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

Prime Minister Narendra Modi on Monday expressed his gratitude to several world leaders for their best wishes as he formed the BJP-led NDA government for the third consecutive time.

Canadian Prime Minister Justin Trudeau extended his congratulations via a post on X, to which PM Modi responded, “Thank you @CanadianPM for the congratulatory message. India looks forward to working with Canada based on mutual understanding and respect for each other’s concerns.”

Finnish Prime Minister Petteri Orpo also congratulated Modi, writing: “Warmest congratulations to Prime Minister of India @narendramodi for your third consecutive term as Prime Minister and the formation of a new Government. Looking forward to continuing to expand our relations and work together for the common good and the well-being of our peoples.”

PM Modi thanked the Finnish PM and said that the nation looks forward to deepening bilateral relations.

PM Modi also appreciated the greetings from Slovenian Prime Minister Robert Golob and assured a continued close partnership between the two nations in his third term.

Ugandan President Yoweri K Museveni also congratulated PM Modi, emphasising the shared aspirations between Africa and India.

“The people of Africa share common aspirations and goals with Indians. When India won her independence in 1947, Africans were inspired to fight and overthrow the yoke of colonialism. Today, all of Africa enjoys political freedom,” said Museveni, adding that Uganda views India as a “strategic ally” and looks forward to strengthening bilateral relations.

PM Modi thanked Museveni, highlighting the strong partnership and the significance of the African Union becoming a permanent member of the G20 during India’s presidency.

Hamid Karzai, the former President of The Islamic Republic of Afghanistan also congratulated PM Modi for retaining the post for the third time.

Extending his best wishes, he expressed confidence in PM Modi’s leadership and India’s progress.

The Prime Minister thanked Hamid Karzai for his warm wishes.

Meanwhile, Bill Gates, founder of Microsoft, also congratulated PM Modi on X.

“Congratulations to @narendramodi on winning a third term as Prime Minister. You have strengthened India’s position as a source of innovation for global progress in sectors like health, agriculture, women-led development, and digital transformation. Look forward to a continued partnership to enhance the lives of people across India and the world,” Gates wrote.

PM Modi thanked Gates, recalling their recent conversation and expressing optimism about their partnership driving innovation in governance, healthcare, climate change, and sustainable development.

AGENCIES

New Delhi, May 5

 The Indian Computer Emergency Response Team (CERT-In), which comes under the Ministry of Electronics & Information Technology, has warned users of multiple vulnerabilities in Google Chrome and GitLab (an open-core company) which could allow an attacker to obtain sensitive information, bypass security restriction and cause denial-of-service (DoS) conditions on the targeted system.

The affected software includes Chrome versions before 124.0.6367.118/.119 for Mac and Windows and Chrome versions prior to 124.0.6367.118 for Linux.

For GitLab, the affected software includes — GitLab Community Edition (CE) and Enterprise Edition (EE) versions before 16.11.1, 16.10.4 and 16.9.6.

“Multiple vulnerabilities have been reported in Google Chrome which could be exploited by a remote attacker to trigger remote code execution and DoS conditions on the targeted system,” said the CERT-In advisory.

According to the cyber agency, these vulnerabilities exist in Google Chrome due to the use-after-free flaw in Dawn and Picture in Picture components.

On the other hand, multiple vulnerabilities such as authentication bypass vulnerability, security restriction bypass, and denial of service exist in GitLab due to improper authentication mechanisms, flaws in handling domain-based restrictions when processing crafted email addresses, path traversal vulnerability and an inefficient regular expression, respectively.

As mentioned by the cyber agency, an attacker could use “these vulnerabilities by persuading a victim to visit a specially crafted website.”

AGENCIES

Kiev, May 1

 Ukraine’s agricultural exports via Black Sea ports have reached pre-conflict levels, the government-run Ukrinform news agency reported, citing a senior diplomat.

Since last summer, Ukraine has exported about 25 million tons of foodstuff through the ports of Odesa, Chornomorsk and Pivdenny, said Sergiy Kyslytsya, Ukraine’s permanent representative to the United Nations, on Tuesday.

A total of 1,300 cargo vessels have departed from Ukraine since a “humanitarian corridor” was established in the Black Sea on August 10, 2023, Kyslytsya added as quoted by Xinhua news agency report.

According to Kyslytsya, these vessels delivered grain and other agricultural goods from Ukraine to 40 countries.

In August 2023, Ukraine established the “humanitarian corridor” for cargo ships in the Black Sea as an alternative to the Black Sea Grain Initiative that collapsed in July of the same year. AGENCIES

Tel Aviv, May 1

 US Secretary of State Antony Blinken met Israeli President Isaac Herzog in Tel Aviv on Wednesday at the start of a fresh round of talks aimed at bringing about a ceasefire in the Gaza war.

