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PIB Summaries 12 January 2024

  1. Exercise Sea Dragon-24
  2. India Post Payments Bank


Context:

Indian Navy’s P8I aircraft landed at Guam, a US island territory in Western Pacific, to participate in Exercise Sea Dragon – 24.

Relevance:

GS III Security Challenges

Exercise Sea Dragon-24: Multinational Maritime Collaboration

  • Objective: Enhance collaboration and teamwork among participating navies through professional exchanges.
  • Participating Countries: India, Japan, South Korea, Australia, and the US.
Focus Areas:
  • Anti-submarine Warfare (ASW): Locating and neutralizing enemy submarines beneath the seas.
  • Surface Warfare: Coordinated attacks on hostile surface vessels using advanced weaponry and tactics.
  • Air Defence: Establishing an impenetrable air barrier for the safety of friendly forces.
  • Search and Rescue (SAR): Tracking down and rescuing maritime personnel in distress.
  • Communication and Coordination: Synchronizing activities across platforms and seamless information exchange.

Key Aspects of the P8I Aircraft:

  • Versatility: A potent force multiplier in maritime operations.
  • Long-Range Surveillance: Scans vast ocean areas, identifying hostile movements from considerable distances.
  • Multi-sensor Fusion: Integrates electronic intelligence systems, sonars, and onboard radars for a comprehensive maritime picture.
  • Anti-submarine Warfare Capability: Equipped with depth charges and torpedoes, posing a serious threat to enemy submarines.
  • Communication Relay: Serves as a crucial means of communication between various participating fleets’ forces.


Context:

India Post Payments Bank enter into MoU with Hindustan Zinc to offer financial inclusion services to its CSR beneficiaries

Relevance:

GS III- Indian Economy

About India Post Payments Bank (IPPB)

  • The India Post Payments Bank is a public sector payments bank from India operated by the India Post.
  • The India Post Payment Bank (IPPB) was setup under the Department of Post, Ministry of Communication with 100% equity Owned by Government of India.
  • The India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk.
  • It will carry out most banking operations like accepting deposits but won’t advance loans or issue credit cards.
  • Motto: “Every customer is important, every transaction is significant and every deposit is valuable”.
  • Vision: “Building the most accessible, affordable and trusted bank for the common man”.
  • Mission: “Spearheading financial inclusion by removing barriers and reducing costs for accessing banking services”.
  • The IPPB has been integrated with Post Office Savings Bank (POSB).
  • The IPPB is the sixth Payments bank, which has become operational after Aditya Birla, Airtel, Fino, Jio and Paytm Payments Banks.
  • The freshly-minted payments bank will accept deposits of up to Rs. 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
  • The Payments bank are licensed under Section 23 of the Banking Regulation Act 1949, and registered as public limited company under the Companies Act, 2013.

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