Current affairs 12 August 2023

RBI Unveils AI-Powered "Conversational Payments" for UPI Transactions.

• The Reserve Bank of India (RBI) has introduced Artificial Intelligence-powered conversational features on UPI, in August 2023.
• Aims: To enable digital payments through voice commands.
• The concept, known as Conversational Payments, introduces a dynamic and user-friendly approach to transactions.
• Objectives: To allow users to initiate payments seamlessly within chat or messaging conversations, transforming routine interactions into instant financial exchanges.

Airtel Payments Bank Launched India’s 1st Eco-Friendly Debit Card.

• Airtel Payments Bank has become the first Indian bank to launch an eco-friendly debit card for its new and existing customers with a savings bank account in Aug 2023.
• The debit cards will be made from certified eco-friendly r-PVC (recycled polyvinyl chloride) material, which is environmentally safe.
• Producing the r-PVC cards will lead to a 43 percent reduction in hydrocarbon usage, effectively decreasing petroleum consumption during the manufacturing process.

India’s first AU bank to provide 24x7 video banking service.

• AU Small Finance Bank Limited (AU Bank), has become the first financial services provider in India to launch a 24x7 live video banking service in August 2023.
• Aims: To provide a virtual platform where customers can communicate with a video banker in real time via video calls, like video conferencing.
• Objectives: To extend the reach of banking services to areas with limited infrastructure and resources, offering a convenient and personalized banking experience.

The Securities and Exchange Board of India reduced the timeline for listing.

• Health Minister, Mansukh Mandaviya, declared the goal of suppressing Lymphatic Filariasis by 2027 during the inauguration of the second phase of the Annual Nationwide Mass Drug Administration initiative.
• The second phase, targeting 81 districts across nine endemic states, including Assam and Uttar Pradesh.
• He highlighted the Whole of Government and Whole of Society approach as pivotal to successfully eliminating the disease.

Indian Navy participated in Exercise Malabar 2023 with indigenous warships.

• Indian Navy's indigenous frontline warships INS Sahyadri and INS Kolkata (11-days long) participated in Exercise MALABAR 2023 in Australia.
• Aims: To enhance and demonstrate interoperability and also gain from the best practices in maritime security operations from its partner nations.
• Ships and aircraft from the US Navy, Japan Maritime Self-Defence Force, and for the first time the Royal Australian Navy will also participate in the exercise.