Reliance Retail & SBI Card Collaborates to Launch ‘RelianceSBI 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 ServicesCentre (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 atthe 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"