Daily Current Affairs 22 September for Banking/Insurance/SSC and other related exams.
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NATIONAL NEWS
Andhra Governor releases special postal covers on freedom fighter Alluri Sitarama Raju
Andhra Pradesh Governor S Abdul Nazeer has unveiled six special postal covers in tribute to Alluri Sitarama Raju.
- These commemorative postal covers mark the centenary of the Chilli Post, issued by the Department of Posts as part of the Azadi Ka Amrit Mahotsav celebrations.
- Alluri Sitarama Raju’s unique method of sending advance messages to officials, using arrows with attached messages and chili peppers, became known as the “CHILLI POST.” The Rampa Rebellion, initiated by Alluri in 1922 with tribal support, continued until 1927 when Alluri martyred himself.
Andhra Governor releases special postal covers on freedom fighter Alluri Sitarama Raju
Andhra Pradesh Governor S Abdul Nazeer has unveiled six special postal covers in tribute to Alluri Sitarama Raju.
- These commemorative postal covers mark the centenary of the Chilli Post, issued by the Department of Posts as part of the Azadi Ka Amrit Mahotsav celebrations.
- Alluri Sitarama Raju’s unique method of sending advance messages to officials, using arrows with attached messages and chili peppers, became known as the “CHILLI POST.” The Rampa Rebellion, initiated by Alluri in 1922 with tribal support, continued until 1927 when Alluri martyred himself.
NHAI Collaborates with DMRC to Strengthen Design & Construction of Bridges and Other Structures
In its endeavor to provide world-class National Highways network, NHAI has signed a Memorandum of Understanding with Delhi Metro Rail Corporation (DMRC) for review of designs of various bridges/ structures, safety aspects of NHAI projects and capacity building of NHAI officials.
- This initiative will strengthen NHAI’s ‘Design Division’ that reviews planning, designing, construction and maintenance of bridges, structures, tunnels and RE walls on National Highways across the country.
National Medical Commission gets global recognition, paving way for Indian medical graduates to practice abroad
Indian medical graduates can now pursue post-graduation and practice in countries like the US, Canada, Australia and New Zealand. The National Medical Commission (NMC) of India has been awarded the coveted World Federation for Medical Education (WFME) Recognition Status for a tenure of 10 years.
- All of the existing 706 medical colleges in India will become WFME accredited while new medical colleges, set up in the next 10 years, will automatically become WFME accredited.
INTERNATIONAL NEWS
Singapore – India annual Naval Maritime Bilateral Exercise between Indian Navy & Republic of Singapore Navy starts
The Singapore – India annual Naval Maritime Bilateral Exercise between the Indian Navy and Republic of Singapore Navy is being held from September 21 to 24 .
- The SIMBEX enhances interoperability and mutual understanding between two navies. The Exercise is conducted in two phases.
- The Harbour Phase includes wide range of professional interactions, cross-deck visits, Subject Matter Expert Exchanges and sports fixtures. The Sea phase of SIMBEX includes exercises of air- defence, gunnery firing, anti-submarine and other maritime operations.
Mali, Niger and Burkina Faso sign Sahel security pact
Mali, Burkina Faso and Niger have signed a mutual defence pact, as the three Sahel countries aim to help each other against possible threats of armed rebellion or external aggression.
- The charter, known as the Alliance of Sahel States, signed, binds the signatories to assist one another – including militarily – in the event of an attack on any one of them.
Singapore is now the world’s freest economy, displacing Hong Kong after 53 years
Singapore has surpassed Hong Kong as the world’s freest economy, according to the 2023 Fraser Institute report. In a significant shift, Singapore has surpassed Hong Kong to claim the title of the world’s freest economy, marking the end of Hong Kong’s 53-year reign at the top.
- For the first time since the Economic Freedom of the World Index started in 1970, Hong Kong slipped to second place from the number one spot — and its score is about to drop even further.
- Switzerland, New Zealand and the U.S. occupy the third, fourth and fifth positions respectively.Other notable mentions include the United Kingdom coming in ninth, while Japan and Germany claimed 20th and 23rd place respectively.
BANKING & FINANCE
RBI proposes changes in instructions dealing wilful defaulters
Reserve Bank of India has proposed changes in the instructions dealing wilful defaulters. The RBI said, wilful defaulters must be defined as someone who has an outstanding amount of 25 lakh rupees and above and those who refuse to repay their loans despite having the capacity to pay. As per the revised guidelines, lenders will have to identify and label defaulting borrowers as “wilful defaulters” within six months of an account turning non-performing. It adds that wilful defaulters shall not be eligible for restructuring.
- The RBI said, banks must set up a review committee and allow the borrower up to 15 days to make a written representation, as well as a chance for in-person hearing if needed.
- However, once an account is identified as a wilful defaulter, banks should not grant additional credit until a year after the tag is taken off.
Bharti AXA Life introduces “Income Laabh” to simplify insurance with maximum protection
Bharti AXA Life Insurance announced a new product, Bharti AXA Life Income Laabh with an aim to simplify insurance and deliver maximum protection to its consumers. The plan provides financial protection and a steady income stream to consumers.
- The newly launched plan provides customers a steady stream of guaranteed income for 10 to 12 years, depending on the policy term they choose. It starts with an initial income pay-out equivalent to 100 percent of the annual premium paid by the policyholder.
- After 5 years, for those opting for a 10-year policy term, the income increases to 150 percent. Similarly, for a 12-year policy term, the income sees a boost of 200 percent after 6 years.
BUSINESS & ECONOMY
Finance Ministry deems 6.5% GDP growth estimate for FY24 ‘comfortable’ amid risks
The Union Ministry of Finance released the Monthly Economic Review for August 2023, stating to remain comfortable with a 6.5 percent real GDP growth estimate for FY24 with symmetric risks.
- The report mentioned the estimates of national income released by the National Statistical Office (NSO) show real GDP growing at 7.8 percent in Q1 of FY24.
- Citing strong domestic demand for consumption and investment, the ministry said these led to the growth in Q1 of FY24. The government also said that improved corporate profitability, private capital formation, and bank credit growth led to the desired results.
AWARDS
Odia scientist Swati Nayak wins Norman Borlaug Field Award
Swati Nayak, a scientist with roots in Odisha, is set to receive 2023 Norman Borlaug Field Award in appreciation of her groundbreaking approach in involving farmers in demand-driven rice seed systems.
- Nayak is presently working as a scientist and South Asia lead for seed system and product management at CGIAR-International Rice Research Institute (IRRI) in the Philippines. She received this award from the esteemed selection jury of the World Food Prize.