19th October 2023 Daily Current Affairs

National & International Organizations

1. India’s rank on Global Pension Index falls to 45 out of 47 countries

• India dropped from the 41st position out of 44 countries in the 2022 Global Pension Index to the 45th spot out of 47 countries in 2023.
• India’s retirement system has improved to some extent from 2022, according to Mercer CFA Institute Global Pension Index (MCGPI) survey 2023.
• The Netherlands had the highest overall index value (85.0), closely followed by Iceland (83.5) and Denmark (81.3). Argentina had the lowest index value (42.3).

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National Affairs

2. PM to launch India’s first Regional Rapid Transit System (RRTS)

• Prime Minister Narendra Modi inaugurated the priority section of the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Corridor. 
• This historic event takes place at the Sahibabad RapidX Station in Uttar Pradesh
• Key Highlights
• The priority section spans 17 kilometers, connecting Sahibabad to ‘Duhai Depot’ and includes stations at Ghaziabad, Guldhar, and Duhai.
• The average speed of RAPIDX trains on the RRTS will be 100 kmph, surpassing metro trains.

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3. V. Muraleedharan engages with Indian Community in Oman

• MoS for External Affairs and Parliamentary Affairs V. Muraleedharan will pay his third official visit to the Sultanate of Oman on 18-19 October 2023.
• During the visit, he will hold high-level discussions with the Omani leadership and dignitaries.
• He will also inaugurate the painting exhibition, “India on Canvas: Masterpieces of Modern Indian Painting” which is a collection of specially curated 20 works of art from the collection of National Gallery of Modern Art

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 State Affairs

5. Minister Rajeev Chandrasekhar to inaugurate project “Heartland Tripura”

• Union Minister of State for Skill Development  Rajeev Chandrasekhar inaugurated the project “Heartland Tripura,” a skill development initiative in collaboration with Deloitte in Agartala
• Aim: To provide skill development and employment opportunities to undergraduate students in engineering and non-engineering disciplines.
• This project will deliver a specific set of skill development certification courses through NIELIT-Agartala for the state.

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Banking & Finance

6. RBI imposes monetary penalty on four co-operative banks & 1 HFC

• The Reserve Bank of India has imposed monetary penalties on four co-operative banks and one housing finance company (HFC).
• The RBI imposed:

1. Rs 4.50 lakh on Gujarat Mercantile Co-operative Bank
2. Rs 2 lakh each on Makarpura Industrial Estate Co-operative Bank and Nagarik Sahakari Bank
3. Rs 50,000 on The Sevalia Urban Co-operative Bank
4. Rs 1.70 lakh on West End Housing Finance

• The housing finance company that faced RBI action is West End Housing Finance.

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Banking & Finance

7. RBI Fines ICICI Bank And Kotak Mahindra Bank For Regulatory Violations

• The RBI imposed a penalty of Rs 3.95 crore on Kotak Mahindra Bank and Rs 12.19 crore on ICICI Bank for non-compliance with a few regulatory norms.
• Kotak Mahindra Bank was penalized for failing to conduct an annual review or due diligence of its service provider and for violation of contact hours with customers.
• ICICI Bank, on the other hand, was penalized for committing loans to companies, the bank also engaged in marketing and selling non-financial products

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National & International Organizations

8. Global Remote Work Index, India among world’s worst countries

• India has been ranked 64th out of 108 countries for remote work, marking a significant drop of 15 places compared to the 2022
• The top 10 countries are Denmark, Netherlands, Germany, Spain, Sweden, Portugal, Estonia, Lithuania, Ireland, and Slovakia.
• The Global Remote Work Index (GRWI), published by cybersecurity firm NordLayer, assessed countries based on four key criteria: cyber safety, economic safety, digital and physical infrastructure, and social safety.

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National & International Appointments

9. Arindam Bagchi Appointed as India’s Ambassador to UN in Geneva

• The Ministry of External Affairs announced the appointment of career diplomat Arindam Bagchi as India’s next permanent representative to the United Nations and related global bodies in Geneva.
• Bagchi would be succeeding Indra Mani Pandey, the incumbent Indian envoy to the UN in Geneva.
• He is an Indian Foreign Service officer of the 1955-batch.
• He was given the key charge of MEA spokesperson in March 2020, at a time when the world was facing the COVID-19 pandemic.

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Banking & Finance

10. Sberbank becomes first Russian bank to register with Sebi as FPI

• Sberbank of Russia has become the first Russian bank to register with the Indian markets regulator as a foreign portfolio investor (FPI), according to data available on the website of National Stock Depository (NSDL).
• Sberbank of Russia, a state-owned bank which already has a presence in India, registered with the Indian markets regulator for a Category I FPI licence.
• FPIs with category I licence have to follow less lenient beneficial ownership disclosures.

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