NATIONAL NEWS
3-day National Cardiology Conference starts in Lucknow
Vice President M. Venkaiah Naidu is visiting Lucknow where he will be the chief guest at National Cardiology Conference 2019 being held at Sanjay Gandhi Post Graduate Institute of medical sciences. He will inaugurate the 3-day conference organised by Dept of Cardiology in which leading national and international experts from Europe, USA, Japan, Singapore South Korea, Indonesia and Australia will deliberate on the latest topics of Interventional cardiology and cutting edge technology.
- The conference being held for the first time in Uttar Pradesh offers an opportunity to showcase newer innovations in Cardiology that can help deliver cost-effective cardiology care to patients
India's first 'Cold Spray' SMART lab launched
The Indian Institute of Technology, Madras (IIT-M) announced its collaboration with American conglomerate General Electric (GE) to set up a lab that will develop advanced services technology for aircraft engine components. The 'Cold Spray' SMART (Surface Modification and Additive Research Technologies) Laboratory is the first-of-its-kind being installed in any academic institute in India.
- It is an emerging technology for advanced manufacturing and services and will be utilised to co-develop processes for aero-engine applications.
INTERNATIONAL NEWS
S Korea launches world's first national 5G networks
South Korea launches the world's first fully-fledged 5G mobile networks. Hyper-wired South Korea has long had a reputation for technical prowess, and Seoul has made the 5G rollout a priority as it seeks to stimulate stuttering economic growth. The system will bring smartphones near-instantaneous connectivity 20 times faster than the existing 4G allowing users to download entire movies in less than a second.
- Extra info.:
South Korea Capital: Seoul
Currency: South Korean won
BANKING & FINANCE
Lakshmi Vilas Bank to merge with Indiabulls Housing Finance
The board of directors of Lakshmi Vilas Bank (LVB) approved a scheme of amalgamation with Indiabulls Housing Finance Ltd (IHFL). The amalgamation will be under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 dealing with Companies (compromises, arrangements and amalgamations) Rules 2016.
- The amalgamation will unlock value through synergies that exist exclusively. It will create a large and healthy diverse retail asset book, a high capital base for strong growth and a huge opportunity to foray into newer businesses that may increase the risk-fee income base of the amalgamated entity.
- Extra info.:
Lakshmi Vilas Bank Headquarters: Chennai
BUSINESS & ECONOMY
CCI approves L&T's bid to acquire stake in Mindtree
The Competition Commission of India (CCI) said that it has approved the acquisition of up to 66.15 per cent of the total equity shareholding of Mindtree by Larsen and Toubro Limited (L&T).
- The Mumbai-based L&T had bought 20.4 per cent shares in Mindtree for Rs 3,300 crore at Rs 980 per share from Coffee Day Enterprise owner V.G. Siddhartha on March 18.
- Extra info.:
CCI Headquarters: New Delhi
NTPC signs Rs 2,000 cr term loan with Canara Bank
The country's largest power producer NTPC has signed a term loan agreement for Rs 2,000 crore with Canara Bank. The loan facility is extended at an interest rate linked to three months MCLR of the Bank. This loan has a door to door tenure of 15 years and will be utilised to part finance the capital expenditure of the NTPC.
- Extra info.:
NTPC Headquarters: New Delhi, India
Canara Bank Headquarters: Bengaluru
Jalan panel norms to apply to current, future RBI reserves
The Bimal Jalan panel examining the RBI's policy of distributing its reserves may suggest a guiding principle for surplus transfers as well as a specific timeframe for its application while keeping in mind the public policy mandate of the RBI. These surplus reserves account for about 28 per cent of the central bank's total assets.
- The committee may also look at past unrealised gains, alongwith the contingency reserves, and consider the extent of reserves the Reserve Bank of India (RBI) should hold and transfer to the government.
RBI tweaks LCR norms to boost Liquidity
In a bid to further improve the cash position of banks, the RBI provided additional 2 per cent liquidity window to the lenders by tweaking liquidity coverage ratio (LCR) norms. The LCR indicates the proportion of highly liquid assets held by banks to ensure their ability to meet short-term obligations.
- The decision has been taken with a view to improve the ease of undertaking forex transactions by increasing the last-mile touch points of regulated entities to sell foreign exchange for non-trade current account transactions.
Karnataka Bank Signs Pact With Bharti AXA For Insurance Products
Karnataka Bank has entered into a memorandum of understanding with Bharti AXA Life Insurance Company to distribute the latter’s life insurance products. The bank will be able to provide a wide choice of life insurance products to its customers across 836 branches, supported by the products of Bharti AXA Life Insurance Company.
- This is the third such tie-up by the bank after PNB MetLife Life Insurance Company and LIC of India, both of which continue to provide insurance solutions to the customers of Karnataka Bank.
- Extra info.:
Karnataka Bank Headquarters: Mangalore
CEO: Mahabaleshwara M S
Paytm Money receives SEBI Approval to start Stock Broking Services
The Securities and Exchange Board of India (Sebi) has given approval to Paytm Money the investment and wealth management platform of the mobile payments company to start offering broking services. It had applied for the licence in October last year.
- Paytm Money has also received membership of NSE and BSE. To handle the broking operations, Paytm Money is looking to set up a team to deal with settlements, trade, risks, treasury and other functions of a broking house.
