NATIONAL UPDATES:
1. 25 years of Hornbill Festival of Nagaland: Nagaland’s signature tourism and cultural festival, “Hornbill Festival”, is celebrating its 25th anniversary in 2024 that is annually held from December 1 to 10The Hornbill Festival, also famous as the “Festivals of Festivals”, derives its name from the elusive Hornbill bird.The Hornbill Festival was launched in 2000 by the Nagaland government as a celebration of Naga culture but over a period of time has grown in popularity and stature, attracting national and international visitors.During the festival,17 tribes of Nagaland showcase their culture and tradition through dances, processions, art exhibits and musical performances.The Opening ceremony of the 25th edition of Hornbill Festival was held in the Kisama Heritage Village on 1 December 2024 and it was inaugurated by the Chief Minister of Nagaland Neiphiu Rio.
2. Union Cabinet approves Rithala-Kundli corridor of Delhi Metro: The Union Cabinet has approved the 463-km Rithala-Kundli corridor of the Delhi Metro’s Phase-IV project that will further enhance connectivity between the national capital and neighbouring Haryana.The entire stretch will comprise 21 stations, all of them elevated. The corridor is scheduled to be completed in 4 years from the date of its sanction.This line will be an extension of the presently operational Shaheed Sthal (New Bus Adda) – Rithala (Red Line) corridor and will boost connectivity in the north western parts of the national capital in areas such as Narela, Bawana, parts of Rohini etc. This entire stretch will comprise of 21 stations.A total of 12 metro lines of about 392 km with 288 stations are being operated by DMRC in Delhi and NCR at present. Delhi Metro has the largest Metro network in India and is also one of the largest Metros in the world.
3. Centre approves ₹944 crore as Cyclone Fengal relief to Tamil Nadu, promises more after assessment reports: The Centre has approved the release of ₹944.80 crore to Tamil Nadu as two instalments of its share from the State Disaster Response Fund (SDRF) to help the state government’s relief efforts in areas ravaged by Cyclone Fengal.Concerning overall funds for disaster relief, the Centre claimed that more than ₹21,718.716 crore has already been released to 28 states so far, this financial year.This includes ₹14,878.40 crore from SDRF to 26 states, ₹4,808.32 crore from NDRF to 18 states, ₹1,385.45 crore from the State Disaster Mitigation Fund (SDMF) to 11 states and ₹646.546 crore from the National Disaster Mitigation Fund (NDMF) to seven states.
4. India’s first Hyperloop train test track completed by IIT Madras: IIT Madras has completed a 410-meter Hyperloop test track, marking a significant milestone in India’s journey toward futuristic transport systems.The project is being led by IIT Madras’s Avishkar Hyperloop team in partnership with TuTr, a startup incubated at the institute. The Avishkar Hyperloop team comprises 76 undergraduates and postgraduate students from IIT Madras.The Hyperloop concept, originally popularised by Elon Musk in 2012, is now gaining traction worldwide, and this development takes India closer to adopting cutting-edge transportation technology.The technology will be implemented in two phases: the first phase will feature an 11.5-kilometre test track to validate and certify the technology. Upon successful trials, the second phase will expand the track to nearly 100 kilometres.
INTERNATIONAL UPDATES:
1. India to chair UN Commission on Narcotic Drug: The Indian Embassy in Austria announced that India has been chosen to Chair the 68th Session of the UN Commission on Narcotic Drugs (CND).India’s Permanent Representative to the United Nations in Vienna, Ambassador Shambhu S Kumaran, officially assumed the Chairmanship of the UN Commission on Narcotic Drugs.This is the first time that India has been named to Chair this important UN body.The CND is the principal policy-making body of the United Nations on drug-related matters. It is mandated to monitor global drug trends, support Member States in formulating balanced policies, and oversee implementation of the major international drug conventions.
