Daily Current Affairs: October 8, 2021

Daily Current Affairs (October 8, 2021) like many other sections is inevitable and this also helps to score in the Banking awareness, Static GK, and Financial Awareness sections. Remember, Banking Awareness, and Static Awareness Questions are asked from the General Awareness section. This will also help you to ride your preparations for the forthcoming exams.

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Important Days

Indian Air Force Day – 8 October

• Indian Air Force Day is observed on 8 October to increase awareness about the Indian Air Force (IAF) as an organisation dedicated to enhancing India’s national security and authority.
• The motto of the IAF is ‘Nabha Sparsham Deeptham’, which means ‘touch the sky with glory’.
• The Indian Air Force (IAF) is celebrating its 89^th anniversary in 2021.

World Egg Day – 8 October

• World Egg Day is observed on the second Friday of October every year. This year (2021), it falls on 8 October to celebrate the power of the egg.
• This day was established in Vienna in 1996. 2021 marks the 25^th anniversary of World Egg Day.

National News

India and the UK hold their second meeting of the Joint Working Group on cyber capacity building

• The second meeting of the India-UK Joint Working Group (JWC) on cyber capacity building was held virtually and discussed various aspects of co-operation in the area of cyber capacity building and was held under the aegis of the India-UK Framework for Cyber Relationship and in support of the enhanced cyber security partnership agreed in the India-UK 2030 Roadmap.
• The Indian delegation was led by the Joint Secretary (Cyber Diplomacy) from the Union Ministry of External Affairs Atul Malhari Gotsurve.

National Health Authority revises the health benefit package rates under the Ayushman Bharat PM JAY scheme

• The National Health Authority (NHA) has increased the Health Benefit Package (HBP 2.2) rates by 20% to 400% under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) scheme, which is planned to be rolled out from November 2021.
• The rates of around 400 procedures have been revised and one new additional medical management package related to black fungus has also been added.
• Under medical management procedures, rates for Intensive Care Unit (ICU) with ventilator support have been revised by 100 per cent and rates for ICU without ventilators by 136 per cent.

Banking & Economy

NeoGrowth launches ‘Business Loan Carnival’ for MSMEs

• NeoGrowth has launched the ‘Business Loan Carnival’ for MSME customers, where customers can avail new products of the NeoGrowth— NeoCash Insta Loan and Vendor Finance Express under its direct-to-customer (D2C) initiatives to boost credit flow to small businesses.
• NeoGrowth has simplified and digitalised the process to help MSMEs with hassle-free loans for their varied business needs.

RBI keeps policy rates unchanged at 4 per cent for the eighth time

• The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) headed by the RBI Governor Shaktikanta Das has kept policy rates unchanged for the eighth time in a row.

The policy rates are:

Reserve Bank of India (RBI)

• Headquarters: Mumbai, Maharashtra
• Formation: 1 April 1935
• Governor: Shaktikanta Das
• Deputy Governors: K. Jain, M. D. Patra, M. Rajeshwar Rao and T. Rabi Sankar
• Subsidiaries: Deposit Insurance and Credit Guarantee Corporation (DICGC), Bharatiya Reserve Bank Note Mudran Limited (BRBNML)

Reserve Bank of India increases IMPS transaction limit from Rs.2 lakhs to Rs. 5 lakhs

• The Reserve Bank of India (RBI) increased the daily limit of the Immediate Payment Service (IMPS) from 2 lakhs to Rs. 5 lakhs, in view of the importance of the IMPS system and for enhanced consumers convenience.
• This will lead to a further increase in digital payments and will provide an additional facility to customers for making digital payments beyond 2 lakhs.
• The Reserve Bank of India (RBI) has announced that offline payment mechanisms will be available across India in the near future. Customers who are unable to make payments through online digital modes such as UPI, IMPS, or RTGS due to internet connectivity concerns will now be able to use the offline payment mechanisms to make payments in a timely manner, according to the release.

IMPS– IMPS was introduced in 2010 and managed by the National Payments Corporation of India (NPCI),is an important payment system providing 24×7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS.

