Current Affairs March 18th 2023| Current Affairs News

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India and Central Bank of UAE sign MoU to promote innovation in financial products and services

• The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services.

Key Highlights : 

• CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade.
• The Collaboration is a significant step towards promoting innovation and collaboration in the field of FinTech.
• This bilateral engagement of testing cross-border use cases of CBDCs is expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE.
• The MoU also provides for technical collaboration and knowledge sharing on matters related to Fintech and financial products and services.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao,Michael Patra and T. Rabi Shankar

About CBUAE : 

• Established : 11 December 1980
• Headquarters :  Abu Dhabi, United Arab Emirates

New York’s Signature Bank shut down in connection with Silicon Valley Bank collapse

• State regulators in the United States of America (USA) shut down New York-based Signature Bank after California authorities closed Silicon Valley Bank, marking the 3rd largest failure in US banking history.
• The shutdown is the result of the collapse of SVB Financial Group’s Silicon Valley Bank, with the economic meltdown spreading to other institutions.
• Federal Deposit Insurance Corporation (FDIC) has been appointed as a receiver.
• This means that FDIC will liquidate the assets of Signature Bank to pay back depositors and others.
• In order to protect depositors, FDIC transferred all the deposits of Signature Bank to Signature Bridge Bank, N.A.
• Signature Bridge Bank is a full-service bank that will be operated by the FDIC.
• Both depositors and borrowers will become customers of Signature Bridge Bank.
• They will have uninterrupted customer service.

What is a bridge bank?

• A bridge bank is an institution created by a national regulator or central bank to operate a failed bank until a buyer can be found.
• Bridge bank is a chartered national bank.
• It operates under a board & the board is appointed by the FDIC.

About Signature Bank : 

• Founded : May 1, 2001
• Headquarters : New York, U.S
• Chairman : Scott Shay
• President & CEO : Joseph J. DePaolo

Go Digit General Insurance launches 3 new health plans

• One of India’s fastest growing insurance companies,Go Digit General Insurance has launched 3 new plans under the Digit Health Insurance policy.
• The 3 plans :

1. Digit Double Wallet
2. Digit Infinity Wallet
3. Digit Worldwide Treatment

• The 3 plans are designed to meet Indians’ newly evolved health insurance demands following the pandemic.

1. Infinite Sum Insured with Digit Infinity Wallet Plan

• Customers can choose an unlimited back-up sum insured (SI) with the Digit Infinity Wallet plan to assist cover escalating medical expenditures.

2. Double Sum Insured with Digit Double Wallet Plan

• The Digit Double Wallet Plan will provide policyholders with the option of doubling their back-up sum insured.

3. Freedom of Treatment anywhere in the world with Digit Worldwide Treatment

• The Digit Global Treatment Plan would allow patients to receive treatment anywhere in the globe, including India.
• All the plans will include complimentary health check-ups at renewals, and cover personal accident, organ donor expenses, psychiatric illness, and bariatric surgery.

About : 

• Chairman : Kamesh Goyal

J&K Bank signs corporate agency agreement with LIC

• Jammu and Kashmir Bank (J&K Bank) has signed a corporate agency agreement with Life Insurance Corporation of India (LIC).
• The bank will service and solicit LIC’s life insurance products through its branch network.
• The agreement will be operational/effective from April 1, 2023.
• General Manager (Cross Selling Vertical) Narjay Gupta signed the agreement on behalf of J&K Bank, while Regional Manager (MBAC) P K Saxena signed on behalf of LIC.
• As at December-end 2023, J&K Bank had 989 branches across the country.
• Of this, 83% of the branches were in the union territory of J&K.

About J&K Bank : 

• Founded : 1 October 1938
• Headquarters : Srinagar, Jammu and Kashmir, India
• MD & CEO : Baldev Prakash

IRDAI mandates general insurers to cover mental illness, HIV and PwDs

• The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for general insurers or stand-alone health insurers to launch health insurance policies that can provide coverage to people with mental illness and those afflicted with HIV/AIDS and disabilities.
• On Feb,27, 2023 the IRDAI issued a circular to all general and standalone health insurers to “mandatorily launch and immediately offer” an “appropriate product” and a “specific cover” for persons with mental illnesses, disabilities and HIV/AIDS.
• While there was negligible compliance between 2018 and 2021, since 2022, all insurers have started including mental illnesses in their health plans.
• The new plan will be standardised, which means that its features and benefits will remain the same across insurers, but the premium will vary.

