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Month: July 2024

Education

Union Education Minister Dharmendra Pradhan Calls for Collaborative Approach to Advance Education System

Observenow Desk July 9, 2024

Union Education Minister Dharmendra Pradhan urged states and union territories to collaborate closely in advancing India’s education system during his address at the inaugural session of the Department of School Education and Literacy’s review meeting. Joined by Minister of State for Education Jayant Chaudhary and other officials, Pradhan emphasized the critical role of education in Prime Minister Narendra Modi’s vision for a developed India. He highlighted the transformative impact of the National Education Policy (NEP) in fostering a knowledge-driven nation and promoting inclusive and quality education.

Pradhan underscored NEP 2020’s emphasis on education in Indian languages and stressed the importance of ensuring accessibility, equity, affordability, and accountability across the educational landscape. Addressing the evolving demands of the 21st-century global environment, he called for a balanced and forward-looking educational approach that nurtures critical thinking and technological readiness among students.

The minister called for a unified effort between states and the central government to strengthen educational capacities and replicate successful models nationwide. He also emphasized the role of educators in enhancing the vibrancy of the education sector through continuous professional development and competency-based education initiatives.

Minister Jayant Chaudhary praised NEP 2020 as a progressive policy framework and highlighted the need to increase Gross Enrolment Ratio (GER) to 100%, particularly among economically and socially disadvantaged groups. Secretary Sanjay Kumar outlined the meeting’s objectives, including reviewing NEP 2020’s implementation and aligning flagship schemes with policy goals to set a strategic course for the next five years. Key topics of discussion included infrastructure development, ICT integration, and the adoption of best practices across states and union territories.

Tags: Dharmendra PradhanNEP 2020

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News

Google’s Greenhouse Gas Emissions Surge Amid AI Expansion Challenges

Observenow Desk

Google’s efforts towards achieving net-zero emissions are facing a setback as its greenhouse gas output rises, driven by the energy demands of data centers supporting artificial intelligence (AI). In its latest environmental report released on Tuesday, Google disclosed a 48 percent increase in climate-altering emissions over the past five years, contradicting its ambitions of carbon neutrality.

The company reported a 13 percent rise in total greenhouse gas emissions in 2023 compared to the previous year, primarily attributed to heightened energy consumption in data centers and their supply chains. Despite scaling up the use of renewable energy such as solar and wind power, Google acknowledged significant challenges in reducing emissions while expanding AI capabilities, which intensify energy demands and associated emissions from infrastructure investments.

In a joint statement, Google’s chief sustainability officer Kate Brandt and senior vice president Benedict Gomes acknowledged ongoing efforts but highlighted the complexity of mitigating emissions amidst AI expansion. The company emphasized that integrating AI into products amplifies energy requirements, posing hurdles to emission reduction efforts.

Google’s situation mirrors broader challenges across the tech industry, where companies like Microsoft also reported a 29 percent increase in greenhouse gas emissions in 2023, underscoring the trade-off between technological advancement and environmental impact. Both Google and Microsoft have committed to achieving carbon neutrality by the end of this decade, with Microsoft setting an additional goal of carbon negativity by 2050.

Reflecting on the need for systemic change, Google stressed the importance of collaborative efforts and supportive government policies to realize a sustainable future. As competition intensifies in the AI sector, environmental sustainability remains a critical focus for industry leaders striving to balance innovation with climate responsibility.

Tags: artificial intelligenceGoogle

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Digital Native

Wealthtech Startup Dezerv Secures $32 Million in Series B Funding

Observenow Desk

Mumbai-based wealthtech platform Dezerv has successfully raised Rs 265 crore ($32 million) in a Series B funding round, led by Premji Invest. This latest infusion of capital underscores Dezerv’s resilience amidst a challenging funding environment, particularly in the wealth management sector.

Regulatory filings accessed from the Registrar of Companies (RoC) reveal that Dezerv’s board approved a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each, raising a total of Rs 265 crore ($32 million).