Reserve Bank of India’s auto debit rules becomes effective from 1 October 2021

• The Reserve Bank of India (RBI) has changed the auto debit rules from 1 October 2021, which includes all kinds of recurring or repetitive payments, especially those made with credit or debit cards.
• Under this new system, for any transaction of more than 5000, banks will send one-time password (OTP) to customers. Those recurring transactions on a customer’s credit or debit card which don’t comply with this new rule will now be declined by banks.
• The new rules have been framed to protect customers from online frauds, especially on third-party platforms.

World Bank retains India’s GDP growth rate for FY 22 at 8.3%

• The World Bank retained India’s GDP growth rate for FY 22 at 3 per cent.
• For the next fiscal (FY 2022–23), the projection is 7.5 per cent, while for FY 2023–24, it is 6.5 per cent.

World Bank

• Headquarters: Washington DC, the United States
• President: David Malpass
• Founded: 1944

NABARD sanctions Rs. 303 crores to the Odisha Government for the construction of 24 bridges under the Rural Infrastructure Development Fund (RIDF)

• The National Bank for Agriculture and Rural Development (NABARD) has sanctioned an assistance of Rs.303 crores to the Odisha Government for the construction of 24 bridges in Odisha under the Rural Infrastructure Development Fund (RIDF).
• This assistance is on the basis of priority fixed by the Odisha Government for developing rural infrastructure for drinking water supply, irrigation and connectivity.

National Bank for Agriculture and Rural Development (NABARD)

• Headquarters: Mumbai, Maharashtra
• Formation: 12 July 1982
• Chairman: Chintala Govinda Rajulu

Reserve Bank of India extends SLTRO facility for small finance banks till 31 December 2021

• The Reserve Bank of India (RBI) has extended the 10,000 crores special long-term repo operations (SLTRO) facility for small finance banks for another two months till 31 December 2021 from 31 October 2021.
• In May 2021, the Indian Government established a three-year special long-term repo operations (SLTRO) programme to help small businesses with cash flow issues since the COVID-19 pandemic struck and damaged the economy.

Appointments

Rahul Mithal was appointed as the Chairman and Managing Director (CMD) of RITES

• Rail India Technical and Economic Service Limited (RITES) appointed Rahul Mithal as its Chairman and Managing Director (CMD).
• Prior to RITES, he was the Director (Projects and Services) at the Container Corporation of India Limited (CONCOR).
• He has over 31 years of experience in the railway sector.

Awards and Recognitions

Maria Ressa and Dmitry Muratov receive the Nobel Peace Prize 2021

• The Norwegian Nobel Committee awarded the Nobel Peace Prize 2021 to journalists Maria Ressa from the Philippines and Dmitry Andreyevich Muratov from Russia “for their efforts to safeguard freedom of expression, which is a precondition for democracy and lasting peace.”

Defence News

India and the United Kingdom starts the sixth edition of  ‘Ajeya Warrior’ military exercise in Uttarakhand

• India and the United Kingdom started the sixth edition of the two-week military exercise ‘Ajeya Warrior’ at Chaubatia in Uttarakhand, to further strengthen the bilateral defence cooperation between the two countries.
• This exercise is a part of an initiative to develop interoperability and sharing of expertise.

Sports News

Anshu Malik wins silver medal at the World Wrestling Championships 2021

• Indian wrestler Anshu Malik has scripted history as she became the first Indian woman to win a silver medal in the World Wrestling Championships in Norway’s Oslo as she lost to Helen Maroulis of the USA.
• She was the third Indian to reach the final of the World Wrestling Championships after 2010 champion Sushil Kumar and 2018 silver medallist Bajrang Punia.
• Anshu Malik is a two-time Asian Championship medalist, which includes gold medal and a Ranking Series silver medalist.

International Hockey Federation’s (FIH) Hockey Stars Awards 2020–21 were announced

• Indian hockey players swept the 2020–21 edition of the International Hockey Federation’s (FIH) Hockey Stars Awards announced recently.

Daily CA- 8 October One liners:

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