The release of the hostages held by the Palestinian Islamist Hamas movement was currently a top priority, Herzog said at the meeting, according to his office.

“We’re determined to get a ceasefire that brings the hostages home, and to get it now. And the only reason that that wouldn’t be achieved is because of Hamas,” Blinken said.

Blinken said there was a proposal on the table: “And as we’ve said, no delays, no excuses. The time is now.”

“At the same time, even as we’re working with relentless determination to get the ceasefire that brings the hostages home, we also have to be focused on people in Gaza who are suffering in this crossfire of Hamas’s making, and so focused on getting them the assistance they need – the food, medicine, the water, the shelter – is also very much on our minds and in the work that we’re doing.”

Blinken said he planned to discuss these issues with Herzog.

A meeting with Israeli Prime Minister Benjamin Netanyahu is planned for later in Jerusalem.

Blinken had previously spoken of a “very, very generous” proposal from Israel for a deal with Hamas.

As part of mediation efforts in Cairo, a response from Hamas is now being awaited.

Israel has announced a rapid start to the controversial offensive in Rafah in the south of the Gaza Strip if no agreement is reached.

Blinken had previously also visited Saudi Arabia and Jordon as part of his multi-day trip. AGENCIES

IEP Chandigarh

Punjab Chief Minister Bhagwant Singh Mann on Thursday unequivocally said that the question of constructing the Satluj Yamuna Link (SYL) canal does not arise as the state is not having a single drop of water to share with anyone.

Solidly presenting the case of Punjab in the interstate meet convened by the Union Water Resources Minister Gajendra Singh Shekhwat, the Chief Minister said that the state needs more than 54 MAF water to cater to its irrigational needs. However, he said that the situation is so grim that Punjab only has around 14 MAF of water, which it is providing to the food growers. Bhagwant Singh Mann said that in such a scenario there is no question of sharing even a drop of water with any other states therefore Punjab vehemently opposes the construction of SYL.

 The Chief Minister firmly said that Satluj river has already dried up and there is no question of sharing even a single drop of water from it. He categorically said that Punjab has no surplus water to share with Haryana and reassessment of availability of water is required as per international norms. Bhagwant Singh Mann said that Punjab’s 76.5% blocks (117 out of 153) are over exploited where the stage of ground water extraction is more than 100%, whereas in Haryana only 61.5% (88 out of 143) are over exploited.

 The Chief Minister said that the water crisis  can never be ignored due to which the state will oppose any move to construct the SYL tooth and nail. Showing deep concern over the gravity of the emerging situation following the fast depleting water table, Bhagwant Singh Mann said that it is really pathetic to learn that the same high powered motors that are used to extract oil in Dubai and other Gulf nations are being used for gushing out ground water in the state. He said that in such an alarming situation how construction of SYL canal can be allowed for sharing of waters of the state.

 The Chief Minister reiterated that the state has no spare water to share with any other state so instead of Satluj Yamuna Link (SYL) canal, the project should be now reconceived as Yamuna Satluj Link (YSL). He said that Satluj river has already dried up and there is no question of sharing even a single drop of water from it. Rather, Bhagwant Singh Mann said that water from Ganga and Yamuna should be supplied to Punjab through Satluj river adding that he has raised this issue with the Union government too.

The Chief Minister said that the state Government has emphatically presented the issue of the less availability of water and it has been recorded too in the decision of the Apex Court. He said that in the coming hearings too Punjab will solidly present its case in the Supreme Court of India to protect the rights of our coming generations. Bhagwant Singh Mann said that the Punjab government is duty bound to ensure that the interests of the state and its people are safeguarded by all means and no stone will be left unturned for it.

 The Chief Minister also said that though these states always claim for their right on water of the state but when Punjab was flooded due to excess water from the hilly areas these states had refused to take water from Punjab. He said that Punjab had borne the brunt of the floods due to excessive rain in the hilly areas but these states who claim their right on our waters were unfazed by it. Bhagwant Singh Mann said that Punjab had suffered huge losses but these states who demand water from the state were unaffected by it.

IEP Chandigarh

Punjab Vidhan Sabha Speaker S. Kultar Singh Sandhwan held a review meeting with Punjab DGP Mr. Gaurav Yadav yesterday evening, inquiring about the law and order situation in Faridkot district.

After receiving information from the DGP regarding police arrangements in the villages, cities, and towns of Faridkot district, S. Sandhwan emphasized the need to intensify police patrols, increase blockades, and maintain a vigilant watch on suspicious elements.