About IRDAI : 

• Founded: 1999
• Headquarters: Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

CURRENT AFFAIRS: NATIONAL NEWS

The government has constituted a committee to review the construction works.

• The Central Government has constituted a committee to review the construction works.
• This high-level committee will now monitor various infrastructure projects going on in the northern border areas with China.
• Defense Minister Rajnath Singh held a high-level meeting in New Delhi to review the construction of various infrastructure projects in the northern border areas.
• The meeting was attended by Road Transport and Highways Minister Nitin Gadkari, Railways, Communications and IT Minister Ashwini Vaishnav and others.
• Taking a ‘whole of nation’ approach in matters of national security, the defense minister said that all pending projects should be completed on top priority at the earliest.
• The Committee of Secretaries will meet at regular intervals to fast track the pending projects.

Dr Mansukh Mandaviya addressed CII Partnership Summit:

• Union Health Minister Mansukh Mandaviya addressed Confederation of Indian Industry Partnership Summit 2023.
• The Confederation of Indian Industry Partnership Summit 2023 c oncluded on 15th March in New Delhi.
• The 28th edition of the CII Partnership Summit has been organized by Department for Promotion of Industry and Internal Trade in partnership with the Ministry of Commerce and Industry.
• ‘One Health: Integrated, Collaborative and Multisectoral Approach to Optimal Health’ is the theme of the summit.
• Union Health Minister Dr Mansukh Mandaviya said that India can lead the “One Earth, One Health” vision with a holistic and integrative eco and nature-friendly policy-making environment.
• He said that “the One Earth, One Health vision can become a reality only with active global collaboration.
• He said that the CoWIN app developed by India for vaccination has been accepted by many countries.

BIS Launches ‘Learning Science via Standards’ Series

• The ‘Learning Science via Standards’ initiative has been launched by the Bureau of Indian Standards (BIS) for students.
• This initiative will focus on lesson plans which will help students in understanding scientific concepts, principles, and laws in a better way.
• The student will understand the practical application of scientific concepts in manufacturing, functioning, and quality characteristics of different products.
• The topics of lesson plans are related to products used in day-to-day life and have been selected based on their relevance in education.
• ‘Learning Science via Standards’ initiative is in the continuum with an earlier BIS initiative ‘Standards Clubs’.
• More than 4,200 ‘Standards Clubs’ have already been formed with over one lakh student members.
• Under this initiative, more than 3400 science teachers have been trained to act as Mentors.
• BIS provides financial support to these Clubs for undertaking up to three activities in a year.
• Pramod Kumar Tiwari is the current Director-General of Bureau of Indian Standards .

Atal Innovation Mission launches ATL Sarthi to strengthen ecosystem of Atal Tinkering Labs

• NITI Aayog’s Atal Innovation Mission (AIM) launched ATL SARATHI, a comprehensive self-monitoring framework, to strengthen the Atal Tinkering Laboratories (ATL)’ growing ecosystem.
• AIM is setting up ATLs in schools across India to foster curiosity, creativity and imagination in young minds and to develop skills such as Design Thinking Mindset, Computational Thinking, Adaptive Learning, Ph ysical Computing etc.
• So far AIM has provided financial assistance to 10,000 schools to set up Atal Tinkering Laboratories (ATLs).
• AIM is continuously strengthening the ecosystem by developing tools and frameworks to enhance the performance of ATL and achieve the desired objectives.
• ATL Sarathi is one such initiative in this direction.
• The initiative has four pillars which will ensure performance enhancement of ATL through regular process improvements.
• The objective of ATL Cluster is to provide a self-sustainable model for ATLs and local authorities to work closely with each other and monitor, to form clusters of 20-30 ATLs in a particular area.
• These ATLs can learn from each other through training, collaboration, events and best practices.
• As a pilot project, AIM implemented ATL Sarathi with various partners in regions like Karnataka, Andhra Pradesh, Gujarat.