RBI lowers GDP growth forecast to 7.2% for 2019-20
The RBI lowered the GDP growth forecast for the current fiscal to 7.2 per cent from the earlier estimate of 7.4 per cent amid probability of El Nino effects on monsoon rains and uncertain global economic outlook.
- The central bank had projected the GDP growth for 2019-20 at 7.4 per cent. The Monetary Policy Committee of India (MPC), headed by RBI Governor Shaktikanta Das, noted that the output gap remains negative and the domestic economy is facing headwinds, especially on the global front.
Kohli second Indian to complete 8,000 T20 runs
Royal Challengers Bangalore (RCB) skipper Virat Kohli became only the second Indian player after Suresh Raina to score 8,000 runs in T20 cricket during the Indian Premier League match against Kolkata Knight Riders (KKR) at the M. Chinnaswamy Stadium in Bengaluru.
- Kohli also became the highest run-getter in IPL history, bettering Raina here as well. Kohli now has 5,110 runs in his kitty to Raina's 5,086. Kohli got to the landmark in his 257th match.
$1.7 trillion needed per year to build disaster-resilient infrastructure in Asia: ADB
Developing economies across Asia are among the most vulnerable to natural disasters and have suffered damages estimated at 644 billion dollars since 2000, according to Asian Development Bank (ADB). Of these, weather-related hazards caused the greatest share at 507 billion dollars (or 79 per cent) while geophysical hazards accounted for the remaining 137 billion dollars (or 21 per cent), as per a recent ADB report titled 'Asian Development Outlook 2019: Strengthening Disaster Resilience.'
- To build disaster-resilient infrastructure, investment needs in developing Asia are estimated at 26 trillion dollars from 2016 to 2030, or 1.7 trillion dollars per year, including necessary investments in climate-change mitigation and adaptation.
APPOINTMENTS
Nasscom appoints WNS's Keshav Murugesh its Chairman
The Indian IT industry's apex body Nasscom said WNS global services' Chief Executive Keshav Murugesh will be its new Chairman for fiscal 2019-20. Global software services' Infosys' Chief Operating Officer U.B. Pravin Rao will be the new Vice Chairman of Nasscom for FY20.
- Murugesh succeeded Wipro board member and chief strategy officer Rishad Premji, who was the apex body's chairman for fiscal 2018-19.
- Extra info.:
NASSCOM Headquarters Noida, Uttar Pradesh
CS Rajan appointed MD of IL&FS
Chandra Shekhar Rajan, who was the non-executive director of IL&FS for the last six months, was appointed the company's managing director.
- So far, Vineet Nayyar was the executive vice chairman and managing director of the company. He would now continue to be the executive vice chairman.
- Extra info.:
Infrastructure Leasing & Financial Services Headquarters: Mumbai
David Malpass elected as World Bank President
Former Under Secretary of United States Treasury Department, David Malpass, was appointed as the 13th president of the World Bank Group. On February 6, US President Donald Trump had nominated Malpass for the candidature in the elections to appoint the next president of the World Bank.
- Extra info.:
World Bank Headquarters: Washington, D.C., United States
Praful Patel becomes the first Indian in FIFA Executive Council
Praful Patel, president of All India Football Federation (AIFF), has become the first Indian to be elected as a member of FIFA Executive Council. Patel, who serves as a Senior Vice President at the Asian Football Confederation (AFC), was one of the eight candidates vying for the spot in the election, which was held during the 29th AFC Congress in Kuala Lampur in Malaysia .
- Patel's presence in the FIFA Executive Council will give India a much stronger voice at the International stage. Also, it will improve India's relation with the other top member nations of the world football body.
LV Subrahmanyam took charge as the chief secretary of Andhra Pradesh
The Election Commission of India appointed senior IAS officer Subrahmanyam as chief secretary. ECI has shifted Chief Secretary Anil Chandra Punetha to a non-election post. The ECI move comes just days after it summoned Punetha to seek an explanation for defying its orders transferring Intelligence DG AB Venkateswara Rao on March 26 following complaints that he was acting in a biased manner favouring the ruling TDP.
OBITUARIES
Economist VG Patel passes away
Viharidas Gopaldas Patel, noted economist and ‘Father of Entrepreneurship Movement’ in India, passed away in Ahmedabad after a brief illness. He was 79. In 2017, the Government of India had decorated him with a Padma Shri for his contribution to the entrepreneurship movement.
- Patel’s work towards inclusion of entrepreneurship in the formal education system, sensitisation of support system, and entrepreneurship research has been widely recognised.
IMPORTANT DAYS
National Maritime Day
The National Maritime Day (NMD) is observed every year on 5 April to commemorate the maiden voyage of the first Indian owned ship “SS Loyalty” sailed from Bombay to London on 5th April 1919.
- This year is it is 55th edition of NMD and theme is “Indian Ocean-An Ocean of opportunity”. The NMD is being observed annually since 1964.
Prevention of Blindness Week 2019
April 1 to 7 is observed as Prevention of Blindness Week every year in India. It is observed to alert and awaken the society towards various factors which causes blindness. It is organised by National Society for the Prevention of Blindness-India (NSPB-I) along with the support of state and local branches.
- Initiated in 1960, Prevention of Blindness Week was launched by Jawaharlal Nehru and Raj Kumari Amrit Kaur, under Societies Registration Act of 1860.
- Indian Government has also launched another campaign ‘Vision 2020: The Right to Sight’ in collaboration with WHO to prevent blindness.
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