Premji Invest led the funding round with an investment of Rs 169 crore. Existing investors Elevation Capital and Matrix Partners each contributed Rs 35 crore, while Accel India, which led Dezerv’s Series A financing, added Rs 26 crore to the Series B round.

The newly acquired funds will be utilized to drive growth and bolster Dezerv’s financial stability. The company, which provides portfolio management services to top-salaried and business professionals, leverages in-house experts to manage investment portfolios, boasting nearly 30% returns since its inception in April 2021.

TheKredible estimates place Dezerv’s valuation at approximately Rs 1,715 crore ($207 million) post-allotment. The Series B round appears to be ongoing, suggesting the potential for additional capital infusion, which would subsequently adjust Dezerv’s post-money valuation.

Following this funding round, Premji Invest holds 9.84% of Dezerv’s cap table, while Elevation Capital and Matrix Partners each command 15.28%, and Accel India holds 11.46%. To date, Dezerv has raised approximately $60 million, including a $7 million seed round co-led by Elevation and Matrix in September 2021.

Tags: DezervFUNDINGWealthtech

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Exclusive

10 Billion Passwords Exposed in Largest Leak Ever: Report

Observenow Desk

In a shocking revelation, 10 billion passwords have been exposed in what is being described as the largest leak ever. The compilation, dubbed ‘RockYou2024,’ was shared by a user named ‘ObamaCare’ on a popular hacking forum last Thursday.

This is not the first instance of ‘ObamaCare’ disseminating stolen data online. Previous leaks attributed to this user include an employee database from the law firm Simmons & Simmons, a lead from online casino AskGamblers, and applications for Rowan College at New Jersey.

According to researchers at Cybernews, who have analyzed the dataset, ‘RockYou2024’ was compiled over more than a decade and represents the third major dataset of its kind. The dataset includes a mix of newly-stolen and previously stolen passwords.

In 2021, a similar dataset named ‘RockYou2021’ was released, containing approximately 8.4 billion passwords. The latest dataset adds around 1.5 billion more passwords to this already massive collection. The 2021 dataset itself built upon another from 2009, which included “tens of millions of user passwords for social media accounts.”

The implications of such a massive leak are profound. Leaked passwords can be exploited in credential stuffing attacks and brute force attacks. Credential stuffing involves using passwords stolen from one account to gain access to others, relying on the common practice of users reusing passwords across different services. Brute force attacks involve systematically guessing passwords and other sign-in information through trial and error.

Cybernews researchers warn that the 10-billion-strong database could be used to target a wide range of services, from online platforms to internet-facing cameras and industrial hardware. When combined with other leaked databases containing user email addresses and other credentials, ‘RockYou2024’ could lead to a cascade of data breaches, financial frauds, and identity thefts.

Tags: CybernewsLeaked passwordsPasswords Exposed

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Education

Gati Shakti Vishwavidyalaya and Airbus Forge Alliance to Enhance Aerospace Education and Research

Observenow Desk

Gati Shakti Vishwavidyalaya (GSV) Vadodara and Airbus have entered a strategic partnership to significantly advance India’s aviation sector.

The collaboration includes a comprehensive scholarship program for 40 GSV students throughout their studies, the establishment of the GSV Centre of Excellence, and the appointment of an Airbus Aviation Chair Professor. Additionally, the partnership will offer executive training for aviation industry professionals.

Founded by an Act of Parliament in 2022, Gati Shakti Vishwavidyalaya aims to develop world-class talent for the transportation and logistics sectors. The Central University, funded by the Ministry of Railways, Government of India, operates under the leadership of Shri Ashwini Vaishnaw, Minister of Railways, Information and Broadcasting, Electronics.

Tags: Aerospace Education and ResearchAirbus Forge AllianceGati Shakti Vishwavidyalaya

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Education

NMC Approves 113 New Medical Colleges to Address Healthcare Workforce Shortage

Observenow Desk

The National Medical Commission (NMC) has sanctioned the establishment of 113 new undergraduate medical colleges for the 2024-25 academic year, significantly boosting the number of MBBS seats nationwide.

