Daily Current Affairs 22nd & 23rd October, 2023

Daily Current Affairs 22 & 23 October for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

Govt plans ₹30000 cr push to expand crop cover portal 
The government plans to earmark ₹30,000 crore to expand the Pradhan Mantri Fasal Bima Yojana (PMFBY) portal into a comprehensive platform that will extend insurance coverage beyond crops to include assets such as ponds, tractors, livestock, and palm trees, two officials said.

• This initiative will be driven by the AIDE app, launched in July, to ensure door-to-door enrolment, making crop insurance more accessible and convenient for farmers.
• Through this app, insurance intermediaries will not only enrol farmers for crop insurance, but also extend coverage to 40 million farmers for non-subsidized schemes.

Rajnath Singh launches army project to draw lessons from ancient Indian texts
Defence minister Rajnath Singh launched army’s Project Udbhav (or origin), which seeks to draw on treatises such as Chanakya’s Arthashastra, Kamandaka’s Nitisara and Tamil poet-saint Thiruvalluvar’s Thirukkural for lessons on statecraft, strategy, diplomacy and warfare from ancient Indian philosophy.

• The scope of the project covers how Indian warrior kings defeated Mughal invaders. It’s a collaboration between the army and think tank United Service Institution of India.
• Singh launched the project during the inauguration of the Indian Military Heritage Festival. Army chief General Manoj Pande, IAF chief Air Chief Marshal VR Chaudhari and other senior officials were present.

INTERNATIONAL NEWS

US imposes sanctions on 3 Chinese firms for providing ballistic missile components to Pakistan
The US has imposed sanctions on three China-based companies for supplying missile-applicable items for Pakistan’s ballistic missile programme, the State Department said. The sanctions were being imposed as part of the global nonproliferation regime.

• The three companies include General Technology, Beijing Luo Luo Technology Development Co., and Changzhou Utek Composite Company.
• They were sanctioned for having engaged or attempted to engage, in activities or transactions that have materially contributed to, or pose a risk of materially contributing to, the proliferation of weapons of mass destruction or their means of delivery (including missiles capable of delivering such weapons), including any efforts to manufacture, acquire, possess, develop, transport, transfer or use such items, by Pakistan.

BANKING & FINANCE

RBI imposes Rs 2.5 crore fine on L&T Finance
The Reserve Bank of India (RBI) has implemented regulatory measures against L&T Finance Limited, imposing a monetary penalty of Rs 2.50 crore (Rupees Two crore Fifty lakh only) on the company.

• After examination of reports following statutory inspection of the company, the RBI said it was revealed that the NBFC did not disclose to its retail borrowers, the gradation of risk and rationale for charging different interest rates to different categories of borrowers in the loan application form/sanction letter.

RBL Bank launches zero-balance Go Savings Account 
RBL Bank has announced the launch of GO Savings Account, its latest digital banking product. It is a zero-balance account with simple account opening process and easy-to-operate features, the product caters to customers of all age groups.

• The GO Savings Account signifies a modern shift in the world of banking, presenting a novel subscription-based model.
• It offers multiple customer-friendly advantages including high interest rates of up to 7.5 percent per annum, a premium debit card and vouchers worth Rs. 1,500 for premier brands.
• The account also offers comprehensive cyber insurance cover, accident and travel insurance up to ₹1 crore and free CIBIL report.

HDFC Bank launches XpressWay digital platform for faster loans
HDFC Bank has launched a self-service digital banking platform ‘XpressWay’ to deliver fast,  paperless banking for its customers.

• XpressWay offers services like personal loans, business loans, car loans, home loans, loan on cards, credit card, savings accounts, service journeys etc. Other digital services include netbanking, Permanent Account Number (PAN) updates and changing addresses through Aadhaar.
• On XpressWay, HDFC customers can also manage their nominees, update demographic details, request chequebooks, and navigate various loan options.

SPORTS

Mohammed Shami becomes first Indian to take two five-wicket haul in ODI World Cup history
Pacer Mohammad Shami became the first Indian bowler to pick two five-wicket hauls in ICC ODI World Cups when he removed Daryl Mitchell during the match against New Zealand at the Himachal Pradesh Cricket Association (HPCA) Stadium in Dharamsala.

• He is now the ninth bowler overall to take two fifers in ODI World Cups.
• This also becomes the seventh instance of an Indian bowler picking a fifer in ODI WCs. Shami himself in 2019, Ashish Nehra (2003), Venkatesh Prasad (1999), Robin Singh (1999), Yuvraj Singh (2011), and Kapil Dev (1983) have done it before.

Shubman Gill becomes fastest batter to score 2000 runs in ODIs
Indian opener Shubman Gill became the fastest player to score 2000 runs in ODIs during his side’s World Cup match against New Zealand in Dharamshala, Himachal Pradesh.

• Gill reached the milestone in 38 innings, bettering the record of South African Hashim Amla who had needed 40 innings to score 2000 ODI runs.
• The 24-year-old Indian, who scored 53 against Bangladesh in his previous outing, was 14 runs short of the milestone coming into the match. He achieved the feat in the seventh over of the Indian run chase when he smashed Trent Boult for a boundary.

AWARDS

CJI Chandrachud receives Harvard Law School’s ‘Award for Global Leadership’
Chief Justice of India (CJI) DY Chandrachud has received the ‘Award for Global Leadership‘, the highest professional distinction handed out by his alma mater, Harvard Law School.

• The Chief Justice was present at Harvard Law School for a fireside chat with David Wilkins, who is a professor at Harvard Law School and Faculty Director, Center on the Legal Profession.
• The Harvard Law School is also celebrating the 100th anniversary of its Graduate Law Program.

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