International News

Taliban's Appeal to India for Economic Support and Recognition Ahead of Moscow Meeting

• In anticipation of the forthcoming Moscow format meeting in Kazan, Russia, the Taliban leadership, represented by Suhail Shaheen, the head of the Political Office of the Taliban administration in Kabul, has extended a request to India for economic support and diplomatic recognition.
• This development holds significant geopolitical implications, particularly in light of China's deepening engagement with the Taliban and the recent appointment of a new Chinese Ambassador to Kabul.
• The Taliban's outreach aims to establish positive and traditional relations with India, seeking support for economic stability and international recognition.
• Notably, India has previously refrained from recognizing the Taliban's self-declared "Islamic Emirate," emphasizing the importance of upholding human rights and safeguarding minority communities. While India's participation in the Kazan meeting is anticipated, formal confirmation from the External Affairs Ministry is pending.

Defence News

Key Highlights of the 13th Indo-Pacific Armies Chiefs Conference

• From September 26 to 27, 2023, the 13th Indo-Pacific Armies Chiefs Conference (IPACC) convened at the Manekshaw Centre in New Delhi.
• Co-hosted by the Indian Army and the US Army Pacific, this biennial gathering brought together army chiefs from 30 Indo-Pacific nations to deliberate on security cooperation, collective strategies, and regional challenges.
• The primary objective of IPACC was to foster security cooperation among participating nations within the Indo-Pacific region.
• Army chiefs discussed and formulated collective strategies to address regional security challenges, with a particular focus on the role of military diplomacy in crisis mitigation.
• The event also showcased India's advancements in defense manufacturing, featuring a wide array of locally-produced weapons and systems presented to representatives from 30 countries, including advanced drones, artillery guns, unmanned ground vehicles, surveillance equipment, and armored personnel carriers.

Economy News

Afghani Currency Emerges as Best Performing in the Current Quarter

• In a surprising turn of events, the Afghani, the currency of conflict-ridden Afghanistan, has emerged as the top-performing currency in the September quarter of 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 a substantial influx of humanitarian aid in the form of US dollars and currency control measures implemented by the Taliban regime.
• The influx of foreign currency has played a pivotal role in stabilizing Afghanistan's economy. Furthermore, the prospect of tapping into Afghanistan's significant natural resources, notably lithium reserves, to attract foreign investments, coupled with Afghanistan's inclusion in China's Belt and Road Initiative in May 2023, has heightened expectations of increased foreign investment, especially in infrastructure development projects.

Banking News

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

• The Central government has granted a one-year extension to Rajeshwar Rao's term as Deputy Governor of the Reserve Bank of India (RBI).
• The announcement was made through an official statement from the Reserve Bank, indicating the approval of the re-appointment by the Appointments Committee of the Cabinet.
• Originally appointed as Deputy Governor in October 2020 for a three-year term, Rajeshwar Rao oversaw financial regulation within the central bank and led the Risk Monitoring Department, responsible for ensuring financial stability and minimizing risks in the banking and financial sector.
• His extended term will commence on October 9, 2023, or until further orders are issued, highlighting his continued commitment to resolving customer grievances and promoting transparency in the banking industry.

RBI Revokes License of The Kapol Co-Operative Bank Over Capital Deficiency

• In a significant move, the Reserve Bank of India (RBI) has revoked the license of The Kapol Co-operative Bank Limited, a Mumbai-based cooperative bank.
• This decision stems from concerns regarding the bank's insufficient capital and earning prospects, which raised doubts about its ability to fulfill its obligations to depositors.
• With the cancellation of its license, The Kapol Co-operative Bank is prohibited from conducting banking activities, including accepting deposits and repaying existing deposits.
• This decision takes immediate effect, leaving the bank unable to carry out its core functions. However, the RBI has reassured depositors that they will be entitled to receive deposit insurance claims, up to a monetary ceiling of ₹5 lakh, from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

RBI Approves Collaboration Between Poonawalla Fincorp and IndusInd Bank for Co-Branded Credit Cards

• The Reserve Bank of India (RBI) has granted approval for Poonawalla Fincorp's collaboration with IndusInd Bank to issue a co-branded credit card.
• This partnership is expected to have a significant impact on the Indian financial landscape.
• Designed primarily for customers with favorable credit histories, the co-branded credit card offers a range of privileges and benefits.
• The application and approval process for this credit card will be entirely digital, aligning with the broader trend of digitization in the financial sector.
• The credit card is slated for a grand launch within the next three months, setting new standards in the credit card industry.

