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Cabinet Approves ₹8,232 Crore for 85 New Kendriya Vidyalayas and 28 Navodaya Vidyalayas

The Indian government has approved a budget of ₹8,232 crore to establish 85 new Kendriya Vidyalayas (KVs) and 28 Navodaya Vidyalayas (NVs), a decision taken during the Cabinet Committee on Economic Affairs meeting chaired by Prime Minister Narendra Modi. The move is set to provide access to quality education for over 98,240 students across the country. Union Minister Ashwini Vaishnaw announced that this expansion marks a significant milestone in extending the reach of KVs and NVs, which are among the most sought-after schools in India due to their innovative teaching methods and excellent academic track records. The decision includes the creation of 5,388 direct permanent employment opportunities through new KVs, with each school employing approximately 63 staff members. An additional 33 posts will be created through the expansion of an existing KV in Shivamogga, Karnataka. Similarly, the 28 new NVs will provide direct employment to 1,316 individuals while accommodating 15,680 students, primarily from rural areas. Construction and related activities for the schools are also expected to generate numerous employment opportunities for skilled and unskilled workers, further boosting economic growth. Jammu and Kashmir will see the highest number of new KVs (13), followed by Madhya Pradesh with 11 and Rajasthan and Arunachal Pradesh with eight each. Among NVs, Telangana leads with seven new schools, followed by six in Assam. The initiative aligns with the National Education Policy (NEP) 2020, as nearly all new KVs and NVs will be designated as PM SHRI schools, serving as model institutions showcasing NEP implementation. Kendriya Vidyalayas cater primarily to children of Central Government employees, including defense and paramilitary personnel, while NVs focus on providing quality education to talented rural students. This expansion underscores the government’s commitment to making quality education accessible across urban and rural India. Source: Indian Expr Photo Credit: Indian Expressess

Banking Laws (Amendment) Bill Aims to Strengthen Governance and Enhance Customer Experience

The Banking Laws (Amendment) Bill, 2024, presented by Finance Minister Nirmala Sitharaman in the Lok Sabha, introduces significant reforms to enhance governance in the banking sector and improve customer convenience. The bill proposes 19 amendments across key legislations, including the Reserve Bank of India Act, 1934; the Banking Regulation Act, 1949; and acts governing the State Bank of India and public sector banks. Key changes aim to: Strengthen Governance: Improve audit quality, reporting consistency, and depositor protection. Enhance Customer Convenience: Allow account holders up to four nominees and redefine ‘substantial interest’ limits for directorships, raising the threshold from ₹5 lakh to ₹2 crore. Safeguard Investor Interests: Transfer unclaimed dividends, shares, and bond-related interests to the Investor Education and Protection Fund (IEPF) with provisions for claims or refunds. Sitharaman highlighted the evolving banking sector’s need for robust reforms. “These amendments will improve governance, safeguard investors, and provide enhanced customer convenience,” she said. For cooperative banks, the amendments increase director tenure from 8 to 10 years, align with constitutional reforms, and grant Central Cooperative Bank directors eligibility to serve on State Cooperative Bank boards. Additional proposals include: Auditor Remuneration Flexibility: Empowering banks to decide statutory auditor payments. Regulatory Compliance Simplification: Redefining reporting dates to the 15th and last day of every month, replacing the current second and fourth Fridays. These reforms are poised to ensure better protection for depositors, streamline regulatory frameworks, and improve operational efficiency across India’s banking landscape. Source: Indian Express Photo Credit: Indian Express

Uttar Pradesh Declares Maha Kumbh Area as New District Ahead of 2025 Mega Event

In preparation for the Maha Kumbh Mela 2025, the Uttar Pradesh government has declared the Maha Kumbh area as a new district. The announcement, formalized through a government order issued late Sunday night, aims to enhance the administrative efficiency and organization of the grand religious event. The newly created district will be called Maha Kumbh Mela District. District Magistrate Ravindra Kumar Mandad issued the notification, citing powers under the Uttar Pradesh Prayagraj Mela Authority Act, 2017. According to the order, the Mela Adhikari will function as the Executive Magistrate, District Magistrate, and Additional District Magistrate within the newly designated district, equipped with full authority under the Indian Civil Defense Code, 2023, and other applicable laws. The district will encompass 67 villages from Prayagraj’s existing tehsils, including 25 villages from Sadar, three from Sorav, 20 from Phulpur, and 19 from Karchana block. This realignment is aimed at streamlining governance and ensuring seamless arrangements for the anticipated influx of over 400 million devotees during the event, which is scheduled for January 2025. The Maha Kumbh Mela is one of the largest religious gatherings in the world, and the creation of this dedicated administrative unit underscores the government’s commitment to effective event management. This move is expected to facilitate better crowd control, resource allocation, and infrastructure development for the pilgrims. With this proactive measure, Uttar Pradesh positions itself to handle the logistical and spiritual needs of one of India’s most iconic cultural events. Source: Zeebiz Photo Credit: Zeebiz

