Recovery Services vault is an Azure Resource Manager resource for managing your backup and disaster recovery needs natively in the cloud. Recovery Services vault is a unified vault in the new Azure portal, a replacement for Backup vault and Site Recovery vault. Microsoft yesterday announced new features for managing backup policies and model them to meet their changing requirements from a single window, making Azure Backup an enterprise-level backup solution for Azure virtual machines.

Azure Backup now comes with the following features,

• Ability to view all backup policies in a Recovery Services vault from a single window
• Ability to add a new policy from policy list view
• Ability to edit a backup policy to match modified backup schedule and retention requirements – once a backup policy is updated, changes are pushed automatically to all virtual machines configured with the policy
• Ability to add items to a backup policy – add more virtual machines to an existing backup policy in a single click
• Get a view of virtual machines protected with a policy
• Delete a backup policy which is no longer in use

Read more about it here.