SBI signs MoU with IIT Bombay to promote startups

India’s top public sector bank, State Bank of India (SBI), has signed a memorandum of understanding (MoU) with the Indian Institute of Technology Society for Innovation and Entrepreneurship (SINE), (IIT) Bombay’s technology business incubator, to promote innovation by startups in the financial sector.

As per the MoU, both the parties will identify FinTech startups that have products or applications to cater to the financial sector and can help SBI explore opportunities to enhance the synergy for their banking services. SBI will provide a platform for testing/ piloting such products/applications and maybe also check for any specific business linkages. This MoU also aims to help evaluate startups operating out of SINE or those being promoted by SINE for early stage funding within the bank’s norms.

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PM Modi salutes Chandra Shekhar Azad and Bal Gangadhar Tilak on their birth anniversary

The Prime Minister, Mr. Narendra Modi has saluted Indian revolutionary freedom fighters Chandra Shekhar Azad, and Lokmanya Bal Gangadhar Tilak on their birth anniversaries . In a tweet, Mr. Modi said that he salutes the courageous Chandra Shekhar Azad, who won the admiration of countless Indians due to his valour and the great Bal Gangadhar Tilak inspired several people to devote themselves to the freedom struggle. Azad was born on July 23, 1906 in Bhavra village, in the present-day Alirajpur district of Madhya Pradesh while Tilak was born in Ratnagiri in Maharashtra on July 23, 1856. On February 27, 1931, Azad shot himself dead with his last bullet when he was surrounded by police at Alfred Park in Allahabad while Tilak died on August 1 1920.

Facebook's solar-powered internet plane takes flight

Facebook has announced the first successful test flight of a high-altitude solar plane to bring internet access to remote parts of the world. The Aquila drone has the wingspan of an airliner but weighs less than a car. When cruising it consumes just 5,000 watts – the same as three hairdryers or a powerful microwave. The first flight took place on 28 June in Arizona. Facebook said the test went better than expected and that Aquila’s 96-minute flight was three times longer than planned. Aquila was developed in Bridgwater, Somerset, by Ascenta, a designer of solar-powered drones that Facebook bought in March 2014. The drone, designed to fly non-stop for three months, will use lasers to beam down internet access to remote areas without online capacity.

Najma Heptulla, G M Siddeswara quit Modi Cabinet

Union ministers Najma Heptulla and GM Siddeshwara resigned, a week after Prime Minister Narendra Modi made big cabinet changes. Dr Heptulla was above 75 years in age - the ceiling for holding a cabinet post according to the unwritten rules of the party. Dr Heptulla, the Minority Affairs Minister, was replaced by Minister of State Mukhtar Abbas Naqvi, who has been given independent charge. The portfolio held by Mr Siddeshwara - junior minister for Heavy Industries - will be taken over by Babul Supriyo, who was the junior minister for Urban Development.

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