India’s non-banking financial sector has grown to become the third largest in the world, next only to the United States and the United Kingdom, according to an SBI (NS:SBI) report that highlights the growing strength of the country’s financial sector.Non-banking financial institutions do not possess a full banking licence and thus, cannot accept public deposits. These entities focus on giving loans to consumers and businesses which play a key role in driving up economic growth.

Over the past decade, the Indian banking system has demonstrated remarkable resilience, overcoming numerous challenges posed by both domestic and international economic environments, the report states.

It said that the improvement in asset quality and the strong macroeconomic fundamentals have played a crucial role in improving the Indian banking sector.

It highlighted that the Indian government and regulatory bodies have focused on creating a level playing field for financial institutions. This has involved initiatives such as the creation of strong banks through mergers and capital infusion, improving governance practices, expanding the reach and quality of financial services, and enhancing the adoption of digital banking.

During the pandemic, the government maintained the financial sector’s stability through substantial capital and liquidity buffers. This resilience is credited to the proactive measures taken by the Reserve Bank of India (RBI).

The report also points out that the RBI’s efforts in strengthening the financial system included enforcing the regulatory measures that ensured the sector remained well-cushioned against economic shocks. These measures have not only helped in maintaining stability but also in fostering growth and innovation within the sector.

Recently India’s digital banking landscape has also seen significant advancements. The push towards digital banking has been a major contributor to the sector’s growth. This transition to digital platforms has expanded access to financial services, making them more inclusive and efficient. The report also highlights that the government and regulatory bodies have prioritised customer protection, ensuring that the interests of the public are safeguarded amidst the digital transformation. AGENCIES

Torrential rains triggered mountain torrents and landslides in the city of Changji, northwest China’s Xinjiang.The landslides hit the region at about 6:50 p.m. Monday, leaving roads clogged and four people missing, according to local emergency response and fire departments, reports Xinhua news agency.

Police received reports of vehicles being trapped at around 7:55 p.m. Monday, and immediately launched rescue operations.

By 3 a.m. Tuesday, roads had been cleared, with trapped people and vehicles moved to safe locations.

Search and rescue efforts for the four missing people are still underway. AGENCIES

Former Thai prime minister Thaksin Shinawatra has been charged with defaming the monarch, the Bangkok Post reported on Tuesday, citing the attorney-general’s official spokesman.Shinawatra, 74, appeared in a Bangkok court and was released on bail of 500,000 baht ($13,600), the report said.

Thaksin is accused of defaming the monarch, known as lèse-majesté under the Thai criminal code, during a 2015 interview in South Korea. Thai prosecutors took up the case again last year after he returned from 15 years in exile. He faces a sentence of up to 15 years in prison in a country where lèse-majesté is regarded as a serious offence.

Thaksin, prime minister between 2001 and 2006, will also have to answer computer crime charges related to inputting information into a computer system seen as a threat to national security, the Bangkok Post reported.

He has denied all charges.

The billionaire prime minister was ousted in coup in 2006. He was subsequently charged with corruption and abuse of power, as well as failing to respect the monarchy. He fled the country in 2008 to avoid a prison sentence.

Thaksin was arrested and tried on his return to Thailand in 2023. King Maha Vajiralongkorn cut his sentence to one year from the eight imposed by the court, and he was released in February. Thailand permits prisoners older than 70 to apply for parole or a royal pardon. AGENCIES

Eight people have died in a fire at a hospital in Iran, according to media reports.The fire broke out in a hospital in the city of Rasht near the Caspian Sea in the north of the country, the state news agency IRNA reported on Tuesday.

According to initial findings, the dead were patients in an intensive care unit. Dozens of firefighters were deployed, as the head of the emergency services in the city said in an interview with state television.

The cause of the fire is being investigated. Around 140 patients had been rescued, the report said. There was concern that there could be more victims.Details are awaited.  AGENCIES

The Chinese and Australian governments have signed a Memorandum of Understanding (MoU) to restart strategic economic dialogue with a focus on forward-looking economic issues.Both countries on Monday agreed to enhance communication and exchange with the aim of fostering practical and effective economic cooperation, according to the National Development and Reform Commission (NDRC), China’s top economic planner.

The signature of the MoU was witnessed by leaders of the two countries. Liu Sushe, deputy head of the NDRC, and Treasurer of Australia Jim Chalmers represented their respective governments at the signing ceremony.