Nitin Gadkari to unveil first methanol run buses in Bengaluru

• Nitin Gadkari showcased 100% methanol-powered buses that will be run by Bangalore Metropolitan Transport Corporation (BMTC).
• The buses will be operated with methanol blended fuel as part of Mission Clean Energy.
• The Union Minister for Road Transport and Highways Nitin Gadkari recently announced several pilot trials of MD15 buses on the premises of Vidhana Soudha.
• Moreover, they are to be tested with 15% methanol-blended fuel provided by Indian Oil.
• On this occasion, a truck that runs on 100% methanol (M 100) was also introduced by the government.
• As a pilot project for running city buses across the country on 15 per cent methanol-blended (MD15) fuel, the Bengaluru Metropolitan Transport Corporation (BMTC) will now run 20 buses on methanol-blended fuel.
• According to the data given by Niti Aayog on “Methanol Economy”, Methanol is a good alternative to conventional transportation fuels.
• This is a low-carbon, hydrogen-carrier fuel produced from high ash coal, agricultural residue, and CO2 from thermal power plants as well as natural gas.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India to send 20,000 metric tonnes of wheat to Afghanistan 

• India will send 20,000metric tonnes of wheat to Afghanistan through the Chabahar Port in Iran. 
• The decision was made in order to address the current humanitarian situation.
• The announcement was made during the first meeting of the India-Central Asia joint working group on Afghanistan held in New Delhi.
• The wheat will be supplied in partnership with the UN World Food Programme.

Key Highlights :          

• India also discussed the current political, security and humanitarian situation in Afghanistan with the participants.
• During the meeting, India and the United Nations Office on Drugs and Crimes agreed to partner for the efforts to counter drug trafficking, including the efforts for rehabilitation of Afghan drug user population.
• Months after the Taliban captured power in Kabul in August 2021, India had announced an assistance of 50,000 metric tonnes of wheat to Afghan people as they were reeling under a severe food crisis.
• Subsequently, the consignments were sent to Afghanistan using the land route through Pakistan.

About Chabahar Port : 

• The Chabahar Port is a seaport located in southeastern Iran, on the Gulf of Oman.
• It is a strategic port for India, as it provides a key gateway to landlocked Afghanistan and Central Asia.
• It is part of a larger transportation corridor project known as the International North-South Transport Corridor (INSTC), which aims to connect India to Russia via Iran and Central Asia.

CURRENT AFFAIRS: MOUS AND AGREEMENT

The Green National Highway Corridor Project to be implemented in four states with financial assistance of World Bank

• The Government of India and the World Bank have signed an agreement for the construction of Green National Highway Corridors Project (GNHCP) in an aggregate length of 781 km in the states of Himachal Pradesh, Rajasthan, Uttar Pradesh and Andhra Pradesh, with loan assistance of US $ 500 million against total project cost of US $ 1288.24 million (Rs. 7,662.47 crore).
• The objective of the GNHCP is to demonstrate safe and green highway keeping in view climate resilience and use of green technologies by incorporating the provisions of conservation of natural resources using cement treated sub base/reclaimed asphalt pavement, use of local/ marginal material such as lime, fly ash, waste plastic, bio-engineering measures for slope protection such as hydroseeding, coco/jute fibre etc., which will enhance the ability of Ministry to bring Green technologies into the mainstream.

About WB:

• The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.
• President: David Malpass,
• Founded: July 1944.

