Daily Current Affairs 27 September for Banking/Insurance/SSC and other related exams.
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Centre extends AFSPA in parts of Nagaland, Arunachal Pradesh for another six months
The Ministry of Home Affairs extended the Armed Forces Special Powers Act (AFSPA) in parts of Nagaland and Arunachal Pradesh for another six months.
- The government has issued two separate notifications, the decisions have been taken after a review of the law-and-order situation in both states.
- The first gazette notification reads that the Central Government in the exercise of the powers conferred by Section 3 of the Armed Forces (Special Powers) Act, 1958 (28 of 1958) had declared 8 districts and 21 Police Stations in 5 other districts of the state of Nagaland as ‘disturbed area’ for a period of six months with effect from April 1, 2023.
Singapore tops the 2023 Economic Freedom of the World index, India ranked 87th
India has fallen one notch to the 87th position out of 165 countries on the economic freedom index, according to a report released. The country was at the 86th spot in previous year’s rankings.
- The ‘Economic Freedom of the World: 2021 Annual Report’ by Canada’s Fraser Institute has been released in India in conjunction with New Delhi-based think tank Centre For Civil Society.
- According to the report, Singapore topped the index.It was followed by Hong Kong, Switzerland, New Zealand, the US, Ireland, Denmark, Australia, the UK, and Canada.
- India has been ranked higher than China, which stands at the 111th position.Venezuela once again ranks last.Other notable rankings include Japan (20th), Germany (23rd), France (47th), and Russia (104th).
BANKING & FINANCE
Bima Vistaar offering all-in-one insurance cover to launch soon
The IRDAI expects to launch all-in-one affordable insurance product, Bima Vistaar – the first of its kind – soon. The policy offers life, health and property coverage.
- This comprehensive, standardised cover was proposed by Mr Debashish Panda, IRDAI chairman, as a crucial part of a series of reforms aimed at realising IRDAI’s vision of insuring everyone by 2047.
- Bima Vistaar will have simple and easily understandable terms and conditions. It will also take complete advantage of digitalisation and is likely to have a provision where claims can be verified digitally and the amount of compensation can be credited to the beneficiaries’ account automatically.
Afghanistan currency emerges as best-performing unit globally in September quarter
Afghanistan’s currency has emerged as the world’s best-performing unit in the September quarter, rallying 9 per cent during the three-month period and 14 per cent so far this year amid foreign aid flows and the US releasing funds to the war-torn country.
- An Afghan Afghani is worth Rs 1.06 and 78.54 against the US dollar. The mostly agrarian economy of the now Taliban-ruled Afghanistan had tanked almost 30 per cent, and its currency had dropped to 124.2 against the US dollar on August 16, 2021. On August 14, the local currency quoted 80.96 against the greenback, according to a currency analyst at HDFC Securities.
India keeps borrowing plan unchanged for Oct-March, introduces 50-year bond
The government plans to borrow Rs 6.55 lakh crore through bond issuances in the October-March period, the central bank said, as it introduced a new security with a 50-year tenure. India plans to raise Rs 30,000 crore through the newly introduced 50-year bond.
- Centre has projected gross market borrowing at Rs 15.43 lakh crore for the current fiscal year ending March 31, 2024, of which it has borrowed Rs 8.88 lakh crore between April and September.
Poonawalla Fincorp gets RBI nod to issue credit cards with IndusInd Bank
Poonawalla Fincorp, a Cyrus Poonawalla group- promoted NBFC, has received Reserve Bank of India’s approval to issue co-branded credit card with IndusInd Bank.
- The company envisages to launch this credit card within three months, Poonawalla Fincorp said in a statement.
- This partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit.
RBI cancels licence of The Kapol Co-operative Bank over inadequate capital, earning prospects
The Reserve Bank of India (RBI) said it has cancelled licence of The Kapol Co-operative Bank over inadequate capital and earning prospects.
- The continuance of the bank is prejudicial to the interests of its depositors, the bank with its present financial position would be unable to pay its present depositors in full, and public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
BUSINESS & ECONOMY
Infosys ties with Microsoft for industry-wide adoption of generative artificial intelligence
IT major Infosys announced that it is collaborating with Microsoft to jointly develop industry-leading solutions that leverage Infosys Topaz, Azure OpenAI Service and Azure Cognitive Services.
- Both organizations are bringing together their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries.
- The integrated solutions will accelerate rapid democratization of data and intelligence that will help businesses increase productivity and drive new revenue growth.
ONGC signs crude oil supply deal with HPCL
State-owned Oil and Natural Gas Corporation (ONGC) said that it has entered into an agreement to supply crude oil from its Mumbai offshore fields to Hindustan Petroleum Corporation Ltd (HPCL). After Bharat Petroleum Corporation Limited (BPCL), ONGC signs up HPCL for sale of oil from Mumbai offshore fields.
- This marks the second such agreement in the past two months, as ONGC opts for term contracts over auctions to avoid substantial discounts offered by refiners.
‘2018’ is India’s official entry in Oscars 2024
Malayalam survival drama 2018: Everyone is a Hero has been chosen as India’s official entry to the Best Foreign Language Film category at the 96th Academy Awards, making it only the fourth film from the language to be chosen for the honour.
- The 2018 drama is directed by Jude Anthany Joseph, 2018 is based on the unprecedented rains and flood that hit Kerala in 2018.
- Before this, Guru (1997), directed by Rajiv Anchal and starring Mohanlal; Adaminte Makan Abu (2011), directed by Salim Ahamed and Lijo Jose Pellissery’s Jallikattu (2019) were chosen as the country’s official entry for the Oscars, but none of these films got nominated.