Good morning, Chennai!
🌤️ Today’s weather: High: 35 ℃ | Low: 27 ℃ | Mostly sunny for the day.
🧐 Did you know? Madras University was the first major educational institution established in the country’s southern region through an Act of the Legislative Council of India.
🪡 Spotlight on handloom weaving
A new exhibition delves into the world of traditional handloom weaving.
What’s it about? In the age of mass production and machines, the Hands Behind Handloom Weaving exhibition at DakshinaChitra celebrates the artistry and craftsmanship of traditional weaving with an emphasis on the human touch. It highlights spinners, weavers, sizers, designers, and yarn winders.
- The artisans preserve and advance the tradition of handloom weaving. The exhibition includes paintings documenting the handloom process to offer visitors a glimpse into the past.
- There are also displays of tools, books, textiles, and documentary videos.
Preserving history: The exhibition isn’t just a historical record but offers a window into the lives and stories of the artisans who have handed down their techniques through generations.
💸 Unique fintech product
Chennai-based Cloudbankin has developed a new product that lets banks report loan sanctions to CIBIL.
What’s it about? Cloudbankin successfully tested the product that allows banks and Non-Banking Financial Institutions (NBFCs) to report loan sanctions to the Credit Information Bureau (India) Ltd (CIBIL) daily. The RBI has been concerned about people taking multiple loans beyond their repaying capacity.
- A bank or an NBFC wouldn’t know if the borrower is taking a loan from somewhere else since reporting to CIBIL happens once a month. If the lender knew the borrower’s history, the bank could make an informed decision on sanctioning a loan.
- The product CBrealtime collects the borrower’s PAN and Aadhaar details to run a check. It’s expected to launch this month, with 28 NBFCs already lined up.
Why’s it necessary? Real-time information about a borrower becomes crucial as the number of loans increases. According to RBI data, personal loans increased 52% between July 2022 and June 2024. 43% of them have taken out multiple loans.
🏗️ Abode for women workers
A mega industrial housing project was inaugurated for women employees of Foxconn.
What’s it about? Chief Minister MK Stalin inaugurated the housing project for over 18,000 women Foxconn employees at Sriperambudur. The project is modelled after a similar housing facility developed by the company in China. It was built by the Small Industries Development Corporation of Tamil Nadu (SIPCOT) here.
- Foxconn was recently in the news for the wrong reasons after reports surfaced of the company’s hiring practices for women. Its chairman, Young Liu, said women are a big part of the workforce here.
- The inauguration comes three years after employees, especially women, protested over poor facilities. It led to the plant’s closure for 2 weeks. The company then rectified the issues.
Good for the economy: Stalin highlighted how Foxconn, a key supplier of Apple, was integral for the state to become a $1 trillion economy by 2030.
🎓 Category I status to Madras University
The UGC’s grant of Category I status to Madras University could help the struggling institution.
What’s it about? The Category I status granted by the University Grants Commission (UGC) will help the university offer new courses and online programmes, fix its own fees, and work with foreign universities. The status was granted after the university improved its National Assessment and Accreditation Council (NAAC) rating and was upgraded to A++.
- The Category I status gives the university academic and administrative autonomy to help it generate revenue. It also makes the university more appealing to students and partners.
- The university can now chart a path forward with additional new courses, opening new campuses, and international collaboration.
Work to be done: The university has been struggling with faculty strength and money and needs to fill vacant positions, and launch online programmes, and other sources to augment revenues.
📊 Today’s Poll
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Have you gone boating?
- I have gone boating.
- I haven’t gone boating.
❓ Today’s Question
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Which children’s programme was your favourite growing up?
Reply to this email with your answers.
🗞️ In other news…
- The Maritime Rescue Coordination Centre in Chennai will be inaugurated by Rajnath Singh.
- For Madras Day celebrations, the Kreeda Experience Centre conducted a traditional games night.
- Three MRTS stations will be upgraded to be on par with metro stations.
- Despite opposition, the Chennai Corporation has begun work to build an eco-park on the Pallikaranai marshland.
- The Waqf Board has claimed a 1000+-year-old Alwar Temple.
That’s it for today. Have a great day!