP

We are Hiring – Subject Matter Expert | CA Video Creator | Content Developers(Pondicherry)

Click here for Current Affairs 6 October 2023

NATIONAL AFFAIRS

Cabinet Approval on 4th October 2023 On October 4th, 2023, the Union Cabinet chaired by the Prime Minister (PM) Narendra Modi has given its approval for multiple initiatives and they are as follows

• Cabinet approves Revised Cost of completion of balance works of North Koel Reservoir Project in Bihar & Jharkhand
• Cabinet approves setting up of Sammakka Sarakka Central Tribal University
• Cabinet approves Terms of Reference to Krishna Water Dispute Tribunal-II under Inter State River Water Disputes (ISRWD) Act, 1956
• Centre notifies establishment of National Turmeric Board

>> Read Full News

DPIIT & Gati Shakti Vishwavidyalaya Signed MoU to Advance National Master PlanThe Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, and the Gati Shakti Vishwavidyalaya (GSV), Gujarat based central university, have signed a Memorandum of Understanding (MoU) to advance Pradhan Mantri Gati Shakti (PMGS) National Master Plan(NMP).

• The MoU aims to advance India’s infrastructure and logistics sectors.

About Gati Shakti Vishwavidyalaya (GSV):
GSV, formerly known as the National Road Transport Institute (NRTI), India‘s first Railway University and the world’s third, following Russia and China, which was dedicated to India in December 2018.
Location– Vadodara, Gujarat.
>> Read Full News

Highlights of PM Modi’s Visit to Telangana – 1 & 3 October 2023Prime Minister Narendra Modi visited Telangana on the 1st and 3rd of October 2023.

• On 1st October 2023, he laid the foundation stone and dedicated to the nation multiple developmental projects worth more than Rs 13,500 crore in Mahbubnagar, Telangana.
• On 3rd October 2023, he laid the foundation stone and dedicated various development projects worth Rs 8000 crores in Nizamabad, Telangana.

Highlights:
i.Laid foundation stone for road projects related to Nagpur – Vijayawada Economic Corridor
ii.Dedicated road project related to Hyderabad – Visakhapatnam Corridor developed under Bharatmala Pariyojana.
iii.He dedicated the ‘Hassan-Cherlapalli LPG Pipeline Project’ and laid the foundation stone for “Multiproduct Petroleum Pipeline” of Bharat Petroleum Corporation Ltd (BPCL).
About Telangana:
Chief Minister– K. Chandrashekar Rao
Governor–  Tamilisai Soundararajan
National Parks– Kasu Brahmananda Reddy National Park; Mahaveer Harina Vanasthali National Park; Mrugavani National Park
>> Read Full News

India-Bangladesh holds Joint Military Exercise SAMPRITI-XI 2023Exercise SAMPRITI-XI 2023, an annual joint military exercise between India and Bangladesh is held in Umroi, Meghalaya, for 14 days from 3rd October to 16th October 2023

• This is the 11th edition of the Exercise, which strengthens India-Bangladesh defence cooperation by promoting stronger bilateral connections, cultural understanding, and reciprocal benefits from shared experiences.
• It emphasizes the necessity of improving interoperability between the armies, as well as sharing tactical drills and encouraging best practises.

Note:

• The 1st edition of Exercise SAMPRITI was held in Jorhat, Assam in 2009.
• The 10th edition of Exercise was conducted at Jashore Military Station in Bangladesh in 2022.

About the Ex SAMPRITI-XI:
i.Ex SAMPRITI-XI will include a Command Post Exercise (CPX), a Field Training Exercise (FTX), and a Validation Exercise based on the conduct of Sub-Conventional Operations as per Chapter VII of the UN mandate.
ii.Command Post Exercise (CPX): 20 Officers from each contingent focusing on decision-making after thorough deliberations.
iii.Field Training Exercise (FTX): grassroots-level operations will be validated including a series of joint tactical drills for counter-terrorist operations such as hostage rescue, crowd control measures, and use of helicopters.
The Validation Exercise will be conducted on 14th and 15th October 2023 in Darranga Field Firing Range, Assam.
Participants:
i.From India: The Indian contingent led by Brigadier S K Anand, Commander of the Mountain Brigade.

