Ghost of demonetization haunts Government, RBI: Chidambaram
New Delhi, April 18: Former Finance Minister P. Chidambaram on Wednesday attacked the government and the RBI over the acute cash crunch in the country and said the ghost of demonetization has come back to haunt them.
He also needled the government on the recent bank scams, saying people appeared to have lost confidence in banks.
"I suspect ordinary people are withdrawing cash but not putting back into the banks their surplus cash. It is possible that there is some loss of confidence in the banking system, thanks to the bank scams.
"After demonetizing 500 and 1,000 rupee notes, government printed Rs 2,000 notes! Now, government is complaining that Rs 2,000 notes are being hoarded!! We always knew that Rs 2,000 notes were printed only to help hoarders.
"The ghost of demonetization has come back to haunt the government/RBI. Why are ATMs still bring re-calibrated even 17 months after demonetization?" Chidambaram said in a series of tweets on the reported shortage of money in banks in some states.
"Cash is back with a vengeance," says Navrose Dastur, MD, NCR Corp, India. "I support digitization, but government cannot force the pace of digitization or arbitrarily reduce the supply of cash.
"Is it correct that currency in circulation has increased by only 2.75 per cent since demonetization? If so, I maintain that government/RBI are not allowing money supply to grow at the same rate as the nominal GDP.
"I also suspect that RBI seriously miscalculated demand for cash in the post-harvest season," he said.
"RBI's statement is unsatisfactory. If RBI has printed and supplied sufficient cash, it must explain why there is a cash shortage."
The RBI on Tuesday said that there is "sufficient cash" in its vaults and currency chests and it is "taking steps to move currency to areas" which have witnessed unusually large cash withdrawals.
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Thumbay Group’s GMU, Staque team up to transform healthcare with AI, advanced tech
Ajman (UAE): Staque, a global leader in artificial intelligence, quantum computing, and advanced technology solutions, have signed a landmark Memorandum of Understanding (MoU) with Thumbay Group’s Gulf Medical University (GMU) and its Thumbay College of Management and Artificial Intelligence in Healthcare (TCMAIH). This strategic partnership aims to revolutionize the integration of artificial intelligence and quantum computing into healthcare education, training, and research, with far-reaching implications for the region’s healthcare and technology sectors.
Founded by Dr. Thumbay Moideen in 1997, Thumbay Group is a diversified international business conglomerate with operations across different verticals including Education, Healthcare, Medical Research, Diagnostics, Retail Pharmacy, Health Communications, Retail Opticals, Wellness, Nutrition Stores, Hospitality, Real Estate, Publishing, Technology, Media, Events, Medical Tourism, Trading and Marketing & Distribution. Headquartered in Dubai, the group presently employs around 3000 people.
The MoU establishes a collaborative framework to harness the transformative potential of AI in healthcare, focusing on both academic innovation and practical applications. This collaboration aligns with the UAE’s vision for technological leadership and aims to position GMU and Staque at the forefront of global healthcare advancements.
Driving AI Innovation Through Strategic Partnership
The agreement outlines several groundbreaking initiatives, including:
● Thumbay-Staque Lab in Artificial Intelligence: This state-of-the-art lab, to be established at GMU’s campus, will serve as a hub for cutting-edge research and practical applications of AI in healthcare, focusing on areas such as diagnostics, personalized medicine, and healthcare operations.
● Internship and Employment Pathways: Staque will facilitate internships, short placements, and employment opportunities for TCMAIH students, fostering UAE Nationals’ empowerment and integrating local talent into the global healthcare technology landscape.
● Collaborative AI Programs: Together, Staque and GMU will develop fellowship, short-term, and long-term programs in healthcare AI, leveraging a revenue-sharing model to promote sustainability and scalability.
● Joint High-performance Computing Research Initiatives: The partnership will support joint research projects through the Thumbay International Research Grant, targeting high-impact areas in AI, quantum computing and healthcare.
● Global Collaboration and Expertise Sharing: Faculty and staff exchanges will enhance knowledge transfer, while industry partnerships will drive regional and international expansions of TCMAIH’s and Staque’s initiatives.
Dr. Thumbay Moideen, Founder President of Thumbay Group UAE, commenting on the partnership said, “Our partnership with Staque is a natural extension of our commitment to advancing healthcare education and practice. By integrating AI into our curriculum and research initiatives, we are empowering our students and faculty to become leaders in a rapidly evolving healthcare ecosystem.”
Dr. Muhammad Khan, CEO of Staque, expressed his enthusiasm for the partnership, stating, “This collaboration marks a pivotal moment in merging AI and healthcare education. By establishing the Thumbay-Staque Lab, we are taking significant steps toward a future where AI drives meaningful improvements in patient outcomes, operational efficiencies, and healthcare innovation.”
Transforming Healthcare Through AI
Staque’s extensive expertise in AI, quantum computing, and robotics complements GMU’s reputation for academic excellence. This partnership aims to tackle critical challenges and unlock opportunities across healthcare and education, including:
● AI-Powered Diagnostics: Tools for early disease detection and personalized treatment planning, using advanced algorithms and quantum computing to process vast datasets with unparalleled speed and accuracy.
● Adaptive Learning Systems: AI-driven systems to create personalized educational experiences for healthcare professionals, addressing skill gaps and enhancing training efficiency.
● Healthcare Operations Optimization: Autonomous intelligence solutions to streamline administrative workflows, reduce inefficiencies, and enhance the overall patient experience.
“Medical research and practices are ripe for innovation. Accuracy, accessibility and affordability issues have a critical impact on global health care. The adoption of AI and quantum computing are essential to address these issues” said Dr. Raees Tonse, Staque Board Member who catalyzed the partnership.
The Thumbay-Staque partnership also explores regional and international opportunities for expanding AI and quantum computing programs, enabling students and professionals to access world-class resources and tools. These initiatives will not only strengthen the UAE’s position as a global innovation hub but also set new benchmarks for integrating emerging technologies into healthcare systems.
About the Partners
Thumbay Group and Gulf Medical University
Thumbay Group, a leading private conglomerate in the UAE, operates Gulf Medical University (GMU), a premier institution recognized for its excellence in medical education, research, and healthcare delivery. The Thumbay College of Management and Artificial Intelligence in Healthcare (TCMAIH) is dedicated to marrying technology and medical education, ensuring students and health care professionals are equipped to thrive in a technology-driven healthcare landscape.
Staque Solutions
Staque Solutions bridges the gap between cutting-edge computer science and real-world business needs. With expertise spanning AI, blockchain, quantum computing, and software engineering, Staque empowers organizations to thrive in an era of rapid technological advancement through its autonomous intelligence and high-performance computing solutions. Founded in Calgary, Canada, Staque has grown into a global organization with presence in North America, the GCC, and Asia.
