Singrauli, Oct 17: Mild earthquake tremors were felt in the Singrauli district of Madhya Pradesh on Saturday, India Meteorological Department (IMD) officials said.

According to preliminary data, the intensity of the earthquake was measured at 3.5 on the Richter scale.

The epicentre was located at a depth of around 10 km below the surface, officials added.

The tremor was recorded on Saturday at 2:12 p.m.

Officials monitoring seismic activity confirmed that the quake had an intensity of 3.5, with the focus situated around 10 km beneath the earth’s surface.

The information is based on initial readings and remains subject to further verification by scientific agencies.

Residents in parts of Singrauli reported feeling the mild shaking during the afternoon hours.

While the intensity was relatively low, the sudden tremor caused momentary concern among people in the affected areas.

No immediate reports of damage to buildings or injuries have been received so far.

Earthquake monitoring agencies are examining the preliminary data to determine the exact location of the epicentre and assess any aftershock possibilities.

A magnitude of 3.5 is generally classified as a light earthquake, which is often felt by people nearby but rarely causes significant structural damage, especially when the focus is at a moderate depth of around 10 km.

Authorities in Singrauli have advised the public to remain calm and follow standard safety guidelines in case of any further seismic activity.

Local administration is closely tracking the situation and is in coordination with relevant scientific bodies for updated information.

This is not the first time the region has experienced mild seismic activity, though such events of low intensity usually pass without major incident.

Experts note that earthquakes of this magnitude are relatively common in various parts of the country and typically do not pose a serious threat when the depth is around 10 km.

Further details are awaited as agencies continue to analyse the complete data set.

Kathmandu, Oct 15: Nepal and the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, have signed a mandate agreement to explore the development of a catastrophe bond that could help the Himalayan nation secure rapid access to funds in the event of a major natural disaster.

The agreement marks the beginning of a collaboration to assess the feasibility and potential structure of a catastrophe bond, under which Nepal could transfer part of its disaster risk to international capital markets and strengthen its financial preparedness for natural disasters, the World Bank said in a statement.

Under the agreement, the World Bank Group Treasury will work with the Nepal government and market participants to evaluate the proposed transaction.

The initiative comes as Nepal seeks to strengthen its capacity to prepare for, withstand and recover from natural disasters in the wake of devastating floods in the Bhotekoshi and downstream Trishuli river basins on August 26. The floods have killed nearly 1,500 people, while more than 5,000 remain unaccounted for, according to the National Disaster Risk Reduction and Management Authority.

Triggered by an avalanche near the Nepal-China border that blocked the river’s flow, the floods swept away several human settlements, a dozen hydropower projects, a solar plant, and several roads and bridges. Physical damage is estimated at 1.66 billion US dollars, according to the World Bank’s Global Rapid Post-Disaster Damage Estimation report.

According to the World Bank, Nepal is highly vulnerable to earthquakes, floods, landslides and other climate-related hazards, which can cause extensive damage to infrastructure, disrupt economic activities and place considerable pressure on public finances.

A catastrophe bond is a financial instrument that allows governments or other entities to transfer specific disaster risks to investors. Depending on the terms of the bond, investors may lose some or all of their principal if a specified disaster occurs, allowing the funds to be used to support the affected entity.

“Such instruments can provide an alternative source of disaster financing, potentially enabling governments to access funds more quickly than relying solely on budget reallocations or post-disaster assistance,” the World Bank said.

The initiative is part of the World Bank Group’s established catastrophe bond programme, which has helped countries access international capital markets to transfer disaster risks and secure financial protection against natural hazards.

The World Bank helps countries increase their financial resilience to disasters by supporting disaster risk financing programmes and offering contingent financing and insurance solutions.

It also assists countries in designing, developing and implementing comprehensive disaster risk financing strategies.

“A risk financing strategy helps clients determine a balance between retaining risk, for example, through a contingent financing product, and transferring risk, for example, through an insurance product,” the World Bank said.

A range of financial products can be used to address the financial risks of disasters, and the optimal mix of approaches depends on the types of risks faced by a country and the frequency and severity of disaster events, it said.

Developing countries are particularly vulnerable to the economic and fiscal consequences of disasters because of factors such as gaps in insurance coverage, inadequate infrastructure resilience, and the concentration of populations and economic activities in exposed areas.

“Following a major disaster, governments often have to redirect budgetary resources towards emergency response, relief and reconstruction, potentially affecting other development priorities,” the World Bank said.

Patna, Oct 14: In a major tragedy, at least 13 children drowned after a boat carrying passengers capsized in the Ganga River near Rampur Shyamchand village under the Raghopur police station area of Bihar’s Vaishali district on Tuesday evening. The search is on for missing passengers.

Even more heartbreaking is the fact that seven of the deceased children belonged to the same family, turning the incident into a huge tragedy for the family and the village.

According to preliminary reports, around 20 to 30 people were travelling by boat to attend a feast in a neighbouring village.

The boat reportedly lost equilibrium after reaching the main current of the Ganga and overturned, throwing passengers into the water.

The accident triggered panic in the area, as cries for help were heard from the river.

Local residents rushed to the spot and began rescue efforts before the district administration, police and State Disaster Response Force (SDRF) teams joined the operation. Local divers also assisted in the search.

Seven of the deceased children were reportedly from the family of Rampravesh Rai, alias Raja, a resident of Rampur Shyamchand village.

The deaths have left the affected families and the wider village in deep mourning.

The group was travelling to a neighbouring village, crossing the river and a nearby low-lying waterlogged area locally known as a dhab.

Several children were aboard the boat, while the total number of passengers was estimated at between 20 and 30.

Authorities have been working to establish the exact number of people on board and determine whether anyone remains missing.

Angry residents protested against the district administration following the tragedy.

Villagers alleged that the boat was old and in poor condition and claimed that requests for its replacement had been submitted earlier, but no action was taken by the authorities.

There are also suspicions that the boat may have been carrying more passengers than its holding capacity.

However, the exact cause of the accident and the boat’s condition remain subject to investigation.

Union Minister Chirag Paswan expressed grief over the deaths, describing the incident in Raghopur Diyara, which falls within his parliamentary constituency, as deeply distressing.

Paswan said he had spoken to the District Magistrate to seek details about the rescue operation and discuss assistance for the affected families through the Bihar and central governments.

Paswan also announced that he would visit the accident site to meet the bereaved families and enquire about the condition of the injured.

He added that injured passengers had been sent to NMCH for further treatment.

The Bihar Congress also expressed deep sorrow over the deaths of the children and conveyed condolences to the bereaved families.

The party prayed for peace for the souls of the departed children and strength for their families to cope with the loss.

Further details regarding the final casualty count, the number of missing passengers and the circumstances leading to the capsizing are awaited.