• Indian contingent mainly comprises troops from a battalion of the RAJPUT Regiment.

ii.From Bangladesh: The Bangladesh contingent led by Brigadier General Mohammed Mafizul Islam Rashed, Commander of 52 Bangladesh Infantry Brigade.

• The 27 Bangladesh Infantry Regiment is the lead unit from the Bangladesh contingent.
• A total of 170 personnel from Bangladesh participated in this exercise.

iii.The Exercise will witness the participation of 350 personnel from both sides and the participants are set to witness the prowess of the ‘Atmanirbhar Bharat’ Equipment Display.
About Bangladesh:
Prime Minister (PM)– Sheikh Hasina
Capital – Dhaka
Currency – Bangladeshi Taka

BANKING & FINANCE

IndusInd Bank Launches ‘INDIE’, a Customer Oriented Digital Banking AppIndusInd Bank Limited launched INDIE, a customer centric digital mobile banking application(app), to empower customers with an all-in-one digital financial solution. This hyper-personalized financial super-app utilises the advanced analytics to provide personalized insights to its customers.

• The app leverages advanced analytics to provide personalized insights to its customers  such as smart reminders, expense tracking, and spending insights..

Key features:
The app offers a number of industry-first features, including ultra-flexible products that can be customized to meet specific needs of the customer. This includes
i.A range of financial products that can be customized to meet the individual needs of each customer. For example, customers can get an instant line of credit up to Rs 5 lakh, with the flexibility to choose only the amount they need and set their own loan tenor.
ii.INDIE offers a choice of account number, high-interest-bearing savings account (upto 6.75% per annum(p.a.) return) and fixed deposits(FD) that offer exclusive returns of up to 7.85% p.a.

• The customer can also link FD to savings account so that customers can pay with fixed deposit when savings balance is low.

ii.INDIE also offers a transparent rewards program where customers can choose their favorite brands from leading e-commerce platforms.

• Customer can earn upto 3% rewards per Rs 100 spend (1 reward point valued at Rs 1)

Safety & Security Features:
INDIE’s offers several industry-first safety and security features like

• Numberless debit cards – These cards do not have the traditional card details, such as the card number, expiration date, and CVV (Card Verification Value), printed on the physical card.
• Single-use disposable virtual debit cards – can be used when customer dont want to reveal their card details
• A dynamic PIN for ATM/POS(Automated Teller Machines or Point-of-Sale) transactions – This feature can be used against static PIN.
• Super OTP(one-time passwords) – ability to access OTP even in low network zones.

About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

Fintech Startup slice Becomes SFB After Merger with NESFBLThe Reserve Bank of India (RBI) approved the merger of North East Small Finance Bank Limited (NESFBL) and Bengaluru(Karnataka) based fintech startup slice(previously known as Slicepay).

• Following this merger, slice will become the 1st fintech firm to transform into a Small Finance Bank (SFB).
• All slice entities, including its Non-Banking Financial Company (NBFC) licence, have been merged with the combined banking entity.

Approval from NCLT:
i.The two entities are awaiting final approval from the National Company Law Tribunal(NCLT) for the merger to be effective.
ii.Once the approval is in, Slice-owner Quadrillion Finance Private Limited and its parent company  Garagepreneurs Internet Private will merge with North East SFB.
About the merger:
i.The merger is expected to create a new-age SFB that leverages Slice’s digital prowess and NESFB’s grassroots banking foundation to serve a wider audience, including those who lack access to basic banking services.

