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5:35 PM

Cyclone Nivar LIVE: Aircraft operations at Chennai Airport will remain suspended till 7 am tomorrow

5:19 PM

Govt approves LVB merger with DBS, say will fix blame for lender's failure

The government on Wednesday approved the merger of Lakshmi Vilas Bank (LVB) with the Indian subsidiary of Singapore's DBS, said a senior minister on Wednesday, adding that the blame for the lender's collapse has to be fixed.

 

The Reserve Bank of India (RBI) took over LVB on November 15 due to a "serious deterioration" in its finances and temporarily capped withdrawals from the Chennai-based lender, which has been scouting for a partner since last year amid mounting bad loan and governance issues.

 

The amalgamation of Lakshmi Vilas Bank with DBS India subsidiary is in the interest of Lakshmi Vilas "employees, customers and investors", said Prakash Javadekar at a media briefing in Delhi. "The government has asked the RBI to take action against the people in the management who drive banks to the brink of collapse—liability has to be fixed.” READ ON...

5:10 PM

Night curfew to be reimposed in Punjab from December 1, says Punjab CM

The Punjab government on Wednesday decided to reimpose night curfew form December 1 in all cities and towns of the state, besides doubling the fine for not wearing masks. The fresh restrictions to fight COVID-19 were announced amid fears of a second wave of the infection in Punjab in the wake of the grim situation in Delhi-NCR. The night curfew will remain in force from 10 pm to 5 am, said Punjab Chief Minister Amarinder Singh after a Covid review meeting here, according to a government statement.

 

The fine for not wearing masks and ignoring social distancing norms too shall be hiked from the present Rs 500 to Rs 1,000.

 

The curbs, which shall be reviewed on December 15, also curtail operation timings of hotels, restaurants and marriage places and they will have to be closed by 9.30 pm. The CM warned people against letting their guard down under any circumstances.

4:37 PM

Cabinet approves merger of Lakshmi Vilas Bank with DBS Bank India

The Union Cabinet, chaired by Prime Minister Narendra Modi on Wednesday gave its approval to the amalgamation of Lakshmi Vilas Bank Limited (LVB) with the wholly-owned subsidiary of Singapore based DBS Bank in India. With this, there will no further restrictions on the depositors regarding the withdrawal of their deposits, Union Minister Prakash Javadekar said.

 

On November 17, the Reserve Bank of India had unveiled a draft scheme to amalgamate private sector lender LVB with DBS Bank India Ltd (DBIL). The decision followed soon after the RBI imposed a one-month moratorium on the private lender and capped deposit withdrawals at Rs 25,000. The step was taken on the advice of the RBI in view of the private sector bank's deteriorating financial health.

 

"The government has asked the Reserve Bank of India (RBI) to take action against the people in the management who drive banks to the brink of collapse," Javadekar said.

4:23 PM

Malayalam film 'Jallikattu' India's official entry at Oscars in International Feature Film category: Film Federation of India

4:23 PM

CCEA approves Rs 2,480 cr FDI by ATC Asia Pacific for purchasing about 12% stock of ATC Telecom: Prakash Javadekar

4:23 PM

Sensex tanks 694.92 points to end at 43,828.10; Nifty tumbles 196.75 points to 12,858.40

4:08 PM

Cabinet approves Rs 6,000-crore investment in NIIF debt platform

The Union Cabinet on Wednesday approved equity infusion of Rs 6,000 crore in NIIF Debt Platform sponsored by National Investment and Infrastructure Fund. This was informed by Information and Broadcasting Minister Prakash Javadekar after the Cabinet meeting. The proposal to invest Rs 6,000 crore as equity into NIIF is part of the Aatmanirbhar Bharat 3.0 package announced earlier this month.

 

To support the funding of the National Infrastructure Pipeline of Rs 111 lakh crore, Finance Minister Nirmala Sitharaman in her Budget speech this year had said that about Rs 22,000 crore has already been provided.

 

This would be towards equity support to infrastructure finance companies such as India Infrastructure Finance Company Ltd (IIFCL) and a subsidiary of NIIF, the minister had said.

3:21 PM

Govt asks RBI to take action against those in management who drives banks to brink of collapse: Prakash Javadekar

3:12 PM

Union Cabinet approves amalgamation of Lakshmi Vilas Bank with DBS India: Prakash Javadekar

Union Cabinet approves amalgamation of Lakshmi Vilas Bank with DBS India. It’s for the interest of Lakshmi Vilas employees, customers and investors: Prakash Javadekar

3:09 PM

Union Cabinet approved equity infusion by govt of Rs 6,000 crore in NIIF Debt Platform: Prakash Javadekar

3:04 PM

Cabinet Decisions LIVE: Govt will put in Rs 6,000 crore in National Investment and Infrastructure fund, says Prakash Javadekar

3:02 PM

Night curfew to be imposed in Punjab from Dec 1 to fight coronavirus: CM Amarinder Singh

2:53 PM

Police deploy water cannon to disperse farmers gathered on Chandigarh-Delhi Highway

2:24 PM

Punjab CM Amarinder Singh orders night curfew in all towns and cities from 10 pm to 5 am