Recently, former chairperson of UIDAI Nandan Nilekani talked about  “Finternet” as the future of financial systems at the Global Fintech Fest 2024.

About Finternet

• It is a vision for the future financial system: multiple financial ecosystems interconnected with each other – much like the internet.
• It is user-centric concept introduced in a paper by Agustin Carstens (former head of Bank of International Settlements) and Nandan Nilekani (UIDAI). 
• Leverages innovative technologies such as tokenization and unified ledgers, including all kinds of asset classes into a robust regulatory framework. 
• Comprises of 3 U’s: User; Unified; Universal.

Cabinet approved the Ministry of Power’s proposal on Central Financial Assistance (CFA) towards Equity Participation by the State Governments of the North Eastern Region (NER)  for HEP. 

Key Provisions 

• Duration:  FY 2024-25 to FY 2031-32
• Funding: 10% Gross Budgetary Support (GBS) for NER from Power Ministry’s outlay. 
• Objective: Support hydro capacity of about 15000 MW. 
• The Scheme provides for formation of a Joint Venture (JV) Company for all the projects of a Central PSU with the State Govt.
  • Only for viable HEPs.
• Significance: investment/entrepreneurship in NER; contribute to India’s NDC.

Cabinet approves rolling out Private FM Radio to 234 uncovered new cities / towns  under Private FM Radio Phase Ill Policy.

• In the private FM Policy, the focus shifted from Medium Wave (MW) to Frequency Modulated (FM) wave.

Significance

• Boost local dialect and culture, and create employment opportunities.
• Many approved cities/towns are in Aspirational districts and LWE areas, further strengthening Government outreach in these regions.

The Cabinet also approved the proposal to charge Annual License Fee (ALF) of FM channel as 4% of Gross Revenue excluding Goods and Services Tax (GST).

Once extinct from Europe, Northern Bald Ibis have now returned to the continent.

About Northern Bald Ibis (Geronticus Eremita)

• Geographical range: Historically located in the European Alps, Northern Africa, and the Middle East.
• Habitat: Semi-arid desert, steppe regions. They feed on rocky areas or cliffs that are located near a stream or river.
• Reproduction: Monogamous birds that only have one mate during their lifetime. They find their mate by using their croop call.
• Behaviour: Colonial bird that migrates seasonally. They live in groups that also flock together to the migrating habitat.
  • Don’t instinctively know which direction to fly to migrate without guidance of wild-born elders.
• IUCN Conservation Status: Endangered.

Zoological Survey of India (ZSI) discovers 2 new spider species, Mimetus spinatus & Mimetus parvulus, from Mookambika Wildlife Sanctuary, Karnataka & Ernakulam (Kerala) respectively.

About Mimetus spinatus and Mimetus parvulus

• Both belong to spider family Mimetidae, commonly known as pirate/cannibal spiders due to their unique predatory behavior. 
  • Total Mimetus species are 3  (including these 2) in India.
• Mimetus spinatus is characterized by a medium-sized, pale yellow head and dull grey-white abdomen, with scattered light green mottling. 
• Mimetus parvulus is distinguished by pale creamy-rose head with dense grey-black mottling and a triangular-shaped, dull grey-white abdomen.

Researchers from the Centre for Nano and Soft Matter Sciences (CeNS) have developed a security alert system based on Piezoelectric Polymer nanocomposite.

• CeNS is an autonomous institute of the Department of Science and Technology. 

About Piezoelectric Polymer

• Piezoelectric polymers are class of material that can generate electric charges on the surface under pressure or strain, thus converting mechanical energy into electrical energy, i.e. energy harvesting. 
• Advantages: They are widely used due to their flexibility, lightweight, and processability. 
  • They can be easily shaped into large areas and curved surfaces
• Applications: Sensors, wearables, medical implants, consumer electronics, etc.

Astronomers have discovered the brightest quasar ever observed, named J0529-4351, using European Southern Observatory's (ESO) Very Large Telescope (VLT). 

About Quasar

• The word quasar is short for "Quasi-stellar Radio Source”.
• Quasars are the active galactic nuclei (bright cores of distant galaxies) and they are powered by supermassive black holes.
• They are among the most luminous objects in the known Universe. 
• Despite their brightness, due to their great distance from Earth, no quasars can be seen with an unaided eye. 
• They emit radio waves, visible light, UV rays, infrared waves, X-rays, and gamma-rays.

The WHO has warned that the current Chandipura virus infection in India is the largest in 20 years. 

Chandipura virus (CHPV) 

• CHPV is a member of the Rhabdoviridae family, which includes rabies.
• It is known to outbreaks of acute encephalitis syndrome (AES) in western, central and southern parts of India, especially during the monsoon season.
• It is transmitted by vectors such as sandflies, mosquitoes and ticks.
• As of now, there is no antiretroviral treatment or vaccine accessible for treatment.
• It was first identified in 1965 in Chandipura (Maharashtra).