Daily Current Affairs 27 September 2023, Important News Headlines (Daily GK Update)

Read the most important current affairs of 27 September 2023. Today Current Affairs covers the headlines on 13th Indo-Pacific Armies Chiefs Conference, Afghani Currency Emerged As The Best Performing Currency, India introduces 50-Year Bond, M. Rajeshwar Rao Gets One-Year Term Extension, International Day for Universal Access to Information 2023.

Top 19 Current Affairs and News Headlines of 27 September 2023

International News

1.Taliban Seeks Economic Support and Recognition from India Ahead of Moscow Format Meeting

• Ahead of the upcoming Moscow format meeting in Kazan, Russia, the Taliban has called upon India for economic support and recognition. This development is significant in light of China’s increased engagement with the Taliban and the recent appointment of a new Chinese Ambassador to Kabul.
• The Taliban, represented by Suhail Shaheen, the head of the Political Office of the Taliban administration in Kabul, has expressed a desire for positive traditional relations with India. They seek India’s support for economic stability and international recognition.
• India has previously refused to recognize the Taliban’s “Islamic Emirate” and has emphasized the importance of respecting human rights and protecting minority communities. However, India is reported to be sending representatives to the Kazan meeting, but the External Affairs Ministry has not provided official confirmation at the time of this report.

Defence News

2.13th Indo-Pacific Armies Chiefs Conference in New Delhi: Key Highlights

• The 13th Indo-Pacific Armies Chiefs Conference (IPACC) took place from September 26 to 27, 2023, at the Manekshaw Centre in New Delhi. This biennial event, co-hosted by the Indian Army and the US Army Pacific, brought together army chiefs from 30 Indo-Pacific nations to deliberate on security cooperation, collective strategies, and pressing regional issues.
• The primary objective of the IPACC was to foster security cooperation among participating nations in the Indo-Pacific region. Army chiefs discussed and formulated collective strategies to address regional security challenges. A crucial focus of the conference was the role of military diplomacy in mitigating crises within the Indo-Pacific region.
• Moreover, Indian vendors showcased a wide array of locally-produced weapons and systems to representatives from 30 countries. The exhibition featured advanced drones, artillery guns, unmanned ground vehicles, surveillance equipment, and armored personnel carriers, highlighting India’s advancements in defense manufacturing.

Economy News

3.Afghani Currency Has Emerged As The Best Performing Currency In The Current Quarter

• The Afghani, the currency of conflict-ridden Afghanistan, has taken the financial world by surprise by emerging as the best-performing currency of the September quarter in 2023. As of September 26th, the Afghani was trading at approximately 78.25 against the US dollar.
• This unexpected surge is attributed to a combination of factors, including massive dollar inflow in the form of humanitarian aid and currency control measures imposed by the ruling Taliban. This influx of foreign currency has played a pivotal role in stabilizing the Afghan economy.
• Another factor bolstering the Afghani is Afghanistan’s vast natural resources, including significant reserves of lithium. The Taliban has expressed its intent to tap into these resources to attract foreign investments. Additionally, Afghanistan’s inclusion under China’s Belt and Road Initiative in May 2023 has further enhanced the prospects of increased foreign investment, particularly for infrastructure development projects.

4.India Maintains Unchanged Borrowing Plan and Introduces 50-Year Bond

• The Indian government has chosen to keep its borrowing plan unchanged for the second half of the fiscal year 2023-2024 (H2FY24). The government’s projected gross market borrowing for the fiscal year ending March 31, 2024, stands at Rs 15.43 lakh crore. Between April and September, the government successfully borrowed Rs 8.88 lakh crore.
• In a significant move, India has introduced a new security with a 50-year tenure, aiming to raise Rs 30,000 crore through this instrument. The government’s borrowing strategy involves issuing bonds with various tenures, including three, five, seven, 10, 14, 30, and now 40 years. As part of the borrowing plan for the second half of the fiscal year, the government will issue government green bonds worth Rs 20,000 crore, which will include a new 30-year security.
• Despite the increased borrowing, the government is targeting a fiscal deficit of 5.9% for the current fiscal year, a decrease from the 6.4% recorded in the previous year. Economic Affairs Secretary Ajay Seth emphasized the government’s commitment to sticking to this fiscal deficit target.

