Elena Introduces India’s First NavIC
In a significant stride towards achieving self-reliance in navigation applications and services, Elena Geo Systems, a Bengaluru-based firm, has unveiled the country’s first hand-held navigation device based on the Indian Regional Navigation Satellite System (NavIC). The device aims to provide precise directions for various infrastructure projects such as railway, land survey, telecoms, and hydrocarbon exploration. With a cost of Rs 6,000, it can be easily attached to smartphones using an on-the-go (OTG) connector, enabling users to leverage data from any mapping application or satellite source.
Versatile and Cost-effective Solution
Priced at Rs 6,000, the handheld navigation device provides an affordable option for individuals and organizations involved in infrastructure projects. Its compatibility with smartphones via an OTG connector allows users to access data from any mapping application or satellite source. This versatility empowers users to leverage existing mapping services and applications, eliminating the need for separate dedicated navigation systems.
Wider Adoption through NavIC Chip Integration
Elena Geo Systems plans to collaborate with smartphone manufacturers to integrate the NavIC chip directly into mobile phones. As the Indian government mandates NavIC integration in handsets sold in the country, the company aims to enable wider adoption of the navigation device, similar to popular mapping applications like Google Maps. By leveraging the NavIC chip, users can experience seamless navigation and benefit from the device’s precise positioning capabilities.
Unmatched Accuracy and Reliability
During the development phase, Elena Geo Systems conducted extensive studies, highlighting the device’s superior accuracy. The India-made navigator claims to offer a dynamic range accuracy of up to 1 meter, surpassing global products that provide estimated directions. With such precision, the device becomes a valuable tool for infrastructure projects, where accurate positioning is critical for efficient execution.
Elena Geo Systems: Pioneering NavIC-enabled Services and Products
Founded in 2012 as a research and development company incubated at IIT-Kharagpur, Elena Geo Systems aims to revolutionize navigation in India. By offering comprehensive NavIC-enabled services and products, the company seeks to harness the potential of India’s indigenous navigation satellite system. Through continuous innovation and collaboration with chip manufacturers, Elena Geo Systems strives to strengthen India’s navigation capabilities and contribute to the nation’s vision of self-reliance.
Enhancing Aatmanirbharta in Navigation
Elena Geo Systems’ handheld NavIC-based navigator marks a significant step towards achieving self-reliance in navigation technology for India. By utilizing the NavIC constellation of satellites, the device offers accurate and reliable positioning, overcoming the limitations faced by GPS-oriented devices in tropical regions. Unlike existing global navigation solutions that heavily rely on GPS technology, Elena Geo Systems’ navigator integrates data from Indian, American, and Russian satellites, ensuring constant accuracy worldwide.
India and Singapore extend MoU on cooperation for 5 years
The Department of Administrative Reforms and Public Grievances of India and the Public Service Division of the Republic of Singapore recently signed a protocol document to extend their memorandum of understanding for five more years until 2028. The MoU encompasses various areas of cooperation aimed at promoting administrative reforms, public sector transformation, and capacity building.
Areas of Cooperation
The extended MoU encompasses a wide range of areas that are crucial for the development of robust public administration systems. These areas of cooperation include:
1.Administrative Reforms & Public Sector Transformation
Recognizing the need for continuous improvement, India and Singapore will work together to identify and implement administrative reforms that enhance the efficiency, transparency, and accountability of public service delivery. Both countries will share their experiences and learn from each other’s successful reform initiatives, fostering a culture of innovation and adaptability.
2.Public Service Delivery
Efficient and citizen-centric public service delivery is a cornerstone of good governance. Through this MoU, India and Singapore will exchange knowledge and best practices in areas such as service quality management, grievance redressal mechanisms, and leveraging technology to enhance the accessibility and responsiveness of public services.
3.Leadership and Talent Development
Effective leadership and skilled personnel are vital for driving organizational excellence and achieving sustainable development goals. The MoU aims to facilitate the exchange of expertise in leadership development programs, talent management strategies, and succession planning. Both countries will collaborate to nurture a capable and adaptive workforce capable of addressing the evolving challenges in public administration.
4.E-Governance
Digital transformation plays a crucial role in enabling efficient service delivery and enhancing government-citizen interaction. India and Singapore will collaborate on e-governance initiatives, sharing experiences, best practices, and technological innovations to leverage digital platforms for effective public administration, data management, and citizen engagement.
