1. IRDAI set up a panel headed by Thomas M Devasia to develop rural insurance
Tags: Economy/Finance Person in news
Insurance sector regulator, Insurance Regulatory and Development Authority of India (IRDAI) has set up a 24-member committee to develop and suggest an affordable and comprehensive cover for the rural population.
The panel will be headed by Thomas M Devasia who is a member of the IRDAI.
The committee will recommend a regulatory framework for proposed cover which will be a benefit based// parametric structure, called Bima Vistaar.
The insurance regulator has also asked the committee to develop and suggest constitution and operation of a preferably, women centric distribution channel called Bima Vahak to focus on reaching untapped/ rural areas and recommend the regulatory framework.
Insurance Regulatory and Development Authority (IRDAI)
It is the regulator of the Insurance sector in India. It was set up in 1999. It was made a statutory body in April 2000 under the Insurance Regulatory and Development Authority act 1999.
IRDAI was set up on the recommendation of the RN Malhotra committee on Insurance reform. The Malhotra committee was set up in 1993.
Headquarters: Hyderabad
Chairperson: Debasish Panda
2. Sangeeta Verma appointed as the acting chief of Competition Commission of India
Tags: Economy/Finance Person in news
The government of India has appointed Sangeeta Verma as the acting chairperson of the Competition Commission of India (CCI) on 25 October 2022.
Sangeeta Verma who was a member of the CCI will take charge on 26 October 2022 after the retirement of the full-time Chairperson Ashok Kumar Gupta on 25 October 2022.
According to the government order she will remain in office for “a period of three months or till appointment of regular Chairperson or till any further orders, whichever is the earliest”.
Ashok Kumar Gupta had taken over as the CCI chairperson in November 2018.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) was established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act.
It was constituted in March 2009.
The following are the objectives of the Commission.
- To prevent practices having adverse effects on competition.
- To promote and sustain competition in markets.
- To protect the interests of consumers and
- To ensure freedom of trade.
Members of the CCI
It consists of 7 members; one Chairperson and six other members.
The members are appointed by the government for five years and are re -eligible for appointments.
However the members have to retire after attaining the age of sixty-five years.
First Chairperson of CCI: Dhanendra Kumar
Headquarters: New Delhi
3. Rishi Sunak appointed as the 57th Prime Minister of the United Kingdom by King Charles
Tags: Person in news International News
King Charles of the United Kingdom appointed Rishi Sunak as the 57th Prime Minister of the United Kingdom on 25 October 2022 at Buckingham Palace in London.
He is the third Prime Minister of this year after Boris Johnson and Elizabeth Truss and will enter Downing Street as the youngest Prime Minister in two centuries. He is 42 years old.
is also the first Asian to become the Prime Minister.
Rishi Sunak who was the Chancellor of the Exchequer (finance minister) during Boris Johnson's regime lost to Elizabeth Truss in a contest to be the next Prime minister.
However he was elected as the leader of the Conservative party after Truss resigned after being in office for just 44 days.
Who is Rishi Sunak?
Rishi Sunak's father and mother are of Punjabi descent and were born in Kenya and Tanzania respectively, which were part of British Empire.
They migrated to the United Kingdom in 1970’s and Rishi Sunak was born in England.
He is married to Akshata Murthy, the daughter of Indian billionaire and one of the founders of Infosys Company, Narayana Murthy.
Important things to know
10 Downing Street
It is the official residence of the Prime Minister of United Kingdom
Buckingham Palace
Buckingham Palace has served as the official London residence of the United Kingdom's sovereigns since 1837 and today is the administrative headquarters of the Monarch.
Robert Walpole is considered to be the first Prime Minister of Britain (1721-1742) and also the first Prime Minister in the world.
4. Aman Sherawat wins 1st ever gold for India in the U23 World Wrestling Championship
Tags: place in news Sports Person in news
16 year old Aman Sehrawat made history as he became the first ever Indian wrestler to win a gold medal at the U-23 World Wrestling Championships. The U-23 World Wrestling Championships was held in Pontevedra, Spain from 17 -23 October 2022.
Aman Sehrawat defeated Ahmet Duman of Turkey in the final to win the gold medal.
The U-23 World Wrestling Championships was held in Pontevedra, Spain from 17 -23 October 2022.
Olympic medallists Bajrang Punia and Ravi Kumar Dahiya had made the final in their categories in previous editions but could only win the silver medal.
