CONTENTS
- India Post Payments Bank
- 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:
- ASTRA Missile
- 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.
