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By admin: March 29, 2024

World's first Om-shaped Temple Inaugurated in Rajasthan

Tags: Popular State News

The world's first temple in the shape of the iconic Om symbol was inaugurated in Jadan village of Pali district of Rajasthan.

An Overview of the News

• The construction of this temple started about thirty years ago, the foundation stone of which was laid in 1995.

• The shape of the temple mimics the sacred Om symbol, the first of its kind globally.

Structural Features

• More than 400 people are working on this project spread over 250 acres.

• It has 1,008 idols of Lord Mahadev and 12 Jyotirlingas.

• It is supported by 2,000 pillars at a height of 135 feet.

• Its complex comprises 108 rooms.

• The central center is the Samadhi of Guru Madhavanand Ji.

• At the apex of the temple lies a sanctum embellished with a shivling made from a rhinestone obtained from the Bansi hill of Dholpur.

• A huge tank with a capacity of 2 lakh tonnes has been built beneath the temple complex.

Accessibility

• Jadan village is located on National Highway 62, about 71 km from Jodhpur Airport.

• For easy accessibility, travelers can reach Marwar Junction via trains from Delhi to Ahmedabad.

Architectural Style

• Follows the Nagar style prevalent in North India.

• A huge layout with the Om symbol is spread over a radius of about half a kilometer.

About Rajasthan

Chief Minister - Bhajan Lal Sharma

Capital - Jaipur (Executive Branch)

Governor - Kalraj Mishra

Indigenous Tejas Mark-1A Set to Replace MiG Series in Indian Air Force

Tags: Science and Technology

The maiden flight test of the inaugural aircraft of the advanced iteration 'Mark 1A' of the indigenous Tejas fighter jet, produced in India, has concluded triumphantly on March 28, 2024, at the Hindustan Aeronautics Limited (HAL) facility in Bengaluru.

An Overview of the News

• The first aircraft of this series, designated as LA5033, completed an 18-minute flight.

• Notably, the Tejas Mark 1A, the predecessor of this advanced version, has already been incorporated into the Indian Air Force's fleet, enhancing its operational capabilities.

• With continued advancements and successful testing, the Tejas Mark 1A advanced variant is poised to further bolster India's defense capabilities, reinforcing its commitment to self-reliance and indigenous manufacturing in the defense sector.

• The Tejas Mark-1A is set to replace iconic models like the MiG-21, MiG-23, and MiG-27, symbolizing a shift towards modern, domestically produced fighter aircraft.

• Over 65% of the equipment for the Tejas Mark-1A is manufactured domestically.

• The decision to station the Tejas Mark-1A at the Nal airbase in Bikaner, Rajasthan, near the Pakistan border, underscores its role in bolstering India's defense posture in sensitive regions.

What enhancements does the improved version of Tejas offer?

• New technologies include Active Electronically Scanned Array (AESA) radar and Advanced Beyond-Visual Range (BVR) Missile systems.

• Enhanced defensive capabilities for self-protection.

• Added mid-air refueling capability to increase operational range.

• Upgraded radar warning receiver system for quick threat detection.

• Features digital map generator, smart multi-function display, and advanced radio altimeter for improved navigation and communication.

History  of Tejas

• The Tejas project began in 1983 under the Light Combat Aircraft Project, with the aircraft's maiden flight taking place on January 4, 2001. It was officially named 'Tejas' by former Prime Minister Atal Bihari Vajpayee in 2003.

• The success of the Tejas project can be attributed to the visionary leadership of scientists like Dr. Kota Harinarayana and his dedicated team, whose relentless efforts and expertise culminated in the creation of an indigenous fighter aircraft.

• Variants of the Tejas tailored for naval operations were initiated in 2007, showcasing the adaptability and versatility of the Tejas platform to meet varied defense requirements, including naval aircraft carrier operations.

Appointment of Nidhu Saxena as MD and CEO of Bank of Maharashtra

Tags: Person in news

Nidhu Saxena was appointed Managing Director and Chief Executive Officer (MD and CEO) of Bank of Maharashtra by the Central Government.

An Overview of the News

• The appointment of Nidhu Saxena is effective from March 27, 2024, for a tenure of three years.

• Saxena replaces A S Rajeev, who has been selected as Vigilance Commissioner in the Central Vigilance Commission.

• The appointment is subject to further orders and remains valid for three years or until further instructions are issued.

About Nidhu Saxena

• Before this appointment, Saxena held the position of Executive Director at Union Bank of India, where he oversaw critical areas including Treasury, International Banking, Human Resources, and Audit.

• Saxena's banking career commenced at Bank of Baroda before he moved to UCO Bank, where he held various significant positions including Branch Head, Zonal Head, and Vertical Head.

• He has also served on the boards of Union Bank of India (UK) and Union Asset Management Company.

Expectations for Bank of Maharashtra:

• With his extensive corporate and banking experience, Saxena is expected to significantly contribute to the growth and success of Bank of Maharashtra.

• Bank of Maharashtra is a public sector bank with the Government of India holding an 86.46% stake as of September 30, 2023.

Kotak Mahindra Bank acquires Sonata Finance

Tags: Economics/Business

Kotak Mahindra Bank has successfully completed the acquisition of Sonata Finance Private Limited (Sonata) for approximately Rs 537 crore, aiming to bolster its presence in the microfinance sector.

An Overview of the News

• Sonata Finance is recognized as a Non-Banking Finance Company – Micro Finance Institution (NBFC-MFI) duly registered with the Reserve Bank of India (RBI).

• As of December 31, 2023, Sonata manages an impressive assets under management (AUM) of around Rs 2,620 crore, showcasing its robust financial standing.

• Sonata operates across 10 states, boasting a network of 549 branches that cater to the microfinance needs of underprivileged communities.

• This strategic acquisition aligns with Kotak Mahindra Bank's vision to expand its foothold in the microfinance segment, underscoring its commitment to financial inclusion and community development.

Changes in the Insurance Business:

• As Kotak Mahindra Bank restructures its insurance business, Zurich Insurance acquires a 70% stake in Kotak Mahindra General Insurance for ₹5,560 crore.

• This strategic decision comes after Kotak Mahindra Bank announced to sell 51% stake in Kotak Mahindra General Insurance to Zurich Insurance for ₹4,051 crore in November 2023.

Strategic Focus:

• The acquisition of Sonata Finance by Kotak Mahindra Bank and the reshuffle of its insurance business reflect strategic efforts to expand microfinance operations while realigning the focus in the insurance sector.