• The merger will allow Slice to leverage NESFB’s reach in rural and underserved areas to provide banking services to more people.

ii.It is a sign of the growing convergence between the two sectors and the RBI’s willingness to support innovation in the financial sector.
iii.The merged entity will be able to offer a more seamless and integrated customer experience by combining Slice’s digital capabilities with NESFB’s traditional banking services.
iv.This merger is waiting for shareholders’ approval and other regulatory approvals.
About Slice:
Garagepreneurs Internet Private Limited (“GIPL”) is operating through its brand name ‘slice’
Founder and Chief Executive Officer (CEO) –  Rajan Bajaj
Headquarters – Bengaluru, Karnataka
Established in – 2016
About North East Small Finance Bank (NESFB):
North East Small Finance Bank Limited is the wholly owned subsidiary of RGVN (North East) Microfinance Limited.
Managing Director(MD) & Chief Executive Officer(CEO) – Rupali Kalita
Headquarters – Guwahati, Assam
Established in – 2015

RBIH & Bhashini Collaborated for Linguistic Inclusion in Financial ServicesReserve Bank Innovation Hub (RBIH) and the Digital India Bhashini Division (DIBD/Bhashini)  collaborated to explore and develop innovative solutions that foster linguistic inclusivity in the financial services sector.

• This partnership aims to extend the reach of digital financial services to users in their native tongues, ultimately providing seamless banking experiences for everyone.
• This collaboration is with respect to the memorandum of Understanding(MoU) which was signed during the Global Fintech Fest(GFF) held in Mumbai, Maharashtra in September 2023.

Bhashini:
Bhashini is a Independent Business Division under Digital India Corporation(DIC) under the aegis of Ministry of Electronics and Information Technology (MeitY).
Aim: To build a National Public Digital Platform for languages to develop services and products for citizens by leveraging the power of artificial intelligence and other emerging technologies.
Public Tech Platform:
i.As a first step of this initiative, Bhashini plans to launch RBI’s Public Tech Platform for Frictionless Credit in multiple languages.

• This end-to-end digital credit delivery platform platform will streamline and enhance credit delivery by financial institutions, making it more accessible to borrowers across the country.

ii.This platform was developed by RBIH as per the announcement made by RBI in August 2023.
Significance:
i.The Voice has the potential to act as a medium for promoting financial inclusivity, economic empowerment, and enhancing financial literacy.

• BHASHINI, with its language translation and voice processing capabilities, will play a crucial role in achieving these goals.

ii.Offering financial services in users’ mother tongue can help build confidence in digital financial solutions
Additional Info:
The fintech sector is driven by increased smartphone penetration and reduced data usage costs.
About Digital India Bhashini Division (DIBD/Bhashini):
Bhashini, the National Language Technology Mission (NLTM) was launched in July 2022.
Chief Executive Officer (CEO) – Amitabh Nag
Headquarters – New Delhi, Delhi
Reserve Bank Innovation Hub (RBIH)
The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India (RBI) set-up to promote and facilitate innovation across the financial sector.
Chief Executive Officer (CEO) – Rajesh Bansal
Headquarters – Bengaluru, Karnataka
Established in – 2022

Axis Bank Launches Its Digital Bank Proposition ‘Open by Axis Bank’
Axis Bank Limited which is headquartered in Mumbai ,Maharashtra has launched its digital banking proposition called ‘open by Axis Bank’ in its latest advertising campaign ‘Open 2023’

• The Open 2023 campaign highlights the top 15 features of the bank’s digital offerings.
• The launch of ‘open by Axis Bank’ is a fulfilment of Axis bank’s vision to build Axis 2.0 as a digital bank within the bank to offer a personalized, intuitive, and hassle-free digital banking experience.

About ‘open by Axis Bank’:
i.‘open by Axis Bank’ is a future-ready mobile application that underscores the bank’s pivot towards enhanced digital offerings.