2. 7 December – International Civil Aviation Day: International Civil Aviation Day is celebrated every year on December 7.It is important to recognize the role of aviation in global connectivity, economic development, and fostering cultural exchange.Theme 2024 – Safe Skies. Sustainable Future: Together for the next 80 yearsThis day also draws attention to the challenges faced by the aviation industry and the progress made in ensuring the safety, sustainability, and accessibility of air travel.7 December 2024 marks the 80th anniversary of the signing of the Convention on International Civil Aviation in Chicago, United States. For eight decades, this defining international agreement has served as the foundation for the development of the global civil aviation system to the benefit of all nations.
OTHER UPDATES:
SCIENCE AND TECHNOLOGY
1. Andhra Pradesh ties up with Google for harnessing AI tech: Andhra Pradesh has entered into an agreement with Google under which the tech giant will help the state in adoption of artificial intelligence (AI) in various fields including healthcare, and also give a fillip to the local startup ecosystem there.The collaboration will also focus on promoting skill development and bridging the digital divide by providing citizens with the necessary training and resources to thrive in an AI-driven economy.Additionally, Google will support the state’s startup ecosystem, to fuel innovation and entrepreneurship in the field of AI.Google Cloud will also collaborate with the government to provide skilling programs for government agencies, including Google Cloud Certifications and Skill Badges in areas like cybersecurity, data analytics, and generative AI.
2. ISRO successfully launch ESA Probe 3 Spacecraft using PSLV C-59 Rocket: The Indian Space Research Organisation (ISRO) successfully launched the European Space Agency (ESA) Probe 3 Spacecraft from the First Launch Pad, Satish Dhawan Space Centre (SDSC-SHAR), Sriharikota Andhra Pradesh.The ESA Probe 3 was launched onboard ISRO’s Polar Satellite Launch Vehicle (PSLV) C-59.It was NewSpace India Limited’s (NSIL) second successful mission in a fortnight after the launch of the GSAT-20/ GSAT-N2 satellite aboard SpaceX’s Falcon 9 rocket.
BANKING AND FINANCE
1. RBI Innovation Hub develops MuleHunter.ai to combat mule account fraud: The Reserve Bank of India (RBI) Governor Shaktikanta Das said that the Reserve Bank Innovation Hub has developed an AI/ML-based model, MuleHunter.ai, which will be used to address the issue of mule bank accounts being used to commit financial frauds.As part of the Reserve Bank’s continued efforts to prevent and mitigate digital frauds, an innovative AI/ML-based model, namely MuleHunter.ai, has been developed by the Reserve Bank Innovation Hub (RBIH), Bengaluru. This will help banks deal with the issue of mule bank accounts expeditiously and reduce digital frauds.The RBI has taken several measures to prevent and mitigate digital frauds in the financial sector, including the issuance of cybersecurity and cyber fraud prevention guidelines, among others. According to the RBI, fraudsters use money mule accounts to channel the proceeds of frauds.
2. RBI allows small finance banks to offer pre-sanctioned credit via UPI: The Reserve Bank of India (RBI) has decided to permit Small Finance Banks to extend pre-sanctioned credit lines through the UPI.This will further deepen financial inclusion and enhance formal credit, particularly for ‘new to credit’ customers.Credit line on UPI was first introduced in September 2023 and was made available through Scheduled Commercial Banks (SCBs).This move aims to support underserved groups, including small businesses, micro-entrepreneurs, and individuals in rural and semi-urban regions.This development follows an important update from September 2023, when the RBI allowed Scheduled Commercial Banks to link pre-sanctioned credit lines to UPI accounts. Previously, this feature was unavailable to SFBs, Regional Rural Banks, and Payments Banks.
3. Neysa and DSW join hands to launch Advanced AI Cloud Platform for Indian Insurance Sector: Neysa, an AI Acceleration Cloud System provider, and Data Science Wizards (DSW), a deep-tech AI platform company, have launched a fully managed Insurance AI Cloud Platform tailored for the Indian insurance industry.The platform is designed to help insurers confidently build, optimize, and deploy AI/ML-powered digital solutions, enhancing operational efficiency, risk management, and customer-centric innovation.With India’s insurance penetration at a modest 4.2% of GDP in 2023, the need for digital transformation in the sector is critical.The platform aims to bridge this gap, offering cutting-edge AI/ML solutions to boost consumer trust, drive efficiency, and enable insurers to scale up with customized offerings.
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