Union Cabinet approves acquisition of IDBI Bank’s controlling stake by LIC
The Union Cabinet on August 1, 2018 approved acquisition of IDBI Bank’s controlling stake by Life Insurance Corporation of India (LIC) as promoter in the bank. The acquisition will be done through preferential allotment or open offer of equity and through relinquishment of management control by the Government of India.
The Cabinet has also approved reduction in Government shareholding in IDBI Bank Limited to below 50 percent by dilution. The acquisition would help financially strengthen the LIC and the bank as well as their subsidiaries which offer financial products such as housing finance and mutual funds.
RBI releases Third Bi-monthly Monetary Policy Statement 2018-19
The Reserve Bank of India (RBI) on August 1, 2018 released its Third Bi-monthly Monetary Policy Statement 2018-19.
After assessing the current and evolving macroeconomic situation in the economy, the six members Monetary Policy Committee (MPC) decided to increase the policy Repo Rate under the Liquidity Adjustment Facility (LAF) by 25 basis points to 6.50 percent. The Reverse Repo Rate under the LAF stands adjusted to 6.25 per cent. The Marginal Standing Facility (MSF) rate and the Bank Rate stand at 6.75 per cent.
Advanced Air Defence Interceptor Missile successfully test fired from Abