Category: Environment

NASA to announce its first mission to ‘touch the Sun’ today

NASA to announce its first mission to ‘touch the Sun’ today

New Delhi, 31 May: In what is supposed to be a landmark in space science, the National Aeronautics and Space Administration (NASA) will officially announce its first mission to fly our sun directly into the atmosphere. Calling the first “touch the sun” mission, the space agency in its statement said it would make the announcement at 11 am EDT Wednesday (meaning HST 8:30 pm Wednesday). The announcement will be made at the Eckhardt Research Center William Auditorium at the University of Chicago. The official announcement reported that the event will be broadcast live on NASA television and the agency’s website.
NASA Solar Probe Plus (SPP) should be launched in the summer of 2018. The NASA spacecraft will be placed into orbit at least four million kilometers from the surface of the sun. In this orbit, the spacecraft will encounter heat and radiation, unlike any spaceship in history.
The sun is 93 million miles (about 150 million kilometers) from Earth. The connection and interaction between the Sun and Earth in car of the stations, the ocean currents, the weather, the climate, the radiation belts and the northern lights. Although it is special to us, there are a billion stars as our sun dispersed in the galaxy of the Milky Way. It is believed that NASA’s spacecraft to explore the outer atmosphere of the sun and make critical observations that answer questions about physics decennial how the stars work. The resulting data will improve the main meteorological forecasts weather phenomena that influence life on Earth, as well as satellites and astronauts in space.
According to reports, a block instrument of 370 kilograms (815 pounds) called Helios 2 arrived about 43 million kilometers (27 million miles) from the surface of the Sun in its mission to study the solar winds and the cosmic radiation in 1976. He was informed that NASA will be closer to the Helios 2 sun crown to improve understanding of the sun.
Participants will be part of NASA’s solar mission are Thomas Zurbuchen, associate director of the NASA Science Mission Directorate in Washington; Nicola Fox, scientific mission project at the Johns Hopkins University Applied Physics Laboratory in Laurel, Maryland, Eugene Parker, S. Chandrasekhar Distinguished Professor Emeritus Professor at the University of Chicago, Eric Isaacs, Executive Vice President Research, Innovation And the National Laboratories to the University of Chicago, Rocky Kolb, Dean of the Division of Physical Sciences at the University of Chicago.

Category: Environment

Union Bank to have EFRM

Union Bank of India is intending to implement an enterprise fraud risk management solution with the real time/ near real time/ offline capability. The solution should be capable of fraud prevention, early fraud detection, anti­fraud strategy, periodic assessment of fraud risk, fraud risk training and awareness and fraud alerts, internal fraud risk management and forensic support. The bank wants the selected solution to cover the risks associated branch banking (domestic), branch banking (overseas), various other banking products, e-channels and employee-initaited/involved internal frauds. Besides, it would be required to be an integrated EFRM solution for all banking channels (including CBS), other banking applications and all e-channels. The proposed EFRM solution has to be integrated with core banking, Internet banking, ATM switch, Debit Cards, Credit Card, POS switch, e-commerce and other channels, if any, required in future without hampering the routine operations of the bank.

Syndicate Bank to undertake BPR

Syndicate Bank is evolving a strategy for business process transformation and it intends to appoint management consultants in chosen areas – distinctly in business process re-engineering, digital banking, sales and CRM and human resources development. The selected consultants will assist the bank in designing and implementing changes in the business process framework and human resources development. The work will include understanding the existing framework and also the working of the bank. The objective is to achieve efficiency in business operations, higher employee productivity and improve TAT in key product and service offerings. The project is expected to be compleed in two parts with the second part being taken up after completion of the pilot phase. The part 1 will cover the aspects of BPR and digital banking, including establishment of shared service centers like centralized back office, national call center, and loan factories. The part 2 shall cover the aspects of sales, CRM and HR development. The tenure of the project is approximately 24 months.

Andhra Bank wants MADP

Andhra Bank is proposing to have a mobile application development platform (MADP) for the development of mobile apps. The bank is finding it difficult to deploy and maintain various apps for diverse platforms in the ever changing mobility environment and hence wants to have the MADP developed by an experienced service provider. The assignment for the service provider would cover required licenses (enterprise/perpetual), mobility platform future upgrades etc. The bank wants the proposed solution to be able to develop apps which can integrate with existing Finacle, online banking application, IVR, or other bank system for customer convenience, integration with third party service provider /software /middleware i.e. National Payment Corporation of India(NPCI), Unique Identification Authority of India, payment gateway service/ aggregator, integration with any other specified regulatory /statutory bodies for data submission and monitoring and it should be supported on all major mobile platforms, Android, IOS etc., including new future mobile OS.


Category: Environment

BANKING FRONTIERS Joining the blockchain

Joining the blockchain

While Bitcoin was intended to free the currency system from the shackles of regulatory framework, R3 appears to be giving the concept sort of a regulatory approval. The progress will be watched with all seriousness and extreme interest for there could be a time not in the distant future when there will be no physical bank branches, where transactions can happen based on a video call and where the current alternate channels would become redundant. Blockchain-enabled solutions can possibly ensure total decentraliztion, can empower the end-users and make the technology razor-sharp and more powerful. Some observers feel banks would face the risk of being left out in case they overlook the new world of virtual currencies. Remember there were safety and security warnings from banks themselves during the initial days of internet banking and e-commerce. Similarly, banks have been stating cryptocurrencies are high-risk. It can only be said that those who profess these views do not understand the concept in its true worth. And, the way the technology is developing is so amazing that someone compared it to the days when websites were created using HTML code to creating sites using WordPress.ust about a year ago, when Bitcoin started making waves, global banks were rather frightened. They described the cryptocurrencies as unreliable, prone to frauds and difficult to be administered. But the fact was that these banks were hesitant to innovate to match the comprehensiveness of the blockchain, often described as distributed ledger. There were charges that the system could lead to money laundering and frauds could happen more frequently. Things seem to have changed. Banks today are readying to embrace blockchain and the concept of cryptocurrency, for they have realized the advantages of the quicker and decentralized transaction verification system offered by the technology which can have applications not just in money transactions but even in areas like stock trades, property transfers, etc. Eight global banks have recently launched a project called R3, which intends to develop blockchain commercial applications and standards for the financial world. And, 13 more banks have joined this founding team giving a clear indication that there is immense value in the technology. R3 is mandated to ‘define, design and deliver the next generation of financial technology’. This is a major development in the financial services domain as the project brings together not only the experts, but also the considerable resources of 21 large banks for purposes of research, experimentation and design of an efficient ledger system, which they believe can not just meet the banking requirements but can also ensure security, reliability, performance, scalability and audit in the domain.


Project Pipeline

BoB to have new mPassbook system

BankofBarodawillbe implementing an upgraded mPassbook on mobile and has sought proposals from service providers in this regard. The solution should be compatible with iOS, Windows, Blackberry and Java and should be similar to design and integration of the existing mPassbook solution of the bank offered on Android platform. Besides the platforms, the bank wants the new system to be available for not only for the bank, but for its RRBs as well as its international branches.

SBI Group to have CRM solution

State Bank of India Group is preparing to implement a CRM solution and it has invited proposals from service providers to provide such a system, install it and offer customization integration and other related work. The bank expects the solution to be implemented to be meeting the current as well as future business requirements and enable any authorized employee, business partner, agent or associate of any of the SBI Group entities to cross-sell any product of the Group and cross-service any query/request/complaint from any customer of any group entity. The cross-selling and cross-servicing would be carried out through the contact centre, branch, ATM, kiosk, mobiles, internet, emails, SMSs and tablets or any other channels and the proposed solution should enable the same capabilities on the selfservice customer modules such as internet banking, ATM, kiosks, mobile banking etc. The bank is expecting to have a solution that has seamless integration capabilities with the systems (services, data, etc.) of the Group entities along with various other applications/ systems and a robust architecture with accessibility via the Group entities website, the product’s own User Interface and from various channels protected by the necessary security protocols and encryption requirements.

LIC to implement RM system

Life Insurance Corporation of India is setting up an enterprise risk management system and associated processes across the organization and it has sought the help of a consultant to identify a suitable system. With the system, LOC wants to have solutions to consistently identify, measure, aggregate and manage risk exposures and mitigating measures within predetermined tolerance guidelines. LIC wants the consultant to bring in required domain knowledge and appropriate Indian and global data to perform the associated tasks so as to come out with a best in class ERM system that will set apart LIC from its peers in the industry. The consultant should be able to map every risk that may arise in any of its offices and identify a system that can take care of these risks. The work would largely involve historical analysis of damages/losses in LIC and other relevant and comparable companies to undertake a risk visualizaton, risk identification (articulation) of material and potential risks for LIC at the corporate level, functional department level, product level, zonal, divisional and branch level and a detailed analysis as well as identification of gaps in risk identification process and risk mitigation measures currently being used in business and business specific risks, investment risk, market risk, credit risk, liquidity risk, operational risk, underwriting risk, actuarial valuation risk.