Important Days News

International Day for Universal Access to Information 2023

• Held annually on September 28, the International Day for Universal Access to Information underscores the fundamental right to seek, receive, and impart information.
• It highlights the crucial role of an informed citizenry and emphasizes the pivotal role of the online space in ensuring access to information.
• Access to information is seen as a catalyst for progress across various sectors, upholding human rights and freedom of information.
• The International Day for Universal Access to Information emphasizes the critical role of information in decision-making processes, including selecting government representatives and staying informed about governance.

World Tourism Day 2023

• Observed globally on September 27, World Tourism Day is an annual celebration focused on promoting tourism worldwide.
• Initiated by the United Nations World Tourism Organization (UNWTO), this year's theme, "Tourism and green investment," underscores the need for targeted investments in Sustainable Development Goals, the UN roadmap for a better world by 2030.
• This day recognizes the pivotal role of tourism in advancing peace and prosperity and is hosted by UNWTO's global regions on a rotating basis, always centered around a timely and relevant theme.

World Maritime Day 2023

• Celebrated on the last Thursday of every September, World Maritime Day honors the tireless efforts of international maritime industry workers.
• This year's theme, "MARPOL at 50 – Our commitment goes on," highlights the organization's dedication to protecting the environment from the impact of shipping through a robust regulatory framework.
• It underscores the commitment of every maritime officer, service agent, and seafarer to our lives and emphasizes the importance of maritime activities.

World Rabies Day 2023

• World Rabies Day, observed on September 28, serves as a global initiative to raise awareness about rabies, a deadly zoonotic disease responsible for thousands of human fatalities annually.
• Established by the Global Alliance for Rabies Control (GARC) and recognized by the World Health Organization (WHO), this day advocates for efforts to combat rabies and emphasizes the importance of prevention.
• This year's theme, "All for 1, One Health for All," highlights the need for a collaborative, multidisciplinary approach to effectively combat rabies, involving professionals in human, animal, and environmental health sectors in preventing its spread.

Schemes and Committees News

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 'Arogya Manthan 2023' in New Delhi.
• This two-day event commemorates 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).
• Taking place on September 25th and 26th, Arogya Manthan 2023 aims to facilitate insightful discussions and deliberations on various aspects of these transformative healthcare schemes.
• Participants will analyze emerging healthcare trends, discuss challenges in implementation, and share best practices from various stakeholders, promoting knowledge exchange and synergy.

Agreements News

REC Collaborates with Punjab National Bank for Funding Power and 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 the power and infrastructure sectors under a consortium arrangement.
• This partnership aims to co-finance loans amounting to a substantial ₹55,000 crore over the next three years, as per an official statement from REC.
• With the Ministry of Power expressing confidence in REC, the company has received permission to diversify its lending portfolio beyond the power sector. This collaboration signals a strategic move by REC into the non-power infrastructure sector, expanding its loan book to above ₹4.54 trillion.

Infosys and Microsoft Collaborate for Generative Artificial Intelligence Adoption

• Infosys, a leading IT company in India, has announced a strategic collaboration with tech giant Microsoft.
• This partnership aims to develop cutting-edge solutions leveraging 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, enhancing operational efficiency, reducing turn-around time, and future-proofing investments.
• This collaborative effort seeks to bring AI capabilities to the forefront of enterprise functions, promising increased productivity and new revenue growth.

Sports News

India Triumphs in Women’s 25m Pistol Team Event at Asian Games 2023

• 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.
• Their cumulative score of 1759 secured the top position, showcasing India's dominance in the international sporting arena.
• This victory adds to India's remarkable medal tally at the ongoing Asian Games, with four gold medals, five silver medals, and seven bronze medals, reflecting the dedication, talent, and determination of India's athletes.

Historic Gold Win for Indian Shooter Sift Kaur Samra at Asian Games 2023

• Indian shooter Sift Kaur Samra made history with a spectacular performance, clinching gold in the women’s 50m rifle 3 positions event at the Asian Games.
• Not only did she secure the gold medal, but she also shattered world, Asian, and Games records, marking a significant achievement in her shooting career.
• Samra's world and Games record score of 469.6 points surpassed the previous record, highlighting her exceptional skill.
• This victory contributes to India's strong performance at the Asian Games, showcasing the country's prowess in the field of shooting sports.