5.Capacity Building and Training
Building the capacity of public servants through training programs is vital for ensuring their professional growth and enabling them to effectively respond to emerging challenges. The MoU emphasizes the exchange of training modules, organizing joint workshops and seminars, and leveraging e-learning platforms to enhance the skills and knowledge of public servants in both countries.
Significance of the MoU Extension
The extension of the MoU between India and Singapore reflects the shared commitment of both countries to deepen their cooperation in the realm of public service. This collaboration signifies the recognition of the importance of efficient and effective governance in driving socioeconomic development. By extending the MoU, India and Singapore demonstrate their intent to enhance administrative capabilities, foster innovation, and promote best practices in public administration.
Netherlands men team wins second FIH Hockey Pro League title
Netherlands men team finish their season four campaign on 35 points, making them champions of the FIH Hockey Pro League 2022/23 season. With this win, Netherlands become the first team in the men’s competition to win a second title, successfully defending their first title, won in the competition last year.
The Indian men’s hockey team finished fourth in the FIH Pro League 2022-23 with 30 points from 16 matches. This was India’s second fourth-place finish in the FIH Pro League, having achieved the same position in their debut season in 2020-21. The Indian hockey team was third in the 2021-22 season. India captain Harmanpreet Singh finished as the top-scorer in FIH Pro League 2022-23 with 18 goals.
RBI appoints P Vasudevan as new executive director
The Reserve Bank of India (RBI) has appointed P. Vasudevan as executive director. His appointment is effective from July 03, 2023. The Reserve Bank in a statement said Vasudevan will look after Department of Currency Management, Corporate Strategy and Budget Department (Areas other than that of Budget & Funds) and Enforcement Department. Prior to being promoted as executive director, Vasudevan was the Chief General Manager-in-charge of the Department of Payment and Settlement Systems.
The apex bank said Vasudevan has, over a span of nearly 30 years in the Reserve Bank, served in supervision of banks and non-banking financial companies, payment and settlement systems and other areas in the Reserve Bank, including a stint as Member of Faculty in Bankers’ Training College.
About the P. Vasudevan
Vasudevan holds a Bachelor’s Degree in Commerce and is a Fellow of the Institute of Cost Accountants of India. He has a Master’s Degree in Finance and Certifications in Information Systems Audit (CISA), Information Security Management (CISM) and Fintech (National University of Singapore). He is a Certified Associate of the Indian Institute of Bankers (CAIIB) and an alumnus of the Wharton School.
PNB Launches Virtual Branch in the Metaverse with Immersive 3D Experience
Punjab National Bank (PNB) has announced the launch of PNB Metaverse, a virtual branch that offers a unique banking experience.
Customers can explore various products and services such as bank deposits, loans, digital products, and government schemes through their mobile phones and laptops.
The Virtual Branch Experience
PNB Metaverse provides customers with exclusive access to a virtual environment.
Customers can engage with the bank’s offerings from the comfort of their homes or offices.
Traditional banking activities can be performed using digital avatars, providing an immersive 3D experience.
Embracing the Future of the Internet
The Metaverse represents a new phase of the internet, transitioning from individual sites and apps to a persistent 3D environment.
Seamless movement between work and social platforms is made possible, mimicking real-world experiences.
PNB aims to leverage this technology to enhance customer engagement, streamline customer acquisition, and deliver hyper-personalized experiences.
Chandrayaan-3 to be launched on July 14
India’s lunar mission Chandrayaan-3 is going to be launched on July 14, at 2:35 P.M. from Satish Dhawan Space Centre in Sriharikota announced by the Indian Space Research Organisation (ISRO).The date was later confirmed by Secretary of Space department and ISRO Chairman S. Somnath at a press briefing on the sidelines of the G-20 Fourth Economy Leaders Meeting in Bengluru.
About the Chandrayaan-3
Chandrayaan-3 is a follow-on mission to Chandrayaan-2 to demonstrate end-to-end capability in safe landing and roving on the lunar surface.
Chandrayaan-3 is consists of Lander and Rover configuration.
Chandrayaan-3 will be launched by Launch Vehicle Mark-III (LVM-3) from Satish Dhawan Space Centre in Sriharikota.
Chandrayaan-3 is consists of Lander Module (LM), Propulsion Module (PM) and a Rover with an objective of developing and demonstrating new technologies required for Interplanetary Missions.
The Lander and the Rover have scientific payloads to carryout experiments on the lunar surface.
The launcher identifies for Chandrayaan-3 is GSLV-MK3.