• It aims to bring all the features in a user-friendly, modern interface for both existing and new customers.

ii.It is a one-stop solution for all digital banking needs with over 250 banking services at anytime.
iii.It is also the highest rated mobile banking app on the play store amongst top 500 banks globally by market capitalisation.
About Axis Bank Limited: It was established in 1993 and Amitabh Chaudhry is the current Managing Director(MD) & Chief Executive Officer(CEO) of the bank.

YES Bank Becomes the First Lender to Offer ‘ONDC Network Gift Card’
YES Bank Limited had become the first bank in India to issue an ‘Open Network for Digital Commerce (ONDC) Network Gift Card’. The card is powered by Rupay Network.

• The card is issued in partnership with the ONDC, a government-backed initiative to democratize digital commerce in India.
• This network-wide gift card will help companies with corporate gifting and employee engagement, and it will also allow consumers to shop at thousands of sellers on the network using any ONDC-compatible buyer app.
• The card can be loaded with up to Rs 10,000.
• OmniCard is the first company to issue ONDC Network Gift Cards(in September 2023); Yes Bank is second company and first banking institution to issue this card.
• Note – YES Bank has issued its first electronic-Bank Guarantee (e-BG) in collaboration with National E-Governance Services Limited (NeSL).

About Yes Bank Limited: It was established in 2004 and headquarters in Mumbai, Maharashtra. ‘Experience Our Expertise’ is the tagline of the bank.

ECONOMY & BUSINESS

WB’s India Development Update Oct 2023 Retains India’s FY24 GDP growth at 6.3%According to India Development Update(IDU) October 2023 released by World Bank(WB), India’s Gross Domestic Products (GDP) growth for the Financial Year 2023-24 (FY23/24) is retained at  6.3% and for FY24/25 the growth rate will be at 6.4%.

• India was one of the fastest-growing major economies in FY22/23 at the rate of 7.2%. India’s growth rate was the 2nd highest among G20 countries.
• The expected moderation is due to the challenging external conditions and reduced pent-up demand.
• However, service sector activity is projected to remain strong with growth of 7.4%, and investment growth is expected to stay robust at 8.9%.

About World Bank (WB):
President (WB Group)– Ajay Banga
Establishment – 1944
Headquarters – Washington D.C, United States (US)
Members – 189 member states
>> Read Full News

AWARDS & RECOGNITIONS

Alexey Ivanovich Ekimov, Louis Eugene Brus, and Moungi Gabriel Bawendi Wins Nobel Prize in Chemistry 2023Alexei I. Ekimov of Russia, Louis E. Brus of the United States of America (USA), and Moungi G. Bawendi of France were awarded the 2023 Nobel Prize in Chemistry “for the discovery and synthesis of quantum dots”.

• The Nobel Prize in Chemistry was awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden.
• Alexei Ekimov developed size-dependent quantum effects in coloured glass.
• Louis Brus was the world’s first scientist to prove size-dependent quantum effects in particles floating freely in a fluid.
• Moungi Bawendi found the production method for the synthesis of high-quality quantum dots which makes them to be utilised in practical applications.
• Quantum dots are semiconducting crystals in nanometer size, their main property is that depending upon their size they change their colours.
• Quantum dots are used in illuminating computer monitors and television screens based on Quantum-dot Light-Emitting Diodes(QLED) technology.

Click here to view the official link
>> Read Full News

APPOINTMENTS & RESIGNATIONS

PayU India CEO Anirban Mukherjee promoted as Global CEO of PayU GPOAnirban Mukherjee has been promoted as the global Chief Executive Officer (CEO) of PayU Global Payment Organisation (GPO), a payments and fintech business of Prosu. Currently, he is a part of the PayU global leadership team and serves as the CEO of PayU India.

• He replaces Laurent Le Moal, the incumbent global CEO of PayU GPO, who steps back from the operational management of the day-to-day business. Le Moal will remain with Prosus and PayU in an advisory capacity.