Aman Sehrawat won gold at the U23 Asian championship and silver at the U20 Asian championship earlier this year.
India finished with six medals - one gold, one silver and four bronze at the U-23 World Wrestling Championships 2022.
Medal Winners for India
Name | Medal | Category |
Bronze | Greco Roman 77kg | |
Vikas | Bronze | Greco Roman 72kg |
Nitesh | Bronze | Greco Roman 97kg |
Ankush | Silver | Women's 50kg |
Mansi Ahlawat | Bronze | Women's 59kg |
Aman Sehrawat | Gold | Men's 57kg |
5. Xi Jinping re-elected as General Secretary of Communist Party of China for record third term
Tags: Person in news International News
Chinese President Xi Jinping on 23 October 2022 was re-elected as the General Secretary of the ruling Communist Party of China for a record third five-year term. Only the founder of the People’s Republic of China (PRC) Mao Zedong has been made the General Secretary of the Chinese Communist Party three times. He is the 7th General Secretary of the Chinese Communist Party.
The 20th Chinese Communist Party Congress was held in Beijing from 16 -22 October 2022. It is held once every five years. The first National Congress was held in 1921.
According to the constitution of the People's Republic of China there is only one political party, the Communist Party of China in the country which is also the ruling party of China. The Communist Party Congress meeting elects the 25-member Political Bureau which picks the 7 Standing Committee members to govern the country.
Whoever is the General Secretary of the Communist party is the President of China also.
Xi was also named chairman of the CPC Central Military Commission (CMC), the overall high command of the Chinese military at the session.
People's Republic of China
The People’s Republic of China was founded by Mao Zedong on 1 November 1949 after the communist forces defeated Nationalist Party, or Kuomintang (KMT) led by Chiang Kai-shek in the Chinese Civil War.
Later Chiang Kai-Shek fled to Formosa, now Taiwan and formed the Republic of China.
PRC is also called as Mainland China is the largest Asian country area wise and third largest in the world after Russia and Canada.
It is the second largest economy in the world after the United States of America.
It is the largest Exporting and Trading country (export+Import) in the world.
Capital: Beijing (It was earlier known as Peking)
Currency: Renminbi (yuan)
President: Xi Jinping
6. Giorgia Meloni sworn in as the first women Prime Minister of Italy
Tags: Person in news International News
Giorgia Meloni was sworn in as Italy's first woman and 31st Prime Minister on 22 October 2022 alongside her cabinet team. Giorgia Meloni who belongs to the extreme right wing ‘Brothers of Italy; party will head one of the most right wing government in Italy since the Second World War.
In the election held in September 2022, Meloni swept to victory as part of a coalition that included Forza Italia, led by former Prime Minister Silvio Berlusconi, and Matteo Salvini's anti-immigrant League.
Her government replaces a national unity administration piloted by former European Central Bank chief Mario Draghi, who was at the forefront of European Union efforts to sanction Russia after it invaded Ukraine in February.
Republic of Italy
It lies in South Central Europe along the Mediterranean Sea.
The country is often described as a country shaped like a boot.
Famous volcanoes of Italy: Stromboli (active), Mount Etna (Europe’s largest active volcano), Vesuvius (which buried the ancient city of Pompeii)
Capital: Rome. It is situated along river Tiber.
Currency: Euro
President: Sergio Mattarella
7. Atul Kumar Goel re-elected as the President of Indian Bank Association
Tags: Economy/Finance Person in news
The Indian Bank Association (IBA) has announced on 21 October 2022 that Atul Kumar Goel has been re-elected as the President for 2022-23.
He was elected as the President of the IBA for 2021-22.
Atul Kumar Goel is currently the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank.
Normally a public sector bank chief is made the President of IBA.
Indian Bank Association
It is a representative body of banks in India to promote and develop in India sound and progressive banking principles, practises and conventions and to contribute to the developments of creative banking.
It helps the government in formulating Human Resources policy for the banking sector.
The Indian Banks' Association (IBA) was formed on September 26, 1946 with 22 members. As of April, 2018 the total Membership of the Association is 239.
It includes Public sector Bank. Private Sector Banks, Foreign Banks, Co-operatives, Regional Rural Bank, and All India Financial Institutions.
