Fact Box Current Affairs - 2019
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Indian Navy inducts INS Trikand (F51)
Indian Navy has further expanded it arsenal by inducting Russian built guided-missile stealth frigate INS Trikand. It is the last of the six stealth frigates ordered from Russia. The Navy had earlier inducted three 4,000-tonne Talwar-class stealth frigates ( Talwar, Trishul and Tabar) from Russia in 2003-2004. India went on to buy another three (Teg, Tarkash and Trikand) under a $1.15 billion contract inked in 2006.
Factbox: INS Trikand
- INS Trikand (F51) is a Talwar class frigate of the Indian Navy.
- The Talwar class – A class of frigates designed and built by Russia for the Indian Navy.
- Equipped with state-of-the-art combat suite: Supersonic 290-km BrahMos missile system, Shtil advanced surface-to-air missiles, upgraded A-190 medium range gun, electro-optical 30-mm close-in weapon system and anti-submarine weapons such as torpedoes and rockets and advanced electronic warfare system.
- A combat management system which integrates weapons and sensors to enable the ship to simultaneously neutralize multiple surface, sub-surface and air threats.
- Innovative features to reduce its radar, magnetic and acoustic “signatures” to ensure it is relatively difficult to detect by enemy radars.
- Capable of speeds in excess of 30 knots
Note: India is also building its own stealth frigates. Three Shivalik-class frigates, built at Mazagon Docks (MDL), have already been inducted by the Navy. There is a programme called Project-17A of over Rs 50,000 crore which is under consideration which plans to construct seven advanced stealth frigates, with all weapon and missile systems under the hull for a lower radar “signature”. The project will be shared b/w MDL at Mumbai and Garden Reach Shipbuilders and Engineers (GRSE) at Kolkata.
RBI gives nod to Muthoot Finance to set up White Label ATMs
Indian gold loan company Muthoot Finance Ltd has obtained the RBI’s in-principle approval to set up the white label ATMs,as the government seeks to take financial services to the remote regions of the country.
What are White Label ATMs?
ATMs set up and run by non-banking entities are called White Label ATMs (WLAs). Earlier, only banks were allowed to establish and operate ATMs. RBI had allowed the company under the guidelines it released in June 2012 which set certain minimum net worth and obligation for permitting independent non-banking firms to operate such ATMs, as per three different schemes.
The Muthoot Finance has been given approval as per Scheme A under which Muthoot Finance will set up WLAs, a minimum of 1,000 WLAs have to be installed in the first year; a minimum of twice the number of WLAs installed in the first year have to be installed in the second year; and a minimum of three times the number of WLAs installed in the second year have to be installed in the third year.
What is the purpose of this move?
The fundamental objective of permitting non-banks to operate WLAs is to enhance the penetration of the machines in semi-urban and rural areas, where bank-run ATMs are a few or none. The move is in line to the governments objective of achieving financial inclusion.