The Union Cabinet of India  has approved the signing of a Memorandum of Cooperation between the Government of India and Government of Japan, on a Basic Framework for Partnership for Proper Operation of the System Pertaining to “Specified Skilled Worker”. Here are the details: Details: The present Memorandum of Cooperation would set an institutional mechanism for partnership and cooperation between ...

The Union Cabinet has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). The approval follows the move to protect depositors’ interest and in the interest of financial and banking stability, on RBI’s application under section 45 of the Banking Regulation Act, 1949. LVB had been under moratorium for ...

The Union Cabinet chaired by Prime Minister Narendra Modi has approved in reducing Government of India shareholding in IDBI Bank Limited to below 50% by dilution. It has also approved acquisition of controlling stake by Life Insurance Corporation of India (LIC) as promoter in the bank through preferential allotment / open offer of equity, and relinquishment of management control by ...