Highlighting recent incidents of robberies against passers-by in Faridkot district, Speaker Sandhwan conveyed to the DGP that such elements should not be spared under any circumstances.

Speaker Sandhwan asserted the state government’s commitment to ensuring the safety of the common people and maintaining an effective police system, declaring that stringent action will be taken against anti-social elements and no stone will left unturned to maintain law and order situation.

Meanwhile, DGP Gaurav Yadav, during the meeting, said that no one would be allowed to disrupt the law and order situation in Punjab, including Faridkot district. He reiterated the Punjab Police’s dogged commitment to deal firmly with miscreants including gangsters.

IEP Chandigarh

In a resounding testament to effective governance and citizen participation, Haryana has taken the lead in the Viksit Bharat Sankalp Yatra initiated by Chief Minister, Sh. Manohar Lal on November 30. Notably, in terms of Yatra progress, the State is in the forefront.

The Yatra, aimed at bringing government welfare schemes directly to citizens’ doorsteps, has garnered active involvement from over 23 lakh people across approximately 3438 gram panchayats and wards.

Meanwhile, the Chief Minister held a key review meeting with the stakeholders and the Deputy Commissioners on late evening on Wednesday. During the meeting he directed the officers concerned to ensure resolving citizens’ issues promptly and efficiently.

Urban Local Bodies Minister, Dr. Kamal Gupta was also present at the meeting. Lok Sabha MP and BJP state president, Sh. Nayab Singh also attended the meeting via video conferencing.

Sh. Manohar Lal encouraged Deputy Commissioners to continue working hard to maintain Haryana’s top rank.

He said that the goal of this yatra is to provide the benefits of central and state government welfare schemes to citizens at their doorstep. Additionally, it aims to ensure on-the-spot resolution of people’s issues. Therefore, the officers should lay emphasis on increasing the number of stalls for flagship schemes like PPP, Ayushman Card, and Nirogi Haryana during the yatra’s programs to make these facilities more accessible to a greater number of citizens.

The Chief Minister also directed teams formed for PPP and Ayushman Card to accept applications from every citizen and ensure the complete resolution of their issues.

He said that the yatra will continue until January 26, and during this period, the focus should be on ensuring that the benefits of every scheme reach the deserving individuals with a spirit of Antyodaya. He also directed the officers to appoint group – b officers as a Day – Nodal officer for making the Yatra a huge success in every village.

While reviewing districts that did not perform well during the Yatra, the Chief Minister directed DCs to raise awareness among the people and provide them with the benefits of schemes.

He said that the ‘Modi ki Guarantee ki Gadi’ is becoming a powerful means to reach the benefits of schemes to the general public. Ensuring that all government schemes reach the last person in society is the responsibility of officers, said Sh. Manohar Lal.

The Chief Minister, while further directing the officer said that from April onwards, continuous Jan Samvad Programs were being conducted in the state to address people’s issues on the spot. Now, these efforts have been integrated with the Viksit Bharat Sankalp Yatra, therefore officers are responsible for not only providing the benefits of schemes but also ensuring the resolution of citizens’ problems under the Jan Samvad program.

The Chief Minister sternly directed DCs to maintain a robust cleanliness system in cities. There should be no heaps of garbage in the cities, and proper disposal of waste should be ensured, he directed.

He said that senior officers should conduct regular inspections in cities to ensure effective cleanliness. Any shortcomings found should result in action against the responsible officer and employees, said Sh. Manohar Lal.

In the meeting, the nodal officer for Yatra in Haryana, Secretary, Government of India, Sh. Alok Kumar, who had joined the meeting through video conferencing, lauded the dedicated efforts of the Chief Minister for making the State a leader in the country in terms of progress of the yatra. With an increase in the number of programs, Haryana is certain to maintain its top ranking nationwide, he said.

In the meeting, Additional Principal Secretary to Chief Minister, Dr. Amit Agrawal apprised the Chief Minister that the yatra has reached 3330 gram panchayats and various programs have been organised.

The number of Modi ki guarantee vehicles has also increased, and now 99 vans are operational in the state. He mentioned the active participation and benefits of citizen schemes in districts like Gurugram, Panchkula, Sirsa, Rewari, Kurukshetra, Faridabad, Ambala, Karnal, and Mahendragarh. About 108 programs have been organised in cities so far, and overall, more than 23 lakh people have participated in all programs, shared Dr. Amit Agrawal.

Chairman, Power DISCOMS, Sh. PK Das, Joint Director (Admn.), Information, Public Relations, Language and Culture Department, Sh. Gaurav Gupta and other officers also remained present on this occasion.