Adani Group Faces Corporate Governance Crisis; Fitch Places Key Stocks on ‘Watch Negative’

The Adani Group is grappling with intensified corporate governance concerns following bribery charges against key executives of Adani Green Energy Limited (AGEL) by U.S. authorities. In response, Fitch Ratings placed Adani Energy Solutions Limited (AESL) and Adani Electricity Mumbai Limited (AEML) on a “Rating Watch Negative,” signaling a potential downgrade of their ‘BBB-‘ ratings. US Charges Spark Governance Concerns The allegations, tied to a 2021 offshore note offering, include bribery and misleading investors. With two accused executives linked to the Adani founding family, the controversy has amplified fears of systemic governance risks across the conglomerate. Fitch warned that any conviction or evidence of weak governance could significantly pressure ratings. Liquidity Remains Strong, But Risks Loom Fitch noted that AESL and AEML maintain robust liquidity, with AESL raising $1 billion via qualified institutions placement for near-term projects. AEML benefits from regulatory protections for operating costs. However, Fitch cautioned about increased reliance on onshore funding, which could elevate borrowing costs and refinancing risks in the medium term. Global Fallout The charges have drawn sharp reactions from international stakeholders. Total Energies has halted investments in Adani projects, and ESG rating agency Morningstar Sustainalytics is reviewing risks associated with Adani Green. Adani-linked dollar bonds, which initially plummeted, showed signs of stabilization but continue to face scrutiny. Future Challenges The indictment’s ripple effects extend beyond the group’s finances, potentially pressuring capital inflows and impacting India’s currency if funding risks persist. While the Adani Group has denied the allegations as “baseless” and pledged legal action, the conglomerate faces mounting global scrutiny. The coming weeks will test Adani’s ability to address governance issues and reassure investors, as reputational and financial challenges intensify. Source: Zeebiz Photo Credit: Zeebiz

AI Governance Market to Reach $3,594.8 Mn by 2033, Growing at 39.0% CAGR

The global AI Governance Market is poised for substantial growth, with its size projected to increase from USD 185.5 million in 2024 to USD 3,594.8 million by 2033, according to a report by Dimension Market Research. This represents a remarkable compound annual growth rate (CAGR) of 39.0% during the forecast period. AI governance focuses on creating robust frameworks to regulate the development, deployment, and usage of AI technologies, ensuring compliance with ethical guidelines and addressing concerns around privacy, transparency, fairness, and accountability. Key Insights from the Report: Market Drivers: Rising adoption of AI across industries is fueling demand for governance frameworks. Organizations are prioritizing ethical AI, regulatory compliance, and risk management to ensure responsible AI deployment. Regional Highlights: The U.S. AI governance market is expected to reach USD 1.3 million by 2024, growing at a CAGR of 13.4%. North America is projected to hold a 32.9% revenue share in 2024, driven by advanced AI adoption and regulatory initiatives. Market Segments: The software segment is anticipated to dominate the AI governance market in 2024. Large enterprises will likely lead in adoption, with government and defense sectors contributing the largest revenue share. Emerging Trends in AI Governance: Explainability in AI Systems: Increased focus on transparent decision-making processes in critical sectors. Ethical AI Guidelines: Organizations are emphasizing fairness, accountability, and transparency in AI operations. Global Collaboration: Partnerships between tech companies, regulators, and academic institutions aim to create standardized practices for responsible AI. Regulatory Advances: Europe and North America are at the forefront of implementing comprehensive AI governance frameworks. Competitive Landscape: The AI governance market is intensely competitive, with major players like IBM Corp, Alphabet Inc, Microsoft Corp, Amazon Web Services, and SAS Institute leading the charge. Companies are investing heavily in technologies addressing bias detection, transparency tools, and data privacy. Startups are also entering the market, offering innovative and cost-effective solutions. With the increasing adoption of AI technologies, the need for robust governance frameworks has become paramount. The projected growth of the AI governance market underscores its critical role in ensuring responsible, ethical, and transparent AI deployment across industries. Source: telanganatoday Photo Credit: telanganatoday