In the Australian capital Canberra on Monday, Chinese Premier Li Qiang said that China is willing to enhance coordination and cooperation with Australia at regional and international levels, calling for opposing camp confrontation and a “new Cold War”.

Li made the remarks during the ninth China-Australia Annual Leaders’ Meeting with Australian Prime Minister Anthony Albanese. AGENCIES

Two shipwrecks occurred on Monday off the Italian coasts, killing at least 11 migrants, while another 66 remain missing, the Italian authorities said.

A search and rescue operation by Italy’s coast guard is ongoing in the Mediterranean as of late on Monday, hours after two migrant boats encountered problems near the Italian coasts, Xinhua news agency reported.

A merchant ship in the area conducted the initial rescue after launching an SOS call as it discovered a wooden sailboat in distress some 120 miles (193 km) off the coast of Calabria in southern Italy.

The merchant ship rescued 12 people and assisted them until an Italian coast guard vessel arrived. One woman died shortly after disembarkation due to severe medical conditions, according to the Coast Guard.

“Searches for possible survivors of the shipwreck of the sailing boat continue,” the Coast Guard said in a statement.

The Coast Guard specified that two Italian patrol boats and an ATR42 aircraft were currently involved in the search, and another patrol ship with medical teams on board would soon join them in the area. As of Monday evening, no more survivors have been found.

The 66 people who are feared dead include 26 minors, according to local media citing sources among medical staff.

According to the survivors’ statement, the sailing boat departed from Turkey last week, carrying migrants and refugee seekers from Iraq, Syria, Iran, and Afghanistan.

Italian prosecutors have launched an investigation into the shipwreck, the latest in a long string of deadly incidents involving economic migrants and refugees attempting to reach Europe via the Mediterranean.

In an earlier incident, a rescue ship with the German aid group Resqship found 10 migrants dead and managed to save 51 others on board a boat in distress off the waters of Malta, not far from Lampedusa, Italy’s southernmost island.

The survivors were mainly from Bangladesh, Pakistan, Egypt, and Syria, according to Rai News 24. The ship was ordered by the Italian Interior Ministry to dock in Lampedusa, where survivors would receive assistance.

Migrants travelling by boat through the central Mediterranean Sea face dangerous conditions and high mortality rates due to weather conditions and poor-quality vessels. Nearly one thousand people have died or disappeared crossing the Mediterranean so far this year, and 3,155 in 2023, according to the United Nations’ International Organization for Migration. AGENCIES

 A fast-moving wildfire has burned over 12,200 acres (about 49.4 square km) overnight in Southern California, forcing at least 1,200 people to evacuate from a popular recreation area, authorities said on Sunday.

The wind-driven wildfire, dubbed the Post Fire, started Saturday afternoon in Gorman, about 100 km north of Los Angeles, Xinhua news agency reported, citing the California Department of Forestry and Fire Protection (Cal Fire).

The blaze was 2 per cent contained as of Sunday afternoon and has damaged two structures.

Cal Fire warned in a Sunday update that “slightly higher temperatures and lower humidity are expected to continue through the weekend, residents are reminded to remain vigilant and be prepared to evacuate if fire activity changes”.

The South Coast Air Quality Management District issued a smoke advisory, urging residents in the area impacted by smoke to limit their exposure by remaining indoors or seeking alternate shelter. AGENCIES

Against the backdrop of the two-day Ukraine peace conference in Switzerland that ended on Sunday, Russia has stepped up its military attacks on Ukraine, according to Kiev.”Throughout the day, the enemy is intensifying its offensive and assault operations, looking for ways to penetrate our defences and try to drive Ukrainian units out of their positions” the Ukrainian General Staff stated in its situation report on Sunday evening.

According to the report, the number of battles has risen to 88. Most of the battles took place in Donetsk region in eastern Ukraine — 36 in total. The report added that 25 of the attacks were repelled but 11 were ongoing.

The Russian military is attempting to make further advances, particularly near the city of Pokrovsk, it said.

The Russian military is also said to have made 10 attempts to storm Ukrainian positions on the front immediately to the north and south – in the Lyman area and around Kurakhove.

Moscow’s air force dropped heavy glide bombs on the defence positions, it said.

The information could not be independently verified.

Since last autumn, Ukraine has been on the defensive due to delayed arms and ammunition supplies from the West.