Process of launching of Chandrayaan-3
Chandrayaan-3 is expected to soft land between August 23 and 24 at moon’s South Pole, the area which will have sunlight. The sunlight has to fall on the solar panels of the spacecraft. If these two dates were missed then the landing will be postponed to September around the time when there is sunlight on the moon. There is sunlight on the moon for 14-15 days.
Objectives of Chandrayaan-3
To demonstrate safe and soft landing on the lunar surface.
To demonstrate Rover roving on the moon.
To conduct in-situ scientific experiments.
Technologies used in Chandrayaan-3
To achieve the objectives of the mission, several technologies are used in Lander and that are:
Altimeters: Laser and RF based Altimeters.
Velocimeters: Laser Doppler Velocimeter and Lander Horizontal Velocity Camera.
Inertial Measurement: Laser Gyro based Inertial referencing and Accelerometer package.
Propulsion System: 800N Throttleable Liquid Engines, 58N altitude thrusters and Throttleable Engine Control Electronics.
Navigation, Guidance and Control: Powered descent trajectory design and associate software elements.
Hazard Detection and Avoidance: Lander hazard detection & avoidance camera and processing algorithm.
Landing Leg Mechanism.
Test carried out for soft landing of Chandrayaan-3
Integrated Cold Test: For the demonstration of integrated sensors and navigation performing test using helicopter as test platform.
Integrated Hot Test: For the demonstration of closed loop performance test with sensors, actuators and NGC using tower crane as test platform.
An Overview of RBI’s Different Rate Offerings: Understanding the Tools of Monetary Policy
The Reserve Bank of India (RBI) plays a crucial role in managing India’s monetary policy and ensuring economic stability. To achieve its objectives, the RBI employs a range of tools, including various interest rates. These rates serve as important indicators of the country’s economic health and influence borrowing costs, liquidity, and inflation. In this article, we will explore the different rate offerings of the RBI and their significance in shaping India’s economy.
An Overview of RBI’s Different Rate Offerings: Understanding the Tools of Monetary Policy
Repo Rate:
The Repo Rate is the key policy rate set by the RBI. It refers to the rate at which commercial banks can borrow funds from the central bank by selling their government securities. When the RBI increases the repo rate, it becomes more expensive for banks to borrow from the central bank. This, in turn, leads to an increase in interest rates for consumers and businesses, thereby curbing inflationary pressures. Conversely, a reduction in the repo rate aims to stimulate borrowing, investment, and economic growth.
Reverse Repo Rate:
The Reverse Repo Rate is the rate at which the RBI borrows funds from commercial banks. It acts as a tool for the central bank to manage liquidity in the banking system. When the reverse repo rate is increased, it incentivizes banks to park more funds with the RBI to earn higher returns, thereby reducing the money supply in the economy. Conversely, a decrease in the reverse repo rate encourages banks to lend more, injecting liquidity into the system.
Cash Reserve Ratio (CRR):
The Cash Reserve Ratio refers to the proportion of a bank’s total deposits that it must maintain as reserves with the RBI. It is a regulatory tool that helps control inflation and manage liquidity in the banking system. When the RBI increases the CRR, banks have less money available for lending, reducing the money supply and curbing inflationary pressures. Conversely, a reduction in the CRR provides banks with more funds for lending and stimulates economic growth.
Statutory Liquidity Ratio (SLR):
The Statutory Liquidity Ratio requires banks to maintain a certain percentage of their net demand and time liabilities (NDTL) in the form of liquid assets, such as government securities, gold, or cash. Similar to the CRR, the SLR serves as a tool for the RBI to manage liquidity in the banking system. By altering the SLR, the central bank can influence the availability of credit in the economy and steer investment patterns.
Marginal Standing Facility (MSF) Rate:
The Marginal Standing Facility Rate is the rate at which banks can borrow overnight funds from the RBI against the collateral of government securities. It is higher than the repo rate and provides a safety valve for banks to meet any unforeseen liquidity requirements. The MSF rate aims to discourage excessive borrowing from the RBI by imposing a higher cost. Banks typically utilize this facility when they exhaust other avenues of borrowing.
Standing Deposit Facility (SDF) Rate:
The Standing Deposit Facility Rate is the interest rate offered by the RBI to banks on their overnight deposits with the central bank. This facility allows banks to earn interest on their surplus funds held with the RBI. By adjusting the SDF rate, the RBI can influence the liquidity conditions in the banking system. A higher SDF rate encourages banks to park more funds with the RBI, thereby reducing the money supply in the economy. Conversely, a lower SDF rate incentivizes banks to withdraw their funds and deploy them for lending or investments, increasing liquidity.