Defense
1. DRDO and Indian Army successfully conducted six flight-tests of QRSAM
- DRDO and Indian Army have successfully conducted six flight-tests of Quick Reaction Surface to Air Missile (QRSAM) system from Integrated Test Range, Chandipur off the Odisha coast.
- Aim: To check the pin-point accuracy of the weapon system with state-of-the-art guidance and control algorithms
- QRSAM:
- It is a canister-based system.
- It is stored and operated from specially designed compartments.
- Range: 30 km (short-range SAM)
- Altitude: up to 10 km
National Affairs
2. Healthcare sector in India will grow to USD 50 billion by 2025
- While addressing the 14th CII Global MedTech Summit, Science and Technology Minister, Dr Jitendra Singh has announced that Healthcare sector in India is expected grow to 50 billion dollar by 2025.
- India aims to achieve 10 to 12% of the global market share of the medical devices sector.
- The Indian healthcare system has become more focused on innovation and technology.
- The govt also aiming to increase their investment in digital healthcare tools in coming five years.
Obituaries
3. Legendary artist Ram Chandra Manjhi passes away
- Legendary artist, Ram Chandra Manjhi, has been passed away at the age of 97.
- He was an Indian Bhojpuri folk dancer and theatre artist who is known as a Launda Naach performer.
- He has been felicitated with Sangeet Natak Academy Award (2017), Padma Shri (2021) awardee in the field of Arts.
- Launda Naach:
- It is a prominent Bhojpuri folk art of Bihar.
- In this art, men impersonate women wearing sari, blouse, long hair wig during the performance.
Banking & Finance
4. Digital currency to reduce time, cost for cross-border transactions
- RBI Deputy Governor, T Rabi Sankar has announced that, government will launch Central bank digital currency (CBDC) by the end of 2022.
- The RBI will launch digital currency on a pilot basis in 2022.
- In Budget for 2022-23, the finance minister had said the RBI would roll out a digital equivalent to the rupee.
- Benefit: CBDC could become a tool for reducing time and cost for cross-border transactions.
- Data Security Issue: They are keep working on it on a continuous basis.
Banking & Finance
5. HDFC Bank launched new SMS banking facility for its customers
- HDFC Bank has introduced a new SMS banking facility for its customers with an aim to provide a wide range of banking services round-the-clock.
- In order to start new SMS banking facility of HDFC Bank, a customer need to complete the registration process.
- They need to SMS “Register” <Space> “Last 4 digits of customer ID” <Space> “Last 4 digits of A/C No. ” and then sent it to 7308080808 from their registered mobile number.
Banking & Finance
6. RBI selected Precision and HDFC Bank for retail payments test phase
- RBI has selected HDFC Bank and Precision Biometric India for testing their 'on tap' retail payments applications under the regulatory sandbox scheme.
- Regulatory sandbox:
- It refers to live testing of new products or services in a controlled/test regulatory environment.
- For this regulators permit certain relaxations for the limited purpose of the testing.
- It allows the regulator, innovators, financial service providers and customers to conduct field tests.
Banking & Finance
7. UPI transactions reached 657 Crore in August 2022
- The Unified Payments Interface (UPI) has recorded 657 crore transactions in August 2022, a 5% month-on-month growth compared to the previous month.
- The transaction volume has crossed Rs 10.72 lakh crore in August.
- In July 2022, the UPI transactions breached the level of 600 crore.
- The growth in UPI volumes by nearly 100% year-on-year (YoY) and amounts transacted growing by 75% YoY .
- NPCI also aims to process 1 billion transactions per day in the next few years.
Banking & Finance
8. Ombudsman disposed of 32% more complaints against insurers in 2021-22
- The Insurance ombudsman has disposed of 40,527 complaints against insurance firms across the country during 2021-22 as compared with 30,596 in 2020-21.
- The complaints relating to health insurance made up a third of the total number cases disposed of by ombudsmen in 2020-21.
- Ombudsman:
- An alternative mode of settling insurance disputes.
- It was constituted under rules framed by the finance ministry in 2017.
- At present, 17 Insurance Ombudsman in different locations.
Banking & Finance
9. ESAF Bank launches 'rainbow account' for transgender community
- ESAF Small Finance Bank Ltd has launched a 'Rainbow Savings Account' for the transgender community.
- This bank account offer a host of features, including high savings rate and advanced debit card facilities.
- In 2015, the Reserve Bank of India has directed banks to include a separate column 'third gender' in all their forms and applications.
- The savings habit of the marginalised community will contribute heavily to the growth of the economy as a whole.
Banking & Finance
10. IDFC FIRST Bank joins the Open Network for Digital Commerce (ONDC)
- IDFC First Bank has signed up as participant in the Open Network for Digital Commerce (ONDC), an initiative of ministry of commerce and industry.
- The bank has enabled a platform for buyers, that help them to discover sellers in the ONDC network.
- The bank has started onboarding small merchants, who are its current account customers, on to a partner app registered with ONDC.
- The app is expected to help small merchants carry out transactions over ONDC’s electronic network.
Banking & Finance
11. Reliance General Insurance, Policybazaar launch Reliance Health Gain Policy
- Reliance General Insurance and Policybazaar have jointly launched Reliance Health Gain Policy.
- This policy gives its customers the freedom to choose and personalise their health policies as per their requirements.
- To make accessible to all, the product is being live on digital distribution channel, Policybazaar.
- This policy is available in – Plus, Power and Prime.
- This plan will cater to the needs of a small family of 2 as well as a larger one of 12.
Banking & Finance
12. Karnataka Bank becomes part of Khajane II IFMS
- Karnataka Bank has now become the participant of the Treasury Department's Khajane-II (K2) integrated financial management system (IFMS).
- Reason: For implementing the Single Nodal Agency (SNA) account system for Centrally Sponsored Schemes (CSS).
- The bank will continue to engage and cooperate with the Government of Karnataka in implementing its numerous efforts to benefit the people through its technology and digital-led solutions.
Banking & Finance
13. Google Cloud partners with HDFC ERGO to digitise insurance buying in India
- Cloud computing division of Google has been partnered with HDFC ERGO General Insurance to build a platform that will help digitize the buying and servicing of insurance in India.
- HDFC ERGO will launch innovative insurance products.
- HDFC ERGO aims to fully migrate to the cloud by 2024.
- At present, nearly 93% of its retail policies are issued digitally and almost 40% of its customer requests are serviced virtually.
Important Dates
14. International Literacy Day 2022: 8th September
- International Literacy Day is celebrated annually on September 8 to create importance about the literacy for individuals and societies.
- Theme 2022: Transforming Literacy Learning Spaces
- The 14th session, General Conference of UNESCO on October 26, 1966 has declared September 8 as International Literacy Day.
- Since 1967, this day celebrations have taken place annually around the world.
- UNESCO Headquarters: Paris, France; Head: Audrey Azoulay.
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