Today in History (December 28th,1885)
Indian National Congress, a political party of India, is founded in Bombay Presidency, British India.
Summary of Today’s News
China’s Stance on Brahmaputra Dam
• China approved the construction of the world’s largest dam on the Brahmaputra in Tibet, near the Indian border.
• Defensive Stance: China defended the project, stating it would not negatively affect lower riparian states, India and Bangladesh.
• Hydropower Development: The dam aims to enhance clean energy development and address climate change and hydrological disasters.
• Safety Measures: China assured that extensive studies and safeguards were in place to ensure the project’s security and environmental protection.
• International Communication: China committed to maintaining communication with lower riparian countries and cooperating on disaster prevention and relief.
• Geographical Concerns: The dam is located in a seismically active Himalayan region, raising concerns about its ecological impact.
Bald Eagle
Context:
• The bald eagle is the national bird of the United States.
About:
• The bald eagle is native to North America.
• Appearance: It has a striking white head and tail, with a dark brown body and wings. The beak is yellow, large, and hooked, and it has strong claws.
• Diet: Carnivorous, mainly feeding on fish, but also hunts waterfowl and scavenges carrion.
• Great Seal: A national symbol used in official U.S. documents since 1782.
• Symbolism: Represents strength, freedom, and independence.
• Distribution: Breeds in Canada, USA, Mexico, and the French territories of Saint Pierre and Miquelon.
• Conservation: Protected under the National Emblem Act of 1940, making it illegal to sell or hunt. Listed as Least Concern on the IUCN Red List.
Committee for Ethical Enablement of AI in Financial Sector
The Reserve Bank of India (RBI) has established a committee to develop a framework for the responsible and ethical use of AI in the financial sector, called FREE-AI.
About the Committee:
Leadership:
The committee will be chaired by Pushpak Bhattacharyya, a Professor at IIT Bombay’s Department of Computer Science and Engineering.
Objectives:
• Assess the current adoption of AI in financial services both globally and in India.
• Review international regulatory and supervisory approaches to AI in the financial sector.
• Identify potential risks associated with AI and recommend frameworks for mitigation, evaluation, and monitoring for financial institutions (banks, NBFCs, FinTechs, PSOs, etc.).
• Propose a framework for responsible and ethical AI adoption in the Indian financial sector, including governance aspects.
• Address any other AI-related matters within the Indian financial sector.
Timeline:
The committee will submit its report within six months from the date of its first meeting.
