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1. Asian Infrastructure Investment Bank officially launched
1. The China-initiated Asian Infrastructure Investment Bank (AIIB), has been officially launched in Beijing and is expected to start operation early next year .
2. The launch of the bank ,the first major multilateral lender with developing countries holding the majority of the shares and votes, came just six months after an article of agreement (AOA) was signed by 57 prospective founding members in June, and 26 months after President Xi Jinping proposed it in October 2013.
3. With authorized capital of $100 billion, the AIIB will initially prioritise investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics. It is expected to offer loans to the first batch of projects in mid-2016.
2. Seychelles government allows India to build Naval Base on its Assumption Island
1. Seychelles government allowed India to build its first Naval Base on the Assumption Island in the Indian Ocean region (IOR) as a joint project between both countries. In this regard, 2. Seychelles government has allocated a plot of land on in its Assumption Island which will help to enhance mutual security along our western seaboard in IOR. India’s first Naval Base project has acquired significance following China acquiring its first African naval base in Djibouti (near Horn of Africa) in November 2014.
3. Union Government brings 376 drugs under the NLEM
1. The Union Government has added 106 drugs including that of HIV/AIDS, Cancer and Hepatitis C to the National List of Essential Medicines (NLEM). In this regard, Union Ministry of Health and Family Welfare’s core committee has revised the NLEM.
2. The committee was headed by V.M. Katoch, former secretary of Department of Health Research. The revision includes addition of 106 essential medicines and deletion of 70 medicines. With this total number of essential medicines in the list has gone up to 376 from earlier 348 medicines.
3. This move will ensure their availability across the country at affordable prices. The new list takes cues from the World Health Organisation (WHO’s) 2015 list of essential drugs and medicines that satisfies the priority healthcare needs of people and ensure affordability.
4. INS Viraat wins last regatta
1. Aircraft-carrier INS Viraat on Saturday won the coveted Cock Trophy during the Western Fleet Whaler Pulling Regatta, making it the last time the warship participated in the event before she is decommissioned.
2. INS Viraat was declared overall winner team and awarded the trophy. In the keenly contested event, aircraft carrier INS Vikramaditya emerged runner-up. The winning ship will be called the Cock Ship till the next regatta.
3. INS Viraat, which is expected to be decommissioned sometime next year, had first served the British Navy for over 30 years before being bought by India. It was inducted into the Indian Navy in 1987 after undergoing extensive refits.
5. Reserve Bank of India Invites Applications for Innovative Payment Solutions
1. India’s central bank The Reserve Bank of India has invited applications for “Payment System Innovation Awards” to encourage innovative solutions in the field of Payment and Settlement System. With this initiative, the RBI is hoping to transform the way transactions are processed in the world’s fastest growing emerging economy.
2. Some broad areas which the contest will hope to cover are:
Payment security including fraud prevention
Customer convenience and cost reduction
Acceptance/electronic payment infrastructure
Use of emerging technologies for payments
3. The Institute for Development and Research in Banking Technology (IDRBT), which is the technology arm of the RBI, will organize the competition. A panel of experts will shortlist the most innovative applications, and the best three will be rewarded with citations/prizes. The winners may also be given a chance to present their ideas/ technologies to the industry representatives.