This decision follows a public notice issued by the Medical Assessment and Rating Board (MARB) on April 3, inviting applications for new UG medical colleges. The NMC has communicated its approvals directly to the respective institutions via email, using the contact details provided in their applications. These institutions have been instructed to take the necessary steps within a specified timeframe upon receiving the official notification.

The increase in MBBS seats aims to support aspiring medical students and mitigate the national shortage of healthcare professionals.

Established in 2019 under the National Medical Commission Act, the NMC’s mission is to improve access to quality and affordable medical education.

Tags: MBBS seatsMedical CollegesNational Medical Commission

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Digital Native

CollegeDekho Secures $9 Million in Extended Series B Funding from Existing Investors

Observenow Desk July 8, 2024

Gurugram-based higher education services startup CollegeDekho has raised $9 million in its extended Series B funding round, led by its existing investors through a special purpose vehicle (SPV), according to an Inc42 report.

This latest investment brings CollegeDekho’s total funding to over $90 million. The startup previously raised $9 million from Janeville Limited in December 2022. In December 2021, CollegeDekho secured $35 million from investors including Winter Capital, ETS Strategic Capital (the private equity arm of ETS, the creator of the TOEFL and GRE tests), Calega, and existing supporter Man Capital.

Founded in 2015 by Ruchir Arora, Saurabh Jain, Rohit Saha, and Rajiv Singh, CollegeDekho provides various services in the higher education sector, such as test preparation, college discovery, selection, guidance, and enrollment. The startup has acquired four companies: ImaginXP, PrepBytes, GetMyUni, and Scholarship Facilitation Services. It claims to have counseled over 7 million students and partnered with nearly 1,500 colleges. Its higher education platforms have attracted over 160 million visitors.

In the financial year 2023-24 (FY24), CollegeDekho reported a revenue of ₹239 crore. In FY23, the startup incurred a standalone loss of ₹120 crore on a revenue of ₹141 crore.

Tags: CollegeDekhoFUNDING

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Governance

Over Half of Public Grievances Resolved on CPGRAMS Portal in First Half of June: Government Report

Observenow Desk

The Central Government announced on Monday that over 50 percent of public grievances submitted through the CPGRAMS portal were resolved within the first 15 days of June. The Ministry of Personnel, Public Grievances & Pensions reported that 69,166 grievances were addressed during this period.

The Department of Administrative Reforms and Public Grievances (DARPG) revealed that they received a total of 1,35,642 grievances in the first half of June. Out of these, 69,074 grievances were resolved, while 66,568 remain pending.

Additionally, DARPG released a list of the top five ministries and departments in terms of grievance redressal numbers. Leading the list is the Department of Rural Development with 21,614 grievances resolved. Following are the Ministry of Labour and Employment with 7,324 grievances, the Department of Financial Services (Banking Division) with 6,206 grievances, the Central Board of Direct Taxes (Income Tax) with 2,890 grievances, and the Ministry of Railways (Railway Board) with 2,296 grievances resolved.

To raise public awareness, the department shared five success stories of citizens using the CPGRAMS portal. These stories will be released weekly by DARPG to encourage more citizens to utilize the portal. The success stories highlight resolutions in areas such as pensions, disability cards, and income tax refunds.

One highlighted case is that of Rakesh Garg, who reported an incorrect computation of interest under Section 234C to the Central Board of Direct Taxes. His issue was resolved, resulting in a refund of Rs. 3,65,365.

Another case involved Vidyadhar Singh, who had not received four installments under One Rank One Pension-II. After filing a grievance on the CPGRAMS Portal, he received arrears amounting to Rs. 30,806 within 49 days.

SPR Shoav Ahmed, a retired army soldier, lodged a grievance regarding the non-payment of his arrears amounting to Rs. 1,03,412. His arrears were credited to his account within 8 days of filing the complaint.