Moody’s to Review Adani Group’s Governance Following Bribery Allegations

Global credit rating agency Moody’s has announced a governance review of the Adani Group following allegations of bribery against its chairman Gautam Adani and other senior officials. U.S. prosecutors have accused the billionaire and his associates of orchestrating a scheme to pay over $250 million (approximately ₹2,100 crore) in bribes to Indian officials for favorable solar power contract terms. Moody’s Ratings issued a statement describing the charges as “credit negative” for the group’s companies, signaling potential repercussions for the conglomerate’s financial health and investor confidence. “Our primary focus is on the group’s ability to access capital to meet liquidity requirements and its governance practices,” the agency said. The indictment has raised fresh concerns over corporate governance within the Adani Group, which operates across sectors such as ports, energy, and infrastructure. The alleged bribery scheme, if proven, could tarnish the group’s reputation and strain its relationship with global investors. The allegations add to the challenges facing the Adani Group, which has already been under intense scrutiny following the Hindenburg Research report earlier this year. The report accused the group of financial irregularities and stock manipulation, leading to significant market volatility and questioning of the group’s governance standards. The new bribery charges, involving high-level officials, pose further risks to the group’s operations and financial standing. Moody’s review will likely consider the impact on the group’s ability to secure funding and its adherence to governance protocols in light of these developments. This latest controversy underscores the increasing importance of robust corporate governance in maintaining credibility and stability in global markets. The Adani Group has yet to issue a detailed response to the charges. Source: telanganatoday Photo Credit: telanganatoday

PM Modi Highlights Role of Digital Public Infrastructure and AI in Global Inclusive Growth

Prime Minister Narendra Modi emphasized the transformative potential of Digital Public Infrastructure (DPI), Artificial Intelligence (AI), and data-driven governance in achieving inclusive global growth. Responding to a post by WTO Director-General Dr. Ngozi Okonjo-Iweala, the PM highlighted their pivotal role in reshaping lives worldwide: “Thank you for your support and valuable insights. The emphasis on Digital Public Infrastructure, AI and data for governance is key to achieving inclusive growth and transforming lives globally.” Strengthening SDGs with Technology PM Modi’s vision aligns with global initiatives like the Global Digital Compact and the Global DPI Summit 2024, which underscore the need for equitable deployment of technology. The seamless integration of DPI and AI is proving instrumental in creating jobs, enhancing healthcare and education, and reducing inequality. Technology, when inclusive and citizen-centric, unlocks new avenues for growth and strengthens faith in democratic principles. Systems built with open, interoperable, and scalable designs enable businesses of all sizes to connect efficiently, empowering families and communities while fostering economic resilience. Prioritizing Privacy and Trust PM Modi stressed the need for transparent, secure, and equitable data governance principles to protect privacy and intellectual property while ensuring trust in digital systems. Foundational and frontier AI models trained on diverse datasets were highlighted as critical for accommodating global cultural and linguistic diversity. Indian Culture Resonates Globally In a separate post, PM Modi lauded Jonas Masetti and his team for promoting Indian culture through their Sanskrit performance of the Ramayan. “It is commendable how Indian culture is making an impact all over the world. I had mentioned Jonas during a #MannKiBaat program for his passion towards Vedanta and the Gita,” the PM said. This dual emphasis on leveraging modern technology and celebrating cultural heritage underscores India’s holistic approach to sustainable, inclusive development on the global stage. Source: pmindia.Gov.in Photo Credit: pmindia.Gov.in

RBI Governor Urges Banks to Prioritize Governance and Ethical Practices

RBI Governor Shaktikanta Das on Monday called upon private sector banks to bolster their internal governance frameworks and curb unethical practices. Speaking at the Conference of Directors of Private Sector Banks in Mumbai, Das emphasized the long-term risks of practices like mis-selling products and opening accounts without proper KYC verification. “While such practices may yield short-term gains, they ultimately expose banks to reputational damage, supervisory scrutiny, and financial penalties,” he noted, urging bank boards to lead the charge in ensuring ethical operations. Das highlighted the need for banks to carefully structure employee incentives to avoid encouraging unethical behaviors. He also pointed out that the Indian banking sector is at a juncture of both opportunities and challenges, with improving financial indicators reflecting strong efforts by bank management and boards. To maintain this momentum, the governor underscored the importance of leveraging strong fundamentals to build resilience and grow sustainably. “Good times are the best times to reinforce resilience and fortify defenses,” he remarked. The governor also touched upon emerging challenges posed by technological advancements, the rise of fintech, third-party dependencies, and climate change. He urged bank boards to act as guiding beacons in this dynamic environment, helping navigate risks while steering towards stable and sustainable growth. Das reaffirmed the RBI’s commitment to supporting the banking sector in its pursuit of innovation and resilience. He emphasized that a proactive approach to governance and ethics is crucial for fostering trust and stability in India’s rapidly evolving financial landscape. Source: CNBCTV 18 Photo Credit: CNBCTV 18