Banking News

5.RBI Deputy Governor M. Rajeshwar Rao Gets One-Year Term Extension

• The Central government has granted a one-year extension to M Rajeshwar Rao’s term as Deputy Governor of the Reserve Bank of India (RBI). The announcement was made via an official statement from the Reserve Bank, indicating that the Appointments Committee of the Cabinet has approved this re-appointment.
• M Rajeshwar Rao was originally appointed as Deputy Governor of the Reserve Bank in October 2020, with a term of three years. His initial assignment was to oversee financial regulation within the central bank. However, this new extension will allow him to continue his vital role for an additional year, starting from October 9, 2023, or until further orders are issued, whichever comes first.
• He had also led the Risk Monitoring Department, a critical area responsible for ensuring financial stability and minimizing risks in the banking and financial sector. His contributions to the RBI extended beyond its headquarters in Mumbai. Rao has also served as the Banking Ombudsman in New Delhi, showcasing his commitment to resolving customer grievances and promoting transparency and fairness in the banking industry.

6.RBI Cancels Licence Of The Kapol Co-operative Bank Over Inadequate Capital

• The Reserve Bank of India (RBI) has taken a significant step by cancelling the license of The Kapol Co-operative Bank Limited, a Mumbai-based cooperative bank. This decision was made primarily due to concerns regarding the bank’s inadequate capital and earning prospects, which raised questions about its ability to fulfill its commitments to depositors.
• According to the central bank, this cancellation means that the cooperative bank is prohibited from conducting banking activities, which encompass functions such as accepting deposits and repaying deposits. This decision was made effective immediately, leaving the bank unable to perform its core functions.
• The RBI has assured that every depositor will be entitled to receive a deposit insurance claim amount of their deposits, up to a monetary ceiling of ₹5 lakh, from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

7.RBI Approved Poonawalla Fincorp To Issue Credit Cards With IndusInd Bank

• The Reserve Bank of India (RBI) has granted its approval for Poonawalla Fincorp’s collaboration with IndusInd Bank to issue a co-branded credit card. This initiative is expected to have a profound impact on the financial landscape in India.
• The co-branded credit card is primarily designed to cater to customers who possess a favorable credit history. This focus on creditworthiness ensures that the cardholders enjoy a range of privileges and benefits.
• The co-branded credit card’s application and approval process will be fully digital, offering convenience and efficiency to applicants. This aligns with the broader trend of digitization in the financial sector. The credit card is slated for a grand launch within the next three months. This eagerly anticipated offering is expected to set new standards in the credit card industry.

Business News

8.All-In-One Affordable Insurance Cover, Bima Vistaar, To Be Rolled Out Soon

• The Insurance Regulatory and Development Authority of India (IRDAI) has introduced ‘Bima Vistaar’. This all-in-one insurance product, encompassing life, health, and property coverage, is poised to revolutionize the insurance landscape in the country.
• The brainchild of Debashish Panda, Chairman of IRDAI, Bima Vistaar represents a significant step towards realizing the authority’s vision of making insurance accessible to every Indian citizen by 2047. The product’s development has reached its final stages after extensive consultations with the Life and General Insurance Councils and industry experts.
• One of the primary objectives of Bima Vistaar is to provide affordable insurance coverage to a wide range of customers. Pricing discussions have progressed considerably, and insurance companies have shown enthusiasm in offering this product at an affordable cost. This commitment to affordability is aligned with the regulator’s vision of making insurance a reality for everyone.

