Reliance Retail & SBI Card Collaborates to Launch ‘Reliance
SBI Card’
SBI Cards and Payment Services Limited(SBI Card), in collaboration with
Reliance Retail Limited(RRL), has launched a co-branded credit card called the
‘Reliance SBI Card’ which aims to provide a world-class customer experience.
The card comes in two variants namely Reliance SBI Card and Reliance SBI
Card PRIME.
Reliance SBI Card, made using recycled plastic, is powered by RuPay
contactless technology
Key Points:
- The card comes with an annual fee of Rs.499(for first year) and Renewal fee of
Rs.499(for second year)
- The card is accepted worldwide and one can make payments at any outlet that
accepts Visa or MasterCard.
HSBC Became the First Foreign Bank to Introduce e-BGs in India
Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), in association with the
National E-Governance Services Limited (NeSL), has introduced the electronic-Bank Guarantees (e-BGs)
services to digitize trade finance.
With this, HSBC India became the first Foreign Bank in India to offer e-BGs.
What is e-BG?
- e-BG is a digital equivalent of a traditional paperbased Bank Guarantee
- It is a guarantee issued by a bank to a beneficiary
on behalf of an applicant, promising to pay the
beneficiary a specific amount of money if the
applicant fails to fulfil a certain obligation.
- The process is made simple by introducing
electronic stamping (E-stamping) and electronic
signing (E-signing).
About Hongkong and Shanghai Banking
Corporation Limited, India (HSBC India):
Chief Executive Officer (CEO) – Hitendra Dave
Headquarters – Mumbai, Maharashtra
Established in 1853
India First Life gets GIFT City IFSC Registration
IndiaFirst Life Insurance Company Limited (IndiaFirst Life) has become the 1st life insurance company
in India to receive Gujarat International Finance Tec-City (GIFT-City)’s International Financial Services
Centre (IFSC) Registration.
The IFSC Unit of IndiaFirst will soon commence operations.
Key Points:
- This registration will enable IndiaFirst to extend its services outside India
- This will also enhance its market presence and capitalize on the customer outreach opportunities at a
global level, particularly NRIs (non-resident Indians) banking with its partner banks(Bank of Baroda (BoB)
and Union Bank of India(UBI)).
GIFT-City:
- GIFT IFSC is India’s first international financial
services center.
- It was established in April 2015 under the Special
Economic Zone Act, 2005 (SEZ Act, 2005).
- It is a joint venture(JV) of IL&FS (Infrastructure
Leasing and Financial Services Ltd) and Gujarat
government-owned Gujarat Urban Development Co.Ltd.
- It is a financial hub that provides world-class
infrastructure and services for financial institutions and
companies operating in areas such as banking, insurance,
capital markets, and asset management.
- It is regulated by IFSCA
About IndiaFirst Life Insurance Company Limited (IndiaFirst Life):
Managing Director & Chief Executive Officer(CEO)– RM Vishakha
Incorporated in November 2009
Headquarters– Mumbai, Maharashtra
AIFF Wins AFC President’s Recognition Bronze Award for Grassroots Football
All India Football Federation (AIFF) has won the Asian Football Confederation (AFC) President’s
Recognition Bronze Award for grassroots football. AIFF president Kalyan Chaubey received the award at
the AFC Annual Awards 2022 in Doha, Qatar
AFC President’s Recognition Award for Grassroots Football:
- AFC President Recognition Awards for Grassroots Football ‘Gold’
won by Football Australia.
- AFC President Recognition Awards for Grassroots Football ‘Silver’
won by the Guam Football Association
- AIFF has introduced several grassroots football development plans
including the AIFF Blue Cubs programme, Blue Cubs coaching
courses, Blue Cubs leagues, Blue Cubs football schools, and AIFF
Grassroots Awards.
- AIFF also introduced the AIFF Institutional League for NonProfessional Entities and AIFF Project Diamond for grassroots
football.
- AIFF participated in the various initiatives of the AFC including the
AFC Grassroots Day 2023, AIFF Academy Accreditation, AIFF
Golden Baby Leagues, Grassroots Coach Development Courses, Blue Cubs Leader Courses, and
Grassroots Coach Educators Courses
India set to develop Israel’s Iron Dome like LR-SAM under Project Kusha
India’s Defense Research and Development Organisation (DRDO) is set to develop a long-range surface-toair missile (LR-SAM) system, similar to that of Israel’s Iron Dome defence system.
This system developed under “Project Kusha” will equip India with a robust air defence system which will
detect and neutralise incoming threats.
DRDO is the defence Research and Development (R&D) wing under the Ministry of Defence (MoD),
Government of India
Key Points:
- The LRSAM will be capable of destroying incoming stealth fighters, aircraft, drones, cruise missiles, and
precision-guided munitions within a range of up to 350 kilometres (km).
- The system is scheduled for deployment
by 2028-2029.
Note: This air defense system will be on
par with the Russian S-400 Triumf
system, inducted into the Indian Air
Force(IAF).
Project Kusha:
- .Project Kusha was approved by the
Cabinet Committee for Security in May
2022
- IAF’s Project Kusha is jointly executed
by DRDO along with private and public
sector industries.
- It has received approval for funding amounting to approximately Rs 21,700 crore
About Defense Research and Development Organisation (DRDO) :
Chairman– Dr. Samir V Kamat
Headquarters– New Delhi, Delhi
Motto– Balasya mulam vigyanam (Sanskrit) means “The source of strength is Science"