Current Chairman: Punjab National Bank’s MD &CEO Atul Kumar Goel is the chairman of the Indian Banks' Association (IBA)
Headquarters of IBA: Mumbai
8. Jaxay Shah appointed as the new Chairman of ‘Quality Council of India’ for 3 years
Tags: Person in news
Jaxay Shah, former Chairman of CREDAI (Confederation of Real Estate Developers' Associations of India) and founder Chairman of Savvy Group has been appointed as the Chairman of Quality Council of India (QCI) for a period of three years effective from 21st October 2022.
Quality Council of India (QCI) was set up as an autonomous body in 1997 by the government of India with Associated Chambers of Commerce and Industry of India (ASSOCHAM), Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI).
The Quality Council of India (QCI) has been set up to create a mechanism for independent third party evaluation of products, services and processes.
QCI is mandated to promote quality in the country through national accreditation of testing, inspection and certification bodies which is internationally recognised, driving third-party assessments across sectors.
Headquarters: New Delhi
9. PM Modi visits last Indian village along Indo -Tibetan border Mana to participate in the ‘Saras Mela’
Tags: place in news Person in news State News
Prime Minister Narendra Modi who is visiting Uttarakhand attended the 'Saras Mela' in Mana village of Chamoli district, on 21 October, 2022.
Mana Village on the banks of river Saraswati is also known as the last Indian village along the India-Tibetan border in Uttarakhand is just 3 kms from Badrinath town.
The Saras Mela is normally organized by the Union Ministry of Rural Development all over India with a focus on a particular state. In the mela products made by the women Self Help Groups (SHG) are displayed and cultural activities are also held.
However this Saras Mela was organised at the local level with the participation of the local women SHGs. PM Modi also interacted with the local artisans and visited the stalls in the Mela.
He laid the foundation stone for road widening projects worth around Rs 1,000 crore.
The two road widening projects - from Mana to Mana Pass (NH07) and from Joshimath to Malari (NH107B), will not only provide last-mile all-weather road connectivity to the border areas but are also of strategic significance for the defence forces.
The Prime Minister also visited Badrinath Temple accompanied by the Chief Minister of Uttarakhand, Pushkar Singh Dhami and the Governor of Uttarakhand, Retd. Gen Gurmit Singh.
Kedarnath
Before visiting the Badrinath temple PM Modi visited Kedarnath temple in Rudraprayag which is dedicated to Lord Shiva.
Ropeway Projects
The Prime Minister laid the foundation of two ropeway projects in the state to be built at the cost of Rs. 2430 crore.
In Kedarnath he laid the foundation stone of the Kedarnath Ropeway Project. The ropeway in Kedarnath will be around 9.7 Km long and will connect Gaurikund to Kedarnath.
The Hemkund ropeway project in Chamoli district will connect Govindghat to Hemkund Sahib. It will be around 12.4 Km long and will reduce the travel time from more than a day to only about 45 minutes. This ropeway will also connect Ghangaria, which is the gateway to Valley of Flowers National Park in Chamoli.
Uttarakhand
Uttarakhand was formed on 9th November 2000 as the 27th State of India. It was formed by carving out the hilly areas of Uttar Pradesh.
It shares international boundaries with China (Tibet) in the north and Nepal in the east. On its north-west lies Himachal Pradesh, while on the south is Uttar Pradesh.
The state is also famous as God’s Land or Dev Bhoomi.
It has a total of 13 districts.
Official state symbols
- State animal – Musk Deer
- State flower – Brahma Kamal
- State tree – Buransh (Rhododendron)
- State Bird – Monal
- State Instrument – Dhol
10. Liz Truss becomes the shortest serving Britain’s Prime Minister as she announces resignation
Tags: Person in news International News
Elizabeth Truss popularly known as Liz Truss announced on 20 October 2022 that she would resign as British Prime Minister, just six weeks after being sworn in as the Prime Minister on 6 September 2022. She became the shortest-serving Prime Minister (44 days) in the British history.
She lost the support of her party and the people over her economic plans that led to the sharp fall in the value of the British pound, crashed the bond market, pushed up cost of living for voters and angered her own party members.
Speaking outside the door of her Number 10 Downing Street office, Truss accepted that she had lost the faith of her party and said she would step down next week. Number 10 Downing Street is the official residence of the British prime Minister.
The ruling Conservative Party which has a comfortable majority in the Parliament will elect a new leader by 28 October 2022.
The former finance minister Rishi Sunak is likely to contest the election. But many people are supporting former Prime Minister Boris Johnson, who was ousted in July when his ministers resigned en masse to force him out of power.