However, recent resupplies have helped stabilize the front, limiting Russian territorial gains. AGENCIES

Cammie, the camel whose leg was chopped off by a landlord of Mund Jamrao in Sindh’s Sanghar district, has not only been rescued from its owner but also is going to get an artificial limb through the collaboration of the Sindh government and a local NGO CDRS Benji.

Earlier, an Indian national offered to send an artificial leg for the camel however, the Sindh government did not consider the offer.

The name Cammie was given to the camel by CDRS (Comprehensive Disaster Response Service) Benji project, an NGO for stray and injured animals in Pakistan. The NGO took the initiative to reach out to the owner of the camel, whose leg was chopped off, and rescued it, providing the camel with the required treatment and bringing it to Karachi from Sanghar.

“CDRS Benji team took with it a medical team to treat Cammie and make sure its wounds have not been infected. Later, we paid the price of the camel to the owner and brought Cammie to our facility in Karachi,” said Sarah Jahangir, Director of CDRS Benji Karachi.

“The Sindh government has been working closely with the CDRS Benji project for the treatment and rehabilitation of Cammie,” Sarah added.

Since the incident occurred and the matter went viral on social media, the Indian national named Ravindra Bhai offered to send the artificial leg for the camel from India.

“We are not aware of any offer from India and frankly we did not even require to consider it because we have arrangements here in Pakistan. The Sindh government and CDRS Benji have already found BIONIKS Pakistan to prepare an artificial limb,” Sara Jahangir said.

The incident gained global attention when local journalists from Sanghar district reported about the camel and how an influential landlord for trespassing on his land chopped off its leg.

The incident occurred on June 14, when it was reported that a landlord in Mund Jamrao village in Sindh’s Sanghar district chopped off Cammie’s leg for trespassing on his field seeking fodder. As per locals in Sanghar, the camel was first beaten by the labourers of the landlord and later its leg was chopped off.

The incident was condemned widely and action against the brutal act of the landlord was demanded by voices from across the globe.

The owner of the poor peasant named Soomar Behan refrained from lodging a complaint with the police due to the fear of the landlord. However, the local police took action and arrested at least five people involved in the incident.

Later it was confirmed by Sharjeel Memon, Information Minister in the Sindh government, that action was directed by the state against the culprits.

On the other hand, Governor Sindh Kamran Tesoori has announced to give the owner of the camel at least two camels as compensation for Cammie.

Now that Cammie is under the supervision of CDRS Benji, special care and rehabilitation are being provided until the artificial leg is ready.

Cammie will now stay with CDRS Benji in Karachi and its complete care would be ensured in collaboration with the Sindh government.

“The 8-month-old female camel was in acute pain and everyone was coming together to help the camel because the prosthetic would take time as it needed around two months for the wound to heal before proper measurements could be taken. We are trying to heal her infection and soothe her pain with heavy painkillers, antibiotics and other medications,” Sara Jahangir said.

“She is in pain, and it was traumatizing for her to be carried into the shelter. But she is eating now and taking in everything around her with those beautiful, intelligent eyes,” added Sarah Jahangir.

BIONIKS Pakistan cofounder Anas Niaz said they would start working on the artificial limb as soon as Cammie heals.

“We are working on the limb for the camel as right now it needs to heal, which will take around 1-2 months time and after that rehabilitation of the camel will start. As the camel will need replacement from time to time, this will be an ongoing process that we are actively managing,” he said. AGENCIES

Nuclear weapons states are strengthening their nuclear arsenals in the face of numerous conflicts worldwide, a leading Swedish think tank on conflict and defence said on Monday. 

According to a new report published by the Stockholm International Peace Research Institute (SIPRI), the number of operational nuclear warheads is steadily rising.

“While the global total of nuclear warheads continues to fall as Cold War-era weapons are gradually dismantled, regrettably we continue to see year-on-year increases in the number of operational nuclear warheads,” said SIPRI director Dan Smith.

“This trend seems likely to continue and probably accelerate in the coming years and is extremely concerning.”

The number of nuclear weapons in development is also on the rise, as states bank on nuclear deterrence, the report said.

Of the estimated total of 12,121 warheads recorded worldwide in January, around 9,585 were part of military stockpiles for potential use.

Around 3,904 of these warheads were mounted on missiles and aircraft – 60 more than in the same month a year earlier. According to the report, the rest were kept in centralized storage facilities.

For decades, the global number of nuclear weapons has been steadily declining. However, the decline is mainly due to the fact that discarded warheads are gradually being dismantled by Russia and the US following the Cold War. AGENCIES