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Cabinet approves infusion of 6000 crore rupees in NIIF; Lakshmi Vilas Bank to be merged with DBS Bank India Limited

Newdelhi:25/11/20-:Union Cabinet has approved equity infusion by Government of  6000 crore rupees in NIIF Debt Platform sponsored by National Investment and Infrastructure Fund, comprising Aseem Infrastructure Finance Limited and NIIF Infrastructure Finance Limited. This was one of the twelve key measures made by the Finance Minister as part of Government’s stimulus to the economy, under AatmaNirbhar Bharat 3.0 on 12th November.

NIIF Infrastructure Debt Financing Platform is expected to contribute nearly one lakh crore rupees in debt to the infrastructure sector over the next five years. This will act as a catalyst in attracting more investments into the infrastructure sector as envisaged in the National Infrastructure Pipeline.

Speaking to reporters in New Delhi about Cabinet decisions, Information and Broadcasting Minister Prakash Javadekar informed that Cabinet has approved Scheme of Amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank India Limited. He said with this, there will be no further restrictions on the depositors regarding the withdrawal of their deposits. Mr Javadekar said speedy amalgamation and resolution of the stress in LVB is in line with Government’s commitment to a clean banking system while protecting the interests of depositors and the public as well as the financial system.

Cabinet was apprised of a Memorandum of Understanding (MoU) on Cooperation in the field of Physical Culture and Sport signed among BRICS Countries.

Cooperation in the field of sports among the five countries will help in expanding knowledge and expertise in the area of sports science, sports medicine, and coaching techniques. This would result in improvement in performance of Indian sportspersons in international tournaments and strengthening of bilateral relations with BRICS member countries.

Mr. Javadekar also informed that CCEA has approved FDI of 2480 crore rupees in M/s. ATC Telecom Infrastructure Private Limited by M/s. ATC Asia Pacific Pvt  Ltd.  This would lead to a foreign direct investment inflow of 2480.92 crore rupees. The inflow of foreign investment to India will spur economic growth; as well as foster innovation.

Customers, including depositors of the Lakshmi Vilas Bank Ltd, will be able to operate their accounts as customers of DBS Bank India  Limited with effect from 27th of this month. The moratorium on Lakshmi Vilas Bank Ltd will cease to be operative from that date.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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