Important Days News

9.International Day for Universal Access to Information 2023

• Held annually on September 28, International Day for Universal Access to Information, proclaimed at the 74th UN General Assembly on October 15, 2019, shines a spotlight on the fundamental right to seek, receive, and impart information.
• This day emphasizes the significance of an informed citizenry and highlights the theme of the online space’s pivotal role in ensuring access to information. Access to information is a catalyst for progress and development across various sectors, and it upholds the principles of human rights and freedom of information.
• The International Day for Universal Access to Information holds immense significance. It underscores the critical role of information in decision-making processes, be it in choosing a government representative or staying informed about governance.

10.World Tourism Day 2023

• World Tourism Day 2023 is observed on 27 September globally. This day is celebrated every year to focus on promoting tourism in various parts of the world. It was initiated by the United Nations World Tourism Organisation (UNWTO).
• This World Tourism Day 2023, the UNWTO, under the theme “Tourism and green investment” highlights the need for more and better-targeted investments for the Sustainable Development Goals, the UN roadmap for a better world by 2030.
• The first World Tourism Day was held in 1980. As the Global Day of Observance for tourism, it offers a chance to celebrate the sector’s vital role in advancing peace and prosperity and UNWTO’s global regions take turns in hosting the official celebrations, always around a timely and relevant theme.

11.World Maritime Day 2023

• World Maritime Day will be celebrated on the last Thursday of every September, on September 28 this year, to honor the tireless work of the international maritime industry workers.
• The word ‘maritime’ comes from the Latin word ‘maritimus,’ which means ‘of the sea.’ The day illuminates the role that every maritime officer, service agent, and seafarer plays in our individual lives.
• This year’s World Maritime theme is “MARPOL at 50 – Our commitment goes on”. The theme reflects the organization’s long history of protecting the environment from the impact of shipping via a robust regulatory framework and emphasizes its ongoing commitment to this important work.

12.World Rabies Day 2023

• World Rabies Day (WDR), observed every September 28, serves as a global initiative to raise awareness about rabies, a deadly zoonotic disease that claims the lives of thousands of people each year.
• Established by the Global Alliance for Rabies Control (GARC) and recognized by the World Health Organization (WHO), this day aims to promote efforts to combat rabies and highlight the importance of prevention.
• This year’s theme, “All for 1, One Health for All,” underscores the need for a collaborative, intersectoral, and multidisciplinary approach to combat rabies effectively. It emphasizes the pivotal roles played by professionals in the human, animal, and environmental health sectors in preventing the spread of rabies.

Schemes and Committees News

13.Arogya Manthan 2023: Celebrating 5 Years of Ayushman Bharat PM-JAY and 2 Years of Ayushman Bharat Digital Mission

• The National Health Authority (NHA), under the Ministry of Health and Family Welfare (MoHFW), is set to host a two-day event known as ‘Arogya Manthan’ in New Delhi. This event is being organized to commemorate two significant milestones in India’s healthcare sector: the 5th anniversary of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) and the 2nd anniversary of the Ayushman Bharat Digital Mission (ABDM).
• Arogya Manthan 2023, taking place on September 25th and 26th, promises to be an engaging forum filled with insightful discussions and deliberations on various aspects of these two transformative healthcare schemes.
• The event will facilitate in-depth discussions on the challenges faced in implementing these healthcare schemes and finding solutions. Furthermore, Participants will analyze emerging healthcare trends and their implications for the future of Indian healthcare and finally Best practices from various stakeholders will be shared, promoting knowledge exchange and synergy.

Agreements News

14.REC With Punjab National Bank To Lend Up To ₹55,000 Crore To Power, Infra Projects

• State-run REC Ltd. has entered into a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) to explore collaborative opportunities for funding projects in these sectors under a consortium arrangement. This partnership aims to co-finance loans amounting to a substantial ₹55,000 crore over the next three years, according to an official statement released by REC.
• While expressing confidence in REC, the Ministry of Power has granted the company permission to diversify its lending portfolio beyond the power sector. Notably, REC can now finance up to 33% of its outstanding loan book in the power sector.
• REC has traditionally provided long-term loans and other financial products for the power-infrastructure sector, encompassing generation, transmission, distribution, renewable energy, and emerging technologies such as electric vehicles, battery storage, and green hydrogen. However, it has recently diversified into the non-power infrastructure sector, expanding its loan book to above ₹4.54 trillion.

