Current Affairs For 24th October 2023

Current affairs coverage helps individuals understand the interconnectedness of global and local events. It shows how decisions made at the international level can impact local communities and vice versa. 

Q1. What recent approval has the Indian government granted?

1. Approval for Basmati Rice Exports
2. Approval for Non-Basmati Rice Exports
3. Approval for Wheat Exports
4. Approval for Cotton Exports

Ans:-1)Approval for Basmati Rice Exports

• The Indian government has granted permission to export 1.34 million tonnes of Non-Basmati White Rice to seven countries. This approval has been granted by the Directorate General of Foreign Trade (DGFT).
• The designated countries for these exports are Nepal, Cameroon, Cote D’Ivoire, Republic of Guinea, Malaysia, Philippines, and Seychelles.
• The Philippines will be the primary recipient, with an allocation of up to 295,000 metric tonnes of non-Basmati white rice. Cameroon has been allotted 190,000 metric tonnes, while Malaysia will import up to 170,000 metric tonnes. Nepal is set to receive 95,000 metric tonnes.

Q2. What regulatory body imposed a penalty on L&T Finance?

1. SEBI (Securities and Exchange Board of India)
2. RBI (Reserve Bank of India)
3. IRDAI (Insurance Regulatory and Development Authority of India)
4. NSE (National Stock Exchange of India)

Ans:- 2) RBI

• The Reserve Bank of India (RBI) has recently taken regulatory action against L&T Finance Limited, imposing a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on the company.
• As per an RBI press release, this penalty has been enforced due to L&T Finance’s non-compliance with specific provisions outlined in the Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.
• During the statutory inspection, the RBI identified several compliance deficiencies, including:

1) Failure to Notify Retail Borrowers
2) Absence of Notifications for Changes in Penal Interest Rates
3) Non-Disclosure of Alterations in Loan Terms and Conditions.

Q3.Which bank has introduced the XpressWay Digital Platform for swift loans?

1. State Bank of India
2. HDFC Bank
3. ICICI Bank
4. Axis Bank

Ans:- 2) HDFC Bank

• HDFC Bank, a prominent financial institution, has unveiled its advanced digital platform, XpressWay, aimed at enhancing the efficiency and speed of its banking products and services. This innovation is geared towards providing customers with a swifter and more seamless banking experience.
• XpressWay is meticulously crafted to offer customers a range of essential features that prioritize efficiency and customer satisfaction. It guarantees quicker processing times, ensuring a hassle-free banking journey. Additionally, it contributes to a more sustainable banking approach by minimizing environmental impact and optimizing processes.
• By granting customers self-service options for added convenience, XpressWay caters to the needs of both existing and new customers. It stands as an integral part of HDFC Bank’s comprehensive digital offerings under the umbrella brand ‘NOW.’

Q4.Which bank has introduced the GO Savings Account?

1. ICICI Bank
2. HDFC Bank
3. RBL Bank
4. Axis Bank

Ans:- 3) RBL Bank

• RBL Bank, a prominent player in the Indian banking sector, has introduced the GO Savings Account, a cutting-edge digital banking product. This account offers customers an attractive high-interest rate of up to 7.5% per annum, enabling them to maximize their savings potential.
• Distinguished by its unique subscription-based model, the GO Savings Account provides a blend of simplicity and valuable benefits for customers seeking modern banking solutions. In its inaugural year, customers can avail this account for a subscription fee of Rs. 1999 + taxes, with subsequent annual renewals available at Rs. 599 + taxes.
• The account opening process has been streamlined, enabling customers to swiftly open an account within minutes. With only PAN and Aadhaar details required, the process is hassle-free. Additionally, GO Account holders enjoy the advantage of fee-free transactions, enhancing the cost-effectiveness of everyday banking.

Q5. How much does the government plan to invest in expanding the crop insurance portal coverage?

1. ₹3,000 Crore
2. ₹10,000 Crore
3. ₹20,000 Crore
4. ₹30,000 Crore

Ans:- 4)₹30,000 Crore

• The government has revealed a substantial allocation of ₹30,000 crore to enhance the Pradhan Mantri Fasal Bima Yojana (PMFBY) portal. The key objective of this endeavor is to elevate the PMFBY into a comprehensive platform that extends insurance coverage beyond crops, encompassing a wide array of agricultural assets such as ponds, tractors, livestock, and even palm trees.
• At the heart of this ambitious project lies the innovative AIDE app, which was introduced in July. This app is designed to facilitate door-to-door enrollment, thereby making crop insurance more accessible and convenient for farmers.
• The PMFBY portal, which initially focused on subsidized crop insurance, is undergoing a transformation into a versatile platform. This development means that farmers will soon have the opportunity to secure insurance coverage for their non-subsidized agricultural assets. The overarching goal is to empower farmers with the means to comprehensively safeguard their valuable assets.