The Indian Space Research Organisation (ISRO) has successfully launched the Polar Satellite Launch Vehicle (PSLV C24) along with the Regional Navigational Satellite (IRNSS-1B) from Satish Dhawan Space Center at Sriharikota; the place about 80 Km from Chennai ISRO has trusted for majority of their launches. The PSLV-C24 marks the 26th successful flight of the vehicle. The launch happened exactly at about 5:14 PM, Indian Standard Time. The main objective of the launch is to have an independent regional navigation satellite system, fully developed in India.
IRNSS-1B is the second navigation satellite launched by ISRO. It's a part of the total seven satellites ISRO aims to launch by 2015. The first one in the series, the IRNSS-1A was launched by ISRO in July 2013. With a total lift-mass of about 1432 Kg, the configuration of 1B is very similar to that of 1A. The satellite is about 1.58 m x 1.5 m x 1.5 m in dimensions and is expected to last in the space for a period of 10 years. It carries two payloads: navigation and ranging. The navigation payload will operate in the L5 band (1176.45 MHz) and S band (2492.028 MHz). The ranging payload has a C-band transponder to ensure the accurate determination of the range of the satellite.
The IRNSS system will provide very accurate navigational information to India extending to about 1500 km from its boundary. The position accuracy of the IRNSS will be about 20m in its primary service area. Refer to the source PDF for further details about the PSLV and IRNSS.
Source: ISRO (PDF)