CURRENT AFFAIRS: RANKING AND REPORTS

Delhi 4th most polluted city, India home to 39 of 50 worst cities

• Delhi has been ranked fourth on the list of the world’s 50 most polluted cities.
• Delhi is ranked 4th in terms of PM2.5 levels in 2022 according to IQAir’s World Air Quality Report.
• In 2022, the average PM2.5 level in Delhi was 92.6 μg/m3.
• Delhi stood fourth in 2021 as well.
• According to the report, Lahore was the world’s most polluted city.
• Lahore was followed by Hotan in China, and Bhiwadi in Rajasthan.
• Bhiwadi had an average PM2.5 level of 92.7 μg/m3. The annual average PM2.5 level of New Delhi is 89.1 μg/m3.
• New Delhi is the second most polluted capital city of the wor ld on a list of 116 capital cities.
• N’Djamena in Chad topped this list.
• It has a marginally higher PM2.5 level of 89.7 μg/m3.
• 39 Indian cities have found a place on the list of the world’s 50 most polluted cities.
• Cities like Noida, Gurgaon, Bulandshahr, Meerut, Charkhi Dadri, Jind, Ghaziabad, Faridabad, and Greater Noida are included in these cities.
• As per IQAir, Delhi’s annual average PM2.5 level was 84μg/m3 in 2020, and 98.6μg/m3 in 2019.
• Delhi’s average PM2.5 level was highest in November 2022.
• Among 131 countries, India is ranked eighth.
• Its population-weighted average PM2.5 level was 53.3μg/m3 in 2022.
• On this list, India is behind Chad, Iraq, Pakistan, Bahrain, Bangladesh, Burkina Faso and Kuwait.
• IQAir is a Swiss air quality technology company.
• It makes annual world air quality reports on the basis of data from government monitoring stations.
• The 2022 report is based on PM2.5 data from 7,323 cities and 131 countries.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Govt appoints ex-RBI official Mr Deepak Mohanty as PFRDA Chairman   

• The government has appointed Mr Deepak Mohanty, former Reserve Bank official, as the Chairperson of the Pension Fund Regulatory & Development Authority (PFRDA).
• He replaced Mr Supratim Bandyopadhyay, whose term ended in January, 2023.
• According to an order issued by the Department of Financial Services (DFS), Finance Ministry, Mr Mohanty will hold this post from the date of assumption of charge till attaining the age of 65 years or until further orders, whichever is earlier.
• Prior to this, he was the Whole-Time Member (Economics) of PFRDA for 2 years overseeing areas of development and regulation of pension funds.

About Mr Deepak Mohanty : 

• He served as the Executive Director at the Reserve Bank of India (RBI).
• He had also worked as Senior Adviser at the International Monetary Fund (IMF).
• He also held various positions in economic research and was Head of the Monetary Policy Department in the RBI.

About PFRDA : 

• Founded : 23 August 2003
• Headquarters : New Delhi, Delhi, India
• PFRDA is the regulatory body for overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.
• It regulates the National Pension System (NPS), subscribed by employees of the Central government, State governments and by employees of private institutions, organisations and unorganised sectors.

India’s Ms KR Parvathy appointed as UN Resident Coordinator in Tajikistan

• The United Nations (UN) Secretary-General Mr Antonio Guterres has appointed Ms Kavilmadam Ramaswami Parvathy of India as the United Nations Resident Coordinator in Tajikistan, with the host Government’s approval.
• Prior to her appointment, she served as Representative and Country Director for the United Nations World Food Programme (WFP) in Türkiye
• Resident coordinators report directly to the secretary-general and as the highest-ranking representative of the UN Development System, they lead UN Country Teams.

About KR Parvathy : 

• Ms. Parvathy brings more than 30 years of experience in development and humanitarian sectors, focusing on strategic planning, performance, and risk management, people management, conflict analysis and humanitarian access negotiations.
• She worked as Representative and Country Director for WFP in Liberia and as Deputy Country Director (Programme and Operations) for WFP in Afghanistan.
• She has served in the Asia Pacific, West Africa, regional and global headquarters of WFP.

LIC Housing Finance chairman Mr M. R. Kumar resigns

• Mortgage lender LIC Housing Finance Ltd (LICHFL) announced that Mr M. R. Kumar, chairman, has tendered his resignation from the board of the company.
• LIC Housing Finance is promoted by Life Insurance Corporation of India.
• As on 31 December 2022, Life Insurance Corporation of India held 45.24% stake in LIC Housing Finance.

About Mr M. R. Kumar : 

• M. R. Kumar joined Life Insurance Corporation (LIC) of India in 1983 as a direct Recruit Officer.
• He served as the chairman of LIC from Mar 2019 to Mar 2023.
• Kumar’s term as chairman had been extended twice.
• First, the government extended the term from June 30, 2021, till March 13, 2022, and then till March 13, 2023.

Mr  Li Qiang confirmed as China’s premier by Chinese parliament

• The annual session of the National People’s Congress (NPC), China’s Parliament elected President Xi Jinping’s close aide, Mr Li Qiang as the country’s new Premier, succeeding Li Keqiang who held the post for the last 10 years overseeing the second largest economy.
• The NPC, a ceremonial body that regularly passes the proposals of the ruling Communist Party of China (CPC).
• Li Qiang, will be the number two ranked official of the CPC and the government after Xi, who was confirmed for an unprecedented third five-year term.
• Xi, 69, is the only leader after the party founder Mao Zedong to have more than two five-year tenures.