Roles & Responsibilities:
In his new position, Anirban Mukherjee will be responsible for PayU’s business operations. He will join the Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO.

• The development comes 2 months after the Netherlands-based Prosus sold PayU’s GPO business to Israeli company Rapyd headquartered in London (United Kingdom-UK) for USD 610 million.

Note:

• PayU is one of India’s leading Payment Gateways.
• Prosus is a global consumer internet group and one of the largest technology investors in the world. Prosus is majority-owned by Johannesburg (South Africa) multi-national Naspers.

About Anirban Mukherjee:
i.Anirban Mukherjee has been serving as the CEO of PayU India since 2019.
ii.With over two decades of experience, Anirban Mukherjee has a deep understanding of global payments, credit, and digital banking. His expertise spans the United States of America (USA), India, and the broader Asia-Pacific region (APAC).
iii.He was a part of Jio’s leadership team, where he played a pivotal role in driving payments, merchant services, and digital financial services.

• At Jio, he served as the Co-CEO of Reliance Payments Solution Ltd.

iv.Prior to Jio, he worked with Standard Chartered Bank in India and APAC, as well as senior executive leadership with CapitalOne in the USA.
About PayU India:
CEO– Anirban Mukherjee
Headquarters– Gurugram, Haryana
Founded in– 2014

ACC Extends SBI Chairman Dinesh Khara’s Tenure till August 2024 & MD Ashwini Tewari’s Tenure by 2-yearThe Appointments Committee of the Cabinet(ACC) has extended the tenure of the Chairman of the State Bank of India (SBI) Dinesh Kumar Khara till 28th August 2024 or till he attains the age of 63 years, or until further orders, whichever is earlier.

• He has been serving as the chairman of SBI since 7th October 2020. His 3 year tenure ended on 6th October 2023.

ACC has also extended the tenure of Ashwini Kumar Tewari as the Managing Director(MD) of SBI for 2 years beyond January 27, 2024.
Note: Currently, the retirement age for the SBI chairman is capped at 63. Khara will turn 63 in August 2024.
About Dinesh Kumar Khara:
i.Dinesh Khara joined SBI as a Probationary Officer (PO) in 1984  and has over 36 years of experience in all facets of Banking.
ii.He held several key positions in SBI such as; MD (Global Banking & Subsidiaries); MD (Associates & Subsidiaries); MD & Chief Executive Officer (CEO) (SBI Mutual Funds); and  Chief General Manager – Bhopal (Madhya Pradesh) Circle.
iii.Prior to being appointed as MD of SBI, he served as the MD&CEO of SBI Funds Management Pvt. Limited (SBIMF). Additionally, he supervises the businesses of Non-Banking subsidiaries of SBI.
iv.He has worked in SBI’s Chicago (the United States of America – USA) office and was associated with the overseas acquisition of Indian Ocean International Bank Mauritius (now SBI Mauritius) during his stint in the Overseas Expansion wing of International Banking Group.
About Ashwini Kumar Tewari:
i.Ashwini Kumar Tewari started his career in SBI in 1991 as a Probationary Officer.
ii.He serves as a Whole Time Director of SBI handling the portfolio of Risk, Compliance, and Stressed Assets since June 2022.
iii.Earlier he was the MD, handling International Banking, Information Technology, and Non-Banking Subsidiaries of SBI.
iv.Prior to becoming MD at SBI, he served as MD and CEO of SBI Cards and Payment Services Ltd.
v.He was the Country Head of the US Operations of the SBI from April 2017 to July 2020. Prior to that, he was the Regional Head and General Manager, of East Asia, for SBI.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
MDs– Challa Sreenivasulu Setty, Alok Kumar Choudhary, Ashwini Kumar Tewari
Headquarters– Mumbai, Maharashtra
Founded on 1 July, 1955

Ramaswamy N appointed as CMD of General Insurance Corporation of India 
Ministry of Finance has appointed Ramaswamy Narayanan as Chairman and Managing Director(MD) to General Insurance Corporation of India Limited (GIC Re) with effect from 1st October, 2023 and up to the date of of his superannuation (i.e. 30th September 2025) or until further orders, whichever is earlier.

