Call Us Now

+91 9606900005 / 04

For Enquiry

legacyiasacademy@gmail.com

PIB Summaries 25 August 2023

CONTENTS

  1. India Post Payments Bank
  2. ASTRA Missile

India Post Payments Bank


Context:

India Post Payments Bank (IPPB) has marked a significant milestone in the world of banking services with its continued profit streak, demonstrating its commitment to sustainable financial inclusion and citizen empowerment.

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.

ASTRA Missile


Context:

Recently, Tejas, Light Combat Aircraft (LCA) LSP-7 successfully fired the ASTRA off the coast of Goa on August 23, 2023.

Relevance:

GS III: Science and Technology

Dimensions of the Article:

  1. ASTRA Missile
  2. Key Features of LCA Tejas

ASTRA Missile:

  • Indigenous Beyond Visual Range (BVR) air-to-air missile.
  • Purpose: Engaging and neutralizing highly agile supersonic aerial targets.
  • Designed and developed by DRDL, RCI, and other DRDO labs.
  • A significant stride towards ‘Aatmanirbhar Bharat’ with Astra BVR integrated into Tejas fighters.

Key Features of LCA Tejas:

  • Lightest, smallest, and tailless multi-role supersonic fighter aircraft.
  • Equipped for various air-to-air, air-to-surface, precision-guided weaponry.
  • Capability for air-to-air refueling.
  • Tejas has a maximum payload capacity of 4000 kg.
  • Achieves a speed of Mach 1.8.

April 2024
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
Categories