Daily Current Affairs 27 October for Banking/Insurance/SSC and other related exams.
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Regional Connectivity Scheme – UDAN completes six years
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 21st October 2016, with a ten-year vision.
- The first RCS-UDAN flight was inaugurated by Prime Minister Narendra Modi on 27th April 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.
Indian Army’s first vertical wind tunnel installed at special forces training school in HP
To augment the training infrastructure of special forces and combat free-fallers, the Army’s Special Forces Training School (SFTS) at Bakloh, Himachal Pradesh, got the Army’s first Vertical Wind Tunnel (VWT). It was virtually inaugurated by Army Chief General Manoj Pande.
- It is designed to provide a controlled training environment that allows military trainees to simulate real-life free-fall conditions, significantly enhancing their skills in Combat Free Fall (CFF).
- This project, a first-of-its-kind in the Indian Army, will deliver simulated training on combat free fall to the special forces. It is poised to greatly enhance the operational readiness of the future-ready Indian Army, ensuring that the special forces are fully prepared to tackle contemporary challenges of current and future battlefields.
PM Modi inaugurates 7th Edition of India Mobile Congress 2023 in New Delhi
The Prime Minister, Shri 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 from 27th to 29th October 2023 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. The Prime Minister also inaugurated the exhibition at Hall 5.
- This year, IMC is introducing a start-up programme ‘Aspire’. It will foster connections between start-ups, investors, and established businesses with an aim to catalyse fresh entrepreneurial initiatives and collaborations.
INS Sumedha participates in maiden India-EU Joint Naval Exercise 2023
INS Sumedha, an indigenously built Naval Offshore Patrol Vessel, participated in the maiden India-EU Joint Naval Exercise 2023 from October 24-26.
- The exercise was conducted in two phases, which included a sea phase on October 24, followed by a harbour phase from 25 to 26 October 2023 at Tema, Ghana.
- The joint exercise at sea and professional exchanges in the harbour enhanced interoperability to undertake maritime operations in the Gulf of Guinea.
India ranks third among countries with most fintech unicorns in 2023; US retains the crown globally: Report
India has ranked third among the countries with the most financial technology (fintech) unicorns in the world in 2023, with the US and UK retaining the top two positions globally.
- While US is home to 134 unicorns and produces the most value in terms of fintech, UK took second place with 27 fintech unicorns and India secured the third position with 17 fintech unicorns in 2023 so far.
- According to global research firm Statista, US is also home to the largest fintech companies worldwide by market capitalisation, with fintech majors Visa, Paypal, and Mastercard dominating the global ecosystem. Out of the top 15 highest-valued fintech firms globally, eight are from the India’s top profitable companies include stock brokerage platform Zerodha, fintech firm Billdesk, UPI giant Paytm, etc. FinTech giants like Zerodha, Razorpay, Pine Labs, Paytm, Billdesk, among few others have been profitable.
BANKING & FINANCE
RBI to impose ₹100 daily fine for Credit Bureaus Failing to resolve complaints in 30 days
RBI has directed lenders, financial institutions, and credit bureaus to address customer complaints about credit information by resolving them within 30 days or risk incurring a daily fine of ₹100.
- The RBI also directed credit institutions (CIs) and credit information companies (CICs) to introduce a compensation framework for delayed updation or rectification of credit information.
- The central bank has directed CICs and CIs to put in place processes and to implement the compensation framework in the next six months.
BUSINESS & ECONOMY
Indian Oil launches country’s first Reference Fuel
State-run Indian Oil Corporation Limited (IOCL) launched India’s first gasoline and diesel reference fuel, used by automobile manufacturers for testing vehicles.
- This is the first time that India is venturing into the production of Reference Gasoline and Diesel Fuels. The home-grown development of these products in-line with international benchmarks testifies to the brilliance and relentless hard work of Indian Oil.
- Reference fuels are required by automobile manufacturers for developing engines and assessing vehicles’ performance to ensure operability in all the global climatic conditions.
Zomato introduces maternity insurance for women delivery psrtners
Online food delivery platform Zomato launched a comprehensive maternity insurance plan for the female delivery partners onboarded with the company.
- The insurance plan will cover expenses related to pregnancy consisting of birth and any maternity complication, thereby providing assurance and financial security to such female delivery partners and their families.
- Zomato partnered with the digital insurance provider ACKO, which will cover maternity insurance. The comprehensive coverage will include normal and cesarean deliveries for up to two children, along with maternity complications such as miscarriage and abortion.
Sunder Singh Gurjar breaks world record in javelin throw; clinches gold
In the ongoing dream run for the Indian contingent in the Asian Para Games, Sunder Singh Gurjar bagged gold in Men’s F46 Javelin. The athelete from Rajasthan also broke the world record after throwing the javelin 68.60 meters.
- Earlier on the same day, Sumit Antil set a new World record in Men’s Javelin throw. Following Antil, the 27-year-old, Sundar Singh Gurjar also scripted a new world record.
- The Tokyo Paralympic bronze medallist got his names into the history books with a 68.60m throw in the final. The athelete from Rajasthan broke the earlier World record of 67.79m belonging to Sri Lanka’s Dinesh Priyantha.
Global Teacher Prize 2023: West Bengal teacher among top 10 finalists
Deep Narayan Nayak, a teacher from West Bengal, was announced as a top 10 finalist from across 130 countries in the USD 1 million Global Teacher Prize 2024.
- Deep Narayan, from Tilka Manjhi Adivasi Free Primary School in Jamuria, Asansol, earned the title of “Teacher of the Streets” during the Covid-19 lockdown when he moved classrooms outside and helped bridge the digital divide for disadvantaged children living below the poverty line in remote communities, empowering those with learning disabilities, counselling students and their parents, and improving literacy rates among adult learners.