• He succeeds Devesh Srivastava, who retired from the post on 30th September 2023. He has been serving as CMD since December 2019.
• Prior to this appointment he was serving as the General Manager of GIC Re.
• He was appointed based on the recommendation of Financial Services Institution Bureau (FSIB) to Ministry of Finance in June 2023.

About Ramaswamy Narayanan:
i.Ramaswamy Narayanan joined GIC as a direct recruit officer in 1988.
ii.He has also been as  CEO of GIC Re in United Kingdom branch.

• He played a key role in the establishment of the Lloyds syndicate of GIC (GIC 1947).

iii.He was involved in implementing the ambitious “Project Parivartan”.
About GIC Re: It was incorporated in 1972 and its headquartered in Mumbai, Maharashtra.

IMPORTANT DAYS

World Cerebral Palsy Day 2023- October 6 World Cerebral Palsy Day (WCPD) is annually observed across the globe on October 6 to raise awareness of Cerebral Palsy (CP) and honour the efforts and accomplishments of people with Cerebral Palsy. CP is a neurological disorder that affects motor abilities and muscle mobility
The theme for World Cerebral Palsy Day in 2023 is “Together Stronger.”
Background:
i.In 2012, the Cerebral Palsy Alliance (CPA) declared World Cerebral Palsy Day to be observed on October 6 every year.
ii.Cerebral Palsy Day began with a small campaign called “Change My World in One Minute”, started by the Cerebral Palsy Alliance in Australia.
About Cerebral Palsy Alliance (CPA):
Cerebral Palsy Alliance formerly known as The Spastic Centre, is the world’s largest private funder of CP research and also a global center of expertise for CP research, advocacy, intervention, and assistive technology innovation.
Chair of the Board of Directors of CPA– Andrew Buchanan
Headquarters– New South Wales, Australia
Founded in– 1945
>> Read Full News

STATE NEWS

MP CM Shivraj Chouhan Inaugurated  India’s Largest Pumped Storage Project at Neemuch
Chief Minister(CM) of Madhya Pradesh(MP) Shivraj Singh Chouhan inaugurated India’s largest pumped storage project in Khemla block of Neemuch district in Madhya Pradesh. The project is being developed by Greenko Group, India’s largest energy storage company.

• The project has a capacity of 1440 megawatt (MW), with storage for 7.5 hours. It is being expanded to 1920 MW with 6 hours of storage, which will increase its daily storage capacity to nearly 11 gigawatt hours (GWh).
• The overall investment will be Rs 11,500 crore over the next 3 years. This will generate around 4,800 jobs during construction and 200 jobs after construction.
• The project will be completed within 30 months as against allocated period of 36 months. This will will be able to integrate more than 7000 MW of renewable capacity.

Note: This is an off stream open loop project which envisages construction of new off stream reservoir as the upper reservoir and the existing Gandhi Sagar Reservoir as the lower reservoir. The proposed upper reservoir will be a 5,970-metre-long and a 35-metre-tall Asphalt Face Rockfill Embankment Dam (AFRD).

*******

List of Less Important News – Click Here

Current Affairs Today (AffairsCloud Today)

Aspirant: Does Affairscloud covers all the Current affairs topics related to examinations?
Affairscloud: We Guaranteed All the Important topics related to examination are covered in Our Daily CA content and Daily CA Quizzes.
Aspirant: Why is there a delayal in news?
Affairscloud: As some of the major news sites doesn’t provide the required data on the exact day, we take extra time for important data to be presented to the aspirants on the examination basis to ensure nothing is missed.
Example:  In ‘Important Days’ topics the International Organisations publish their reports and Rankings in the evenings, to make sure every data is covered, we delay the topics to the next day.