15.Infosys And Microsoft Collaborate For Adoption Of Generative Artificial Intelligence

• Infosys, one of India’s leading IT majors, has announced a strategic collaboration with tech giant Microsoft. The partnership aims to develop cutting-edge solutions harnessing the combined prowess of Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services.
• The goal is to assist enterprise customers in transitioning from traditional digital solutions to AI-powered innovations. The resulting integrated solutions are poised to boost operational efficiency, reduce turn-around time, future-proof investments, and pave the way for new business models.
• This collaborative effort seeks to bring AI capabilities to the forefront of enterprise functions across various industries, promising to enhance productivity and drive new revenue growth.

Sports News

16.Asian Games 2023, India wins gold medal in women’s 25m pistol team event

• The Indian trio of Manu Bhaker, Esha Singh, and Rhythm Sangwan secured the gold medal in the women’s 25m pistol team event at the Asian Games held in Hangzhou, China.
• Team India exhibited their prowess in the women’s 25m pistol team event, capturing the gold medal. Their cumulative score of 1759 was enough to secure the top position, albeit by a narrow margin of three points over the silver medalists, China. Republic of Korea claimed the bronze with a total score of 1742.
• India’s victory in the women’s 25m pistol team event adds to their remarkable medal tally at the ongoing Asian Games in Hangzhou, China. With four gold medals, five silver medals, and seven bronze medals, India’s athletes are shining on the international stage, showcasing their dedication, talent, and determination.

17.Asian Games 2023, Sift Kaur Samra shoots gold

• Indian shooter Sift Kaur Samra made history with a spectacular performance, clinching gold in the women’s 50m rifle 3 position event. She not only won the gold but also shattered world, Asian, and Games records along the way. This remarkable achievement marks a significant moment in her shooting career.
• Samra achieved a world and Games record score of 469.6 points. She shattered the previous world record held by Seonaid McIntosh, surpassing it by 2.6 points.  China’s Qiongyue Zhang secured the silver medal with a score of 462.3, narrowly edging out India’s Chouksey who finished in the third position with 451.9 points.

Miscellaneous News

18.Google’s celebrates its 25th birthday

• Google, the search engine giant, is commemorating its 25th birthday with a special Google Doodle.
• Throughout its 25-year journey, Google’s mission has remained steadfast: to organize the world’s information and ensure its universal accessibility and utility. This mission has driven the company’s innovations, from search algorithms to the development of products like Google Maps, Gmail, and Google Drive.
• In the late 1990s, Sergey Brin and Larry Page shared a common dream: to make the World Wide Web more accessible and user-friendly. From the confines of their dorm rooms, Brin and Page worked tirelessly on a prototype for a superior search engine. As their project gained momentum, they relocated to Google’s first official workspace – a rented garage. On September 27, 1998, Google Inc. was formally founded.

19.‘2018’ is India’s official entry in Oscars 2024

• The Film Federation of India has announced that the Malayalam movie “2018: Everyone is a Hero,” based on the Kerala floods, will represent India as its official entry at the Academy Awards or Oscars in 2024.
• The film, directed by Jude Anthany Joseph, delves into the harrowing tales of survival during the devastating floods that struck the state. Its selection was attributed to its poignant portrayal of climate change issues and the societal misconceptions about development.
• “2018: Everyone is a Hero” boasts a multi-talented ensemble cast including Tovino Thomas, Kunchako Boban, Tanvi Ram, and Aparna Balamurali, who contributed significantly to the film’s success. Its selection among fierce competition highlights its potential to leave a lasting impact on the global stage.

Important Current Affairs of 27 September 2023

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