Today's Current Affairs 27th September 2023

INTERNATIONAL

Afghan currency best performing in this quarter; global aid, Taliban-imposed curbs behind surge

• 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.
• One of the primary factors contributing to the Afghani’s resurgence is the substantial humanitarian aid pouring into the country.The United Nations, for instance, has provided a staggering $5.8 billion in aid and development since the change in government, with $4 billion of that sum transferred in 2022 alone. This influx of foreign currency has played a pivotal role in stabilizing the Afghan economy.

India will continue to raise its voice in support of Afghan people

• 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.
• India has previously refused to recognize the Taliban’s “Islamic Emirate” and has emphasized the importance of respecting human rights and protecting minority communities.
• It is the first such meeting after China increased engagement with the Taliban and appointed a new Ambassador to Kabul.

 NATIONAL

Centre extends AFSPA in parts of Nagaland, Arunachal Pradesh for another six months

• The Ministry of Home Affairs (MHA) has decided to extend the Armed Forces (Special Powers) Act (AFSPA) in certain regions of Nagaland and Arunachal Pradesh for an additional six months, commencing from October 1. This move comes after a previous extension granted in March.
• The AFSPA extension applies to specific districts and police station areas, with distinct regions identified in both Nagaland and Arunachal Pradesh.
• In Nagaland, the AFSPA has been extended across eight entire districts and areas encompassing 21 police stations in five additional districts. The eight districts where AFSPA remains in force are: Dimapur, Niuland, Chumoukedima, Mon, Kiphire, Noklak, Phek, and Peren.

Arogya Manthan 2023 to mark 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.

Arogya Manthan 2023 aims to achieve the following objectives:

1. Discussion of Challenges:
2. Trends Analysis:
3. Best Practices Sharing:

 APPOINTMENTS AND RESIGNATIONS

Japanese retailer Uniqlo names Katrina Kaif as 1st Indian ambassador

• Japanese clothing giant Uniqlo has announced its partnership with Bollywood actress Katrina Kaif, marking her as the brand’s first ambassador in India. This collaboration is part of Uniqlo’s strategy to expand its presence in the Indian market and promote its Fall-Winter 2023 campaign.
• Katrina Kaif, a prominent figure in the Indian film industry, has been chosen as the face of Uniqlo’s marketing efforts in India.

 RBI deputy governor M. Rajeshwar Rao's term extended

• In a recent development, 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).
• 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.
• Rao’s journey within the Reserve Bank of India has been marked by his contributions in various capacities. Before becoming Deputy Governor, he held the position of Chief General Manager of the Financial Markets Operations Department.

 SUMMITS AND MOU’S

Infosys ties with Microsoft for industry-wide adoption of generative artificial intelligence

• In a significant move towards revolutionizing the landscape of artificial intelligence (AI) applications, 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.
• A noteworthy instance involves the effective deployment of an AI-driven solution for a leading financial services firm.

 BANKING AND ECONOMY

RBI cancels licence of Mumbai-based 'The Kapol Co-operative Bank'

• 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.
• The RBI, in a statement, announced the cancellation of The Kapol Co-operative Bank Limited’s license. According to the central bank, this cancellation means that the cooperative bank is prohibited from conducting banking activities. This decision was made effective immediately, leaving the bank unable to perform its core functions.

India keeps borrowing plan unchanged for Oct-March

• 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.
• 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.