Daily GK Update: 19th October 2023

 Defense

1. Indian Army wins gold medal in Cambrian Patrol 2023 military

• The Indian Army won a gold medal at the Cambrian Patrol Exercise 2023 held in the UK while competing against 96 teams representing special forces and regiments from around the world.
• The 4/5 Gorkha Rifles (Frontier Force) represented the Indian Army at the drill held at Brecon, Wales, during October 13-15.
• The Cambrian Patrol Exercise is considered the ultimate test of human endurance and team spirit and is considered the “Olympics of military patrolling”.

 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.

 National Affairs

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

 National & International Organizations

4. 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).

 Banking & Finance

5. 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.

 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.

 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

 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.

 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.

 State Affairs

10. 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.