19th-21st August, 2023
“FloodWatch”, first 3D-printed post office, National Carbon Registry, UDGAM (Unclaimed Deposits – Gateway to Access inforMation), Public Tech Platform for Frictionless Credit, IndusInd Bank Avios Visa Infinite Credit Card, Advertising Standards Council of India, Tarang Shakti, India Stack’, Dornier 228 maritime surveillance
- The Chairman of Central Water Commission(CWC), Shri Kushvinder Vohra, has launched the mobile application “FloodWatch”.
- India’s first 3D-printed post office has been inaugurated by Union Minister Ashwini Vaishnaw in Bengaluru’s Cambridge Layout.
- United Nations Development Programme has developed an open-source software called the National Carbon Registry which will allow countries to effectively manage national data and processes for trading carbon credits.
- Reserve Bank of India (RBI) has unveiled a Public Tech Platform for Frictionless Credit to transform credit accessibility and lending efficiency.
- Reserve Bank of India (RBI) has recently launched a Centralised Web Portal, UDGAM (Unclaimed Deposits – Gateway to Access inforMation), for the public to search for their unclaimed deposits across multiple banks at one place.
- IndusInd Bank Limited has launched first-of-its-kind Visa multi-branded credit card “IndusInd Bank Avios Visa Infinite Credit Card” in partnership with British Airways Executive Club and Qatar Airways Privilege Club.
- Crisil, a global analytics company, has estimated that the Indian economy will experience a growth rate of 6% during FY24, a decline from the 7.2% growth achieved in FY23.
- Advertising Standards Council of India (ASCI) has made it mandatory for financial advisors or “finfluencers”to register with the Securities and Exchange Board of India (Sebi) and disclose their credentials in its revised advertising guidelines.
- The Indian Air Force (IAF) will host a mega multilateral military exercise named Tarang Shakti (largest air exercise ever conducted in India) in mid of 2024.
- India has presented the Indian Navy’s Dornier 228 maritime surveillance aircraft to the Sri Lanka Air Force (SALF) at the event in Katunayake SLAF Base, Colombo, SriLanka.
- India has signed a Memorandum of Understanding (MoU) with Trinidad and Tobago (T&T) on sharing of ‘India Stack’, a collection of open Application Programming Interfaces (APIs), and Digital Public Goods (DPGs) that aim to facilitate identity, data, and payment services on a large scale.
- Tide Platform Limited (Tide), a United Kingdom (UK)-based Small and Medium-Sized Enterprise (SME) has signed a Memorandum of Understanding (MoU) with North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) to empower digitisation of the handloom and handicraft sector in northeast India.
- Australian Olympic swimming gold medallist John Devitt, has passed away.
Table of Content
National News
- The Chairman of Central Water Commission(CWC), Shri Kushvinder Vohra, has launched the mobile application “FloodWatch”.
- App is developed in-house, with readable and audio broadcast features.
- Information is available in English and Hindi.
- Real-Time Flood Monitoring: Users can check up-to-date flood situations across the country. Utilizes near real-time river flow data from various sources.
- Interactive Map for Forecast: Users can access CWC Flood Forecast (up to 24 hours) or Flood Advisory (up to 7 days) using an interactive map.
- State-wise/Basin-wise Forecast: Provides State-wise/Basin-wise Flood Forecast (up to 24 hours) or Flood Advisory (up to 7 days).
- Widespread Accessibility and Platforms: User-friendly Android app which is accessible globally. Free download from Google Play Store. Available on Apple iOS soon.
- Utilization of Advanced Technologies: “FloodWatch” app employs advanced technologies such as satellite data analysis, mathematical modelling, and real-time monitoring.
Key Features of “FloodWatch” App
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| Causes of Floods in India • Heavy Rainfall: o This is the most common cause of floods in India. The monsoon season, which lasts from June to September, brings intense and erratic rainfall to different parts of the country. o Sometimes, the rainfall exceeds the capacity of the soil to absorb or the drainage system to carry away the excess water, resulting in floods. • Snowmelt: o The snow and glaciers in the mountains melt due to rising temperatures and flow down into the rivers and streams. o This can increase the water level and cause floods downstream. • Cyclones and Storms: o These are weather events that can bring strong winds and heavy rains along the coastal areas of India. o Storm surges can inundate low-lying areas and cause coastal flooding. • River Overflow: o This is a cause of floods that occurs when the water level in a river exceeds its carrying capacity due to excessive inflow from upstream or reduced outflow downstream. o River overflow can be caused by factors such as heavy rainfall, snowmelt, cyclones, dams, barrages, or siltation. In 2023, the Yamuna River overflowed its banks due to heavy rainfall in upstream states such as Himachal Pradesh and Haryana. The barrages in Delhi were unable to effectively regulate and redirect the river’s flow, leading to flooding of several areas along the river. |
Source: PIB
- India’s first 3D-printed post office has been inaugurated by Union Minister Ashwini Vaishnaw in Bengaluru’s Cambridge Layout.
