Rapid Fire
Rapid Fire Current Affairs
- 09 Jun 2023
- 6 min read
Antardrishti
Recently, the Reserve Bank of India Governor Shaktikanta Das has launched 'Antardrishti', a financial inclusion dashboard aimed at monitoring and evaluating the progress of financial inclusion in India. The primary objective of the dashboard is to assess the current state of financial inclusion by analyzing key metrics and indicators, enabling policymakers and stakeholders to identify areas that require attention and implement targeted interventions. The dashboard presently is intended for internal use in the RBI, it will further facilitate greater financial inclusion through a multi-stakeholder approach.
The development of the Financial Inclusion (FI) Index, introduced by the RBI in 2021, involved collaboration between the government, sectoral regulators, and the central bank. The FI Index provides a comprehensive overview of financial inclusion in India, considering dimensions such as 'Access (35%)', 'Usage (45%) ', and 'Quality (20%) ' across sectors including banking, investments, insurance, postal services, and pensions. This inclusive approach ensures accurate assessment of the progress and challenges in achieving financial inclusion goals, guiding the formulation of policies and initiatives to create a more inclusive financial ecosystem in the country.
Additionally, the index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.
Read more: Financial Inclusion Index
Maiden India-France-UAE Maritime Partnership Exercise
The first edition of India, France, and United Arab Emirates (UAE) Maritime Partnership Exercise commenced on 7th June 2023 in the Gulf of Oman, featuring the participation of INS Tarkash, French Ship Surcouf, French Rafale aircraft, and UAE Navy Maritime Patrol Aircraft. It emphasizes the exchange of best practices and paves the way for greater naval collaboration among India, France, and the UAE.
India and France have established strong cooperation in the defense sector, the two countries regularly conduct joint exercises such as Exercise Shakti, Exercise Varuna, and Exercise Garuda involving their respective army, navy, and air force. Additionally, India has collaborated with France in the construction of six Scorpene submarines through a technology-transfer arrangement in 2005, and France has provided India with 36 Rafale fighter jets under an inter-government agreement.
Additionally, India and the UAE have also established strong cooperation in the defense realm, India and the UAE conduct joint air combat exercises, such as 'Desert Eagle II', to enhance security cooperation and counter terrorist threats.
Read more: India, France, UAE Trilateral Initiative
Agni Prime Ballistic Missile
The recent successful flight test of the new generation ballistic missile, Agni Prime, conducted by the Defence Research and Development Organisation (DRDO) from Dr A.P.J. Abdul Kalam Island off Odisha marks a significant milestone for India's strategic defence capabilities.
The test involved the deployment of advanced Range Instrumentation such as Radar, Telemetry, and Electro Optical Tracking Systems to capture crucial flight data throughout the vehicle's trajectory, including at the terminal point.
Agni Prime, a two-stage canisterised solid propellant ballistic missile with a range between 1000 to 2000 km, features a dual redundant navigation and guidance system. This technologically advanced missile, which is lighter than its predecessors in the Agni series, plays a vital role in India's nuclear weapons delivery system alongside the Prithvi short-range ballistic missiles and fighter aircraft.
Read more: Agni Prime, Defence Research and Development Organisation (DRDO).
New Appointments in Financial Services Institutions
The Financial Services Institution Bureau (FSIB) has selected N Ramaswamy, the General Manager of General Insurance Corporation of India (GIC Re), as the next Chairman and Managing Director (CMD) of GIC Re, while M Rajeswari Singh, the General Manager and Director of United India Insurance, as the CMD of National Insurance Company (NIC).
FSIB has been constituted in 2022, by Central Government for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions and for advising on certain other matters relating to personnel management in these institutions. It replaced Banks Board Bureau (BBB). FSIB is headed by a chairman, a central government nominee. The board comprises the Secretaries of the Department of Financial Services, the chairman of IRDAI, and a deputy governor of the RBI. Additionally, it has three part-time members who are experts in banking and three more from the insurance sector.
Read More: Financial Services Institution Bureau (FSIB)