Lovejit Singh reported incorrect deductions from his SPARSH pension account. The issue was resolved, and a refund of Rs. 27,411 was provided for the deductions made over three months.

Om Prakash Sharma filed a grievance about his refund being adjusted against a demand. The CPGRAMS Portal helped him secure a refund amount of Rs. 31,710 for AY 2023-24 and Rs. 40,779 for AY 2012-13.

Tags: Central Board of Direct TaxesCPGRAMS portal

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News

OnePlus Appoints Robin Liu as India CEO Amid Retailer Boycott

Observenow Desk

Chinese smartphone manufacturer OnePlus has named Robin Liu, the former head of sales in India and CEO in North America, as the new head of its India operations. Liu will oversee the business from the company’s headquarters, sources close to the matter revealed under the condition of anonymity.

In a broader organizational reshuffle, OnePlus has reassigned Ranjeet Singh, the sales director, to lead the online business. Concurrently, Samrudh Pai, previously responsible for online channels, has been tasked with managing the offline retail segment. However, Pai has reportedly resigned following protests by organized retailers in South India over delayed claim settlements and supply chain issues.

Additionally, Lincal, a Chinese executive previously overseeing the India business from the headquarters, has also resigned.

Executives in India are now reporting to Max Chen, a former vice president of Oppo, according to insiders.

These changes follow a boycott by retailers who ceased stocking OnePlus products from April 15, citing unresolved claim settlements pending for over a year. By May 15, OnePlus had settled 80-90% of the claims, but a significant portion remains unresolved with no clear commitment on when they will be addressed. Retailers have accused the previous management of providing false assurances about overhauling the settlement system and resolving supply issues.

Tags: OnePlusRobin Liu

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BFSI

Neokred Technologies Targets 5 Billion Transactions Milestone with Collectbot by FY 2025, Expands Globally

Observenow Desk

Neokred Technologies Private Limited announced 5 billion transactions by Fiscal Year 2025 through its flagship product, Collectbot. Designed as a versatile payment processing platform, Collectbot simplifies financial transactions and enhances operational efficiency with its innovative use of Virtual Account Numbers (VANs). This approach streamlines fund reconciliation and minimizes KYC requirements, offering businesses a seamless payment processing solution.

Beyond its core functionalities, Collectbot features automated capabilities and robust security measures, making it an ideal choice for businesses seeking secure and efficient payment processing solutions. The platform’s integrated switch facilitates digital transformation for banks, enabling the seamless integration of over-the-top solutions into their current account systems. This capability enhances the interface between banks’ core banking systems and customers, fostering a more connected financial ecosystem.

Neokred’s ambitious projection reflects its commitment to revolutionizing the financial landscapes of India and the Middle East with its ‘Embedded Banking as a Service’ ecosystem. As a leading provider of Banking as a Service (BaaS) solutions, Neokred is dedicated to delivering innovative, data-driven solutions tailored to both B2B and B2C sectors.

Rohith Reji, Co-Founder & CEO of Neokred Technologies, emphasized the significance of this milestone: “Our target of 5 billion transactions signifies not just a numerical achievement, but also the trust our clients place in us and the reliability of our solutions. Collectbot goes beyond basic transaction processing; it delivers a transformative experience that empowers businesses and enhances user engagement through value-driven features.”

Neokred’s Embedded Banking as a Service ecosystem distinguishes itself with customizable solutions, scalable infrastructure, and rigorous compliance standards. By offering flexible APIs and modular components, Neokred ensures seamless integration and customization tailored to the unique needs of each business.

Dipali Padia, Director of Business Development at Neokred Technologies, highlighted the company’s collaborative approach to innovation: “At Neokred, we believe in collaborative innovation to drive efficiency. Our partnerships with leading banks and esteemed clients like CoinSwitch and CoinDCX underscore our commitment to delivering top-tier financial solutions. Collectbot exemplifies our pursuit of excellence and vision for the future of fintech.”

Tags: Neokred Technologies

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