PM Modi Praises CM Nitish Kumar’s Governance, Inaugurates AIIMS and Key Projects in Bihar

Prime Minister Narendra Modi, on Wednesday, praised Bihar Chief Minister Nitish Kumar for his contributions to Bihar’s development, describing his governance as a shift from the “Jungle Raj” era to a model of “sushashan” (good governance). Modi’s remarks came during an event in Darbhanga, Bihar, where he laid the foundation stone for an All India Institute of Medical Sciences (AIIMS) and inaugurated infrastructure projects totaling over ₹12,000 crore. “Nitish Babu has established a governance model that has pulled Bihar out of the shadows of Jungle Raj,” Modi stated, highlighting the transformation under Kumar’s leadership. With Nitish Kumar on stage, Modi noted the progress achieved under the NDA’s “double engine” government, driving Bihar towards all-around growth. Modi also acknowledged Nitish Kumar’s persistent efforts to bring AIIMS to Darbhanga, crediting the Chief Minister’s initial request alongside late BJP leader Arun Jaitley. In his speech, Modi emphasized the importance of improving medical facilities across smaller towns and noted that, under his government, the number of AIIMS hospitals has expanded from just one since independence to nearly 24. Additionally, the PM highlighted the increase in medical colleges, which has doubled in the last decade, resulting in more doctors and medical seats nationwide. Darbhanga AIIMS, he noted, would help address Bihar’s healthcare needs and produce skilled doctors for the state and the country. In line with promoting education in regional languages, Modi reaffirmed his government’s commitment to offering medical education in Hindi and other languages—a tribute to Bharat Ratna Karpoori Thakur’s vision. Modi also addressed Bihar’s annual flood challenges in the Kosi-Mithila region, revealing plans to collaborate with Nepal and allocate ₹11,000 crore towards flood mitigation. He concluded by announcing new healthcare initiatives, including a cancer center in Muzaffarpur and an eye hospital in collaboration with Kanchi Kamakoti Peeth. Present at the event were Bihar Governor Rajendra Vishwanath Arlekar, Union ministers Chirag Paswan and Nityanand Rai, and Deputy Chief Ministers Samrat Choudhary and Vijay Kumar Sinha. Source: Times of India Photo Credit: Times of India

IIT Madras and Vidhi Centre Recommend Participatory AI Governance Model for Inclusive Development

A recent study by IIT Madras, in collaboration with the Vidhi Centre for Legal Policy, advocates a participatory governance model for Artificial Intelligence (AI) in India, aiming to set a global standard for inclusive AI development. The report emphasizes that involving diverse stakeholders in AI’s lifecycle enhances accountability, transparency, and fairness in AI systems. The research, spearheaded by IIT Madras’ Centre for Responsible AI (CeRAI) at the Wadhwani School of Data Science and Artificial Intelligence (WSAI), brings together technologists, legal experts, and policy researchers to explore the benefits of a participatory approach. Real-world case studies across sectors reveal how public involvement can yield AI systems that are better aligned with societal values and ethical standards. “The widespread adoption of AI has fundamentally reshaped our public and private sectors,” explained Prof. B. Ravindran, Head of CeRAI, IIT Madras. He highlighted a key finding: those impacted by AI systems often lack a voice in their development. “This study aims to close that gap by recommending participatory approaches that prioritize responsible, human-centric AI development,” he added. The report also provides a practical, sector-agnostic framework for identifying and integrating diverse perspectives throughout the AI development process. Shehnaz Ahmed, Lead for Law and Technology at the Vidhi Centre, noted that while the value of inclusivity in AI is recognized, frameworks for its implementation remain unclear. “Our findings demonstrate how a structured, participatory model can guide ethical development, especially in sensitive applications like facial recognition and healthcare,” she explained. This groundbreaking study suggests that a participatory model not only strengthens public trust but also accelerates AI’s acceptance across sectors by fostering transparency and accountability. With global relevance, the framework aims to support ethical, safe, and equitable AI practices worldwide. Source: Shiksha.com Photo Credit: Shiksha.com