About China : 

• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

DRDO Conducts Successful Flight-test Of Indigenous PTO Shaft And Two VSHORADS Missile Test

• The Defence Research and Development Organisation (DRDO) conducted two consecutive successful flight tests of the Very Short Range Air Defence System (VSHORADS) missile at the integrated test range (ITR) Chandipur off the coast of Odisha
• The flight tests were carried out from a ground-based man-portable launcher against high-speed unmanned aerial targets.

About VSHORADS : 

• VSHORADS is a man-portable air defence system (MANPAD) meant for neutralising low-altitude aerial threats at short ranges.
• It has been designed and developed indigenously by Research Centre Imarat, Hyderabad in collaboration with other DRDO laboratories and Indian industry partners.
• The missile incorporates many novel technologies including Dual-band IIR Seeker, miniaturised reaction control system, and integrated avionics.
• The propulsion is provided by a dual thrust solid motor.
• Earlier, the DRDO also successfully conducted the flight test of the Power Take Off (PTO) shaft on the Light Combat Aircraft (LCA) Tejas in Bengaluru, Karnataka.

About DRDO : 

• Established : 1958
• Headquarters : New Delhi, Delhi, India
• Chairman : Dr Sameer V Kamath
• The DRDO is the premier agency under the Department of Defence Research and Development in the Ministry of Defence of the Government of India.

Svaya Robotics develops India’s first indigenous quadruped robot, exoskeleton for defence sector

• Hyderabad-based Svaya Robotics has developed India’s first indigenous quadruped (four-legged) robot and exoskeleton for the defense sector as part of the Atmanirbhar Bharat initiative.
• The indigenous robots and wearable exoskeletons were developed by Svaya Robotics in collaboration with the Defence Research and Development Organisation (DRDO) Labs,  Research and Development Establishment (R&DE), Pune, and the Defence Bioengineering and Electromedical Laboratory (DEBEL), Bengaluru, as technology demonstrators with their design inputs.
• Both are dual-use robots and have multiple use cases in both Industry and healthcare.

About quadruped robot : 

• They are four-legged robots that can walk or run on uneven and rough terrains.
• The robots can carry 25 kg in payload and walk along with the soldier.
• It is made for navigating in unstructured terrains to provide remote reconnaissance and inspection, which otherwise are not safe for humans to operate in.

About exoskeleton : 

• Exoskeleton is developed to suit Indian soldiers’ anthropometry and augment soldier strength for walking long distances.
• These active exoskeletons, when worn by soldiers, can carry heavy loads without expending much effort.
• Founder and MD of Svaya Robotics : Vijay R Seelam

CURRENT AFFAIRS: SPORTS NEWS

Sports Minister Anurag Singh Thakur to inaugurate IBA Women’s World Boxing Championships in New Delhi

• IBA Women’s World Boxing Championships started at Indira Gandhi Sports Complex in New Delhi.
• The Boxing Federation of India (BFI) is hosting the prestigious tournament from March 15 to 26.
• The championship is being held in India for the third time after 2006 and 2018, the most for any country in the championship’s history.
• International Boxing Association (IBA) President Umar Kremlev said that India has become the capital of women’s boxing and now together we are witnessing a historic moment.
• Normally, 250 to 260 boxers participate in such championships but this year it is a big championship.
• In 2023, more than 350 boxers from 74 different countries will par ticipate in 13th edition of the tournament.
• The current world champion in the 50kg category, Nikhat Zareen, and 2020 Tokyo bronze medalist Lovlina Borgohain (75kg), are both on the Indian team of 12 boxers participating in the tournament.
• The BFI has announced a prize pool of Rs 20 crore.
• Gold medalists will receive prizes of Rs 10 crore, while silver and bronze medalists will receive prizes of Rs 5 crore.
• The previous championship, which was the 12th edition of the championship, was held in Istanbul, Turkey from 8 to 20 May 2022.