- Larsen & Toubro Limited undertook the project in collaboration with IIT Madras.
- Spatial Dimension:The post office covers an area of 1,021 square feet and was created using advanced 3D concrete printing.
- Automated Procedure:Robotic printers used an automated process to layer concrete according to the approved design.
- Strong Bonding:A specially formulated quick-hardening concrete ensured strong bonding between layers.
- Rapid Construction:With robotic precision and pre-embedded designs, the project was completed in just 43 days, far shorter than the conventional 6 to 8 months.
- Cost-Effective:The project cost ₹23 lakhs, indicating a 30-40% cost reduction compared to traditional methods.
- Showcasing Technology:The project highlighted concrete 3D printing technology using indigenous machinery and robots, showcasing its scalability.
Technological Process
Advantages of 3D Printing
Source: IE
International News
- United Nations Development Programme has developed an open-source software called the National Carbon Registry which will allow countries to effectively manage national data and processes for trading carbon credits.
- The software has been accredited as a digital public good (DPG).
- As a DPG, the registry uses open-source code, which allows countries to replicate and adapt the information to fit their own needs and contexts.
- The registry’s modules, software and technical documentation can be reused and tailored by countries, which could potentially reduce production costs and implementation timelines.
Source: UNDP
Banking and Economy
- Reserve Bank of India (RBI) has unveiled a Public Tech Platform for Frictionless Credit to transform credit accessibility and lending efficiency.
About the Platform
- It is developed by the RBI’s subsidiary Reserve Bank Innovation Hub (RBIH).
- The platform is set to launch as a pilot project with gradual access to information providers and use cases.
- The pilot phase will focus on credit products like Kisan Credit Card loans, dairy loans, collateral-free MSME loans, personal loans, and home loans.
- The platform will integrate services such as Aadhaar e-KYC, state government land records, satellite data, PAN validation, Aadhaar e-signing, account aggregation, and more.
- Axis Bank Limited has launched two new financial products, Kisan Credit Card (KCC) and unsecured Micro, Small and Medium Enterprises (MSME) loans powered by Public Tech Platform for Frictionless Credit.
- Purpose-
- To streamline the credit delivery process by enabling seamless digital information flow to lenders.
- To simplify the credit assessment by providing an end-to-end digital ecosystem that facilitates the smooth exchange of essential digital data among stakeholders.
Features of the Platform
- Open Architecture: The platform adopts an open architecture model, fostering interoperability and collaboration among various financial sector players.
- Plug and Play Model: The open Application Programming Interfaces (APIs) and standards enable seamless integration and interaction among participating entities.
- Efficiency and Scalability: The platform aims to enhance lending efficiency, reduce costs, expedite disbursement, and scale up lending operations.
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| What is frictionless credit? • It is a borrowing approach that seeks to streamline the lending process for consumers. • Unlike the traditional credit systems, where individuals need to go through extensive paperwork, credit checks and lengthy approval procedures, frictionless credit promises a smoother and faster experience. |
Source: BS
- Reserve Bank of India (RBI) has recently launched a Centralised Web Portal, UDGAM (Unclaimed Deposits – Gateway to Access inforMation), for the public to search for their unclaimed deposits across multiple banks at one place.
- It has been developed by RBI for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.
- Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal.
- The portal will enable users to either claim the deposit amount or make their deposit accounts operative at their respective banks.
About the Portal
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| What are Unclaimed Deposits? • According to RBI, "Unclaimed Deposits" refers to funds held in savings or current accounts that have remained inactive for a duration of 10 years, or in the case of fixed deposits (FDs), have not been withdrawn within 10 years from the maturity date. |
Source: ToI
- IndusInd Bank Limited has launched first-of-its-kind Visa multi-branded credit card “IndusInd Bank Avios Visa Infinite Credit Card” in partnership with British Airways Executive Club and Qatar Airways Privilege Club.Source: ZB
- Crisil, a global analytics company, has estimated that the Indian economy will experience a growth rate of 6% during FY24, a decline from the 7.2% growth achieved in FY23.
- The global economic slowdown is expected as a result of rising interest rates and the exports may continue to be a drag on industrial output.
