Seal on merger of Lakshmi Vilas Bank with DBIL, investment of Rs 6000 crore in NIIF also approved

In the Cabinet meeting held on Wednesday, investment of Rs 6000 crore was approved in the National Investment and Infrastructure Fund (NIIF).

25th November, 2020


Several important decisions were taken in the meeting of the Union Cabinet on Wednesday. This information was given by Union Minister Prakash Javadekar at the press conference. Prakash Javadekar held a press conference and informed about the decisions taken in the cabinet meeting. He said that many important decisions were taken in the meeting of Cabinet and Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi. He said that the thrust of the Modi government is to promote a self-reliant India. The debt market will now be leveraged to raise capital for this. Investments in the National Investment and Infrastructure Fund (NIIF) in the meeting, including the proposal to merge the troubled Lakshmi Vilas Bank's DBS Bank India Ltd (DBIL), approved several other decisions. is.

Know the decisions taken in the meeting

- Cabinet approved Wednesday's investment of Rs 6,000 crore in National Investment and Infrastructure Fund (NIIF). This amount will be invested in the next two years. With this, more than Rs 1 lakh crore will be raised by the bond market for infrastructure development.

- The proposal of the merged Lakshmi Vilas Bank's merger with DBS Bank India Limited (DBIL) was also approved.

FDI in ATC was also approved in Telecom sector, CCEA approval for foreign investment of more than 2480.92 crores.

- The Cabinet has also approved a Memorandum of Understanding between the Institute of Chartered Accounts of India (ICAI) and the Verenizing Van Register Controllers (VRC) of the Netherlands.

Reserve Bank had ordered the merger of banks

Explain that the Reserve Bank had ordered the merger of Lakshmi Vilas Bank with DBS Bank. 2480 crore foreign direct investment (FDI) in ATC Telecom Infra has also been approved by the cabinet. ATC Pacific Asia holds 12% shares of Tata group company ATC. On November 17, the Reserve Bank of India put Lakshmi Vilas Bank of South India on a month-long moratorium. The Reserve Bank had ordered the bank that no customer will be able to withdraw more than 25 thousand rupees from the bank for the next one month. The effect of this decision of the Reserve Bank is visible on the shares of the bank.

Category: Business

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Reported by:
Pankaj Prasad