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RBI imposes fines on PPI issuers; INS VELA submarine to be launched - Current Affairs

A penalty of Rs 3.05 crore has been imposed on Vodafone m-pesa and Rs 1 crore each on Mobile Payments, PhonePe, Private and GI Technology.

May 5, 2019 13:24 IST
RBI imposes fines on PPI issuers

Story 1- RBI imposes fines on prepaid payment instrument issuers for violating norms

The Reserve Bank of India on May 3, 2019 announced that it has imposed penalties on five prepaid payment instrument (PPI) issuers, including Vodafone m-pesa and PhonePe, for violation of regulatory norms.

The central bank said in a statement that in exercise of the powers vested to it under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on five PPI Issuers for non-compliance of regulatory guidelines.

Key Highlights

A penalty of Rs 3.05 crore has been imposed on Vodafone m-pesa and Rs 1 crore each on Mobile Payments, PhonePe, Private and GI Technology.

A penalty of Rs 5 lakh has also been imposed on Y-Cash Software Solutions.

Penalties have also been imposed on Western Union Financial Services Inc and MoneyGram Payment Systems Inc, both US firms, for non-compliance of the guidelines.

While, a penalty of Rs 29,66,959 has been imposed by the RBI on Western Union Financial Services Inc, USA, a penalty worth Rs 10,11,653 has been imposed on MoneyGram Payment Systems Inc, USA.

The penalty of the two American firms has been imposed by the RBI under the provisions of the Payment and Settlement Systems Act, 2007, for compounding of the contravention.

 INS VELA submarine to be launched for trials

Story 2- INS VELA submarine to be launched for trials

INS Vela, a Scorpene class submarine will be launched for trials on May 6, 2019. The submarine will be launched by Secretary (Defence Production) at the Mazagon Dockyards Limited (MDL).

The move would provide a huge boost to the underwater capability of the Indian Navy.

INS Vela

The INS Vela is the fourth of the six submarines of Scorpene class that has completed its out fittings at Mazagon Dockyards.

The first Scorpene class submarine, INS Kalvari was commissioned into service in December 2018 while two other submarines, INS Khanderi and INS Karanj, are in the advanced stages to join the Navy fleet.

Vagir and Vagsheer, the remaining two submarines in the country's Scorpene Submarine programme, are in the advanced stages of manufacturing at at MDL .

The contract to build six submarines in India was signed in 2006 between the French firm Naval Group, formerly known as DCNS, and Mazgaon Dock Limited under Indian Navy’s $3 billion Project-75.

Scorpene class submarines: Key Features

The scorpene class submarines are built with state-of-the-art technology. The submarines have superior stealth features such as advanced acoustic silencing techniques, low radiated noise levels, hydro-dynamically optimised shape and the ability to launch a crippling attack on the enemy using precision guided weapons.

The submarines can undertake multifarious types of missions such as anti-surface warfare, anti-submarine warfare, intelligence gathering, mine laying and area surveillance.

They also have the ability to launch a crippling attack on the enemy using precision guided weapons. The attack can be launched with both torpedoes and tube launched anti-ship missiles, while underwater or on surface. 

Besides, the submarines are designed to operate in all theatres, with means provided to ensure interoperability with other components of a Naval Task Force. It is a potent platform, marking a generational shift in submarine operations.

The Scorpene class submarine project will be a big leap towards India's self reliance in the defence sector under the "Make in India'' initiative. The Navy got its last Indian made submarine in early 1990s when two HDW class submarines INS Shalki and INS Shankul, joined the fleet.