- Monsoon will have a significant impact on industrial prospects through effects on inflation and rural demand.
Source: CRISIL - Advertising Standards Council of India (ASCI) has made it mandatory for financial advisors or “finfluencers”to register with the Securities and Exchange Board of India (Sebi) and disclose their credentials in its revised advertising guidelines.
- This applies to all finfluencers working in the banking, financial services, and insurance (BFSI) sector offering investment advice.
Who are finfluencers?
- Finfluencers are people with public social media platforms offering advice and sharing personal experiences about money and investment in stocks. Their videos cover budgeting, investing, property buying, cryptocurrency advice and financial trend tracking.
Highlights of the report
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| Advertising Standards Council of India • ASCI is a voluntary self-regulatory organization, registered as a not-for-profit company under section 25 of the Indian Cos. Act. • The sponsors of ASCI, who are its principal members, are firms of considerable repute within Industry in India, and comprise Advertisers, Media, Advertising Agencies and other professional /ancillary services connected with advertising practice. • ASCI is represented in all committees working on advertising content in every Ministry of the Government of India. • The aim of ASCI is to maintain and enhance the public's confidence in advertising. • Their mandate is that all advertising material must be truthful, legal and honest. |
Source: IE
Defence News
- The Indian Air Force (IAF) will host a mega multilateral military exercise named Tarang Shakti (largest air exercise ever conducted in India) in mid of
- The exercise was initially scheduled for October-November 2023.
Source: ToI
- The exercise was initially scheduled for October-November 2023.
- India has presented the Indian Navy’s Dornier 228 maritime surveillance aircraft to the Sri Lanka Air Force (SALF) at the event in Katunayake SLAF Base, Colombo, SriLanka.
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| About Dornier 228: • The 19-seater Dornier 228 aircraft is a highly versatile multi-purpose light transport aircraft. • It was designed and manufactured for the first time by Dornier GmbH (a German aircraft manufacturer). • Following the transfer of technology from the German corporation, Hindustan Aeronautics Limited (HAL) began manufacturing at its transport aircraft division in Kanpur after obtaining a product licence. |
Source: TH
Memorandum of Understanding
- India has signed a Memorandum of Understanding (MoU) with Trinidad and Tobago (T&T) on sharing of ‘India Stack’, a collection of open Application Programming Interfaces (APIs), and Digital Public Goods (DPGs) that aim to facilitate identity, data, and payment services on a large scale.
- Previously in June 2023, India has entered into MoUs with several countries including Armenia, Sierra Leone, Suriname, and Antigua & Barbuda to facilitate the sharing of India Stack.
- Last month, a similar MoU was signed with Papua New Guinea.
| Knowledge Nuggets - |
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| What is India Stack? • India Stack is a set of APIs (Application programming interface) that allows governments, businesses, startups, and developers to utilize a unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery. • India Stack is a government-led initiative that focuses on building a robust digital infrastructure to enable various digital services across different sectors. o The components of this collection are owned and maintained by different agencies. • INDIA STACK aims to streamline and enhance identity verification, data exchange, and digital payment processes to make them more accessible and efficient for citizens. • It includes digital public goods, which are digital resources and tools made available to the public to support various digital services and initiatives. • The key components of INDIA STACK include Aadhaar (unique biometric-based identification system), Unified Payments Interface (UPI) for instant digital payments, and Digital Locker for secure storage of personal documents. • The vision of India Stack is not limited to one country (India); it can be applied to any nation, be it a developed one or an emerging one. |
Source: NoA
- Tide Platform Limited (Tide), a United Kingdom (UK)-based Small and Medium-Sized Enterprise (SME) has signed a Memorandum of Understanding (MoU) with North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) to empower digitisation of the handloom and handicraft sector in northeast India.
- The company will bolster scalability, financial inclusion and market reach for the community of nearly 2.1 million handloom weavers and 3.5 million handicraft artisans across 800 clusters in Northeast India in a span of 1 year.
Source: ET
- The company will bolster scalability, financial inclusion and market reach for the community of nearly 2.1 million handloom weavers and 3.5 million handicraft artisans across 800 clusters in Northeast India in a span of 1 year.
Miscellaneous
- Australian Olympic swimming gold medallist John Devitt, has passed away.
- He had won gold medals at the 1956 Melbourne and 1960 Rome Olympics and set four individual world records in swimming for Australia.
Source: ESPN
- He had won gold medals at the 1956 Melbourne and 1960 Rome Olympics and set four individual world records in swimming for Australia.
About Anuj Jindal
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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 5 years of experience in the field of Education.
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