Sports Minister Anurag Singh Thakur inaugurates Khelo India Dus Ka Dum Tournament

• The Youth Affairs and Sports Ministry is organizing the Khelo India Dus Ka Dum tournament from the 10th to the 31st March.
• Around 15000 women athletes from 50 countries are participating in the tournament.
• This tournament will have 10 sports.
• The main objective of the tournament is to provide a platform to the women athletes who were unable to participate in national or state-level competitions.
• Additionally, it aims to ensure that competitive sports reach remote geographic regions of India.

CURRENT AFFAIRS: IMPORTANT DAYS

Ordnance Factories Day: March 18

• Ordnance Factories Day 2023 is observed on the 18th March 2023
• It is a national event celebrated annually on the 18th March every year all over India to commemorate the foundation of the first Ordnance Factory in colonial India at Cossipore near Kolkata in 1801.
• The East India Company of England, to increase their economic interest and political hold, considered manufacturing military hardware as a vital element.
• The British authorities in 1775 established a Board of Ordnance in Fort William, Kolkata, which marks the official beginning of the Army Ordnance in India.
• They further set up a gun powder factory in 1787 at Ishapore, which started production in 1791.
• In 1801, the British established a Gun Carriage Agency at Cossipore, Kolkata and production started on March 18, 1802.
• This heralded the first industrial establishment of Ordnance Factories in India and they continue to operate to date.

Daily CA One-Liner: Mar 18

• The Central Government has constituted a committee to review the construction works
• Union Health Minister Dr Mansukh Mandaviya addressed Confederation of Indian Industry Partnership Summit 2023
• The ‘Learning Science via Standards’ initiative has been launched by the Bureau of Indian Standards (BIS) for students
• NITI Aayog’s Atal Innovation Mission (AIM) launched ATL SARATHI, a comprehensive self-monitoring framework, to strengthen the Atal Tinkering Laboratories (ATL)’ growing ecosystem
• Nitin Gadkari showcased 100% methanol-powered buses that will be run by Bangalore Metropolitan Transport Corporation (BMTC)
• The Government of India and the World Bank have signed an agreement for the construction of Green National Highway Corridors Project (GNHCP)
• Delhi has been ranked fourth on the list of the world’s 50 most polluted cities
• IBA Women’s World Boxing Championships started at Indira Gandhi Sports Complex in New Delhi
• The Youth Affairs and Sports Ministry is organizing the Khelo India Dus Ka Dum tournament
• Ordnance Factories Day 2023 is observed on the 18th March

• The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services.
• State regulators in the United States of America (USA) shut down New York-based Signature Bank after California authorities closed Silicon Valley Bank, marking the 3rd largest failure in US banking history.
• One of India’s fastest growing insurance companies,Go Digit General Insurance has launched 3 new plans under the Digit Health Insurance policy.
• Jammu and Kashmir Bank (J&K Bank) has signed a corporate agency agreement with Life Insurance Corporation of India (LIC).
• The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for general insurers or stand-alone health insurers to launch health insurance policies that can provide coverage to people with mental illness and those afflicted with HIV/AIDS and disabilities.
• India will send 20,000metric tonnes of wheat to Afghanistan through the Chabahar Port in Iran. 
• The government has appointed Mr Deepak Mohanty, former Reserve Bank official, as the Chairperson of the Pension Fund Regulatory & Development Authority (PFRDA).
• The United Nations (UN) Secretary-General Mr Antonio Guterres has appointed Ms Kavilmadam Ramaswami Parvathy of India as the United Nations Resident Coordinator in Tajikistan, with the host Government’s approval.
• Mortgage lender LIC Housing Finance Ltd (LICHFL) announced that Mr M. R. Kumar, chairman, has tendered his resignation from the board of the company.
• The annual session of the National People’s Congress (NPC), China’s Parliament elected President Xi Jinping’s close aide, Mr Li Qiang as the country’s new Premier, succeeding Li Keqiang who held the post for the last 10 years overseeing the second largest economy.
• The Defence Research and Development Organisation (DRDO) conducted two consecutive successful flight tests of the Very Short Range Air Defence System (VSHORADS) missile at the integrated test range (ITR) Chandipur off the coast of Odisha
• Hyderabad-based Svaya Robotics has developed India’s first indigenous quadruped (four-legged) robot and exoskeleton for the defense sector as part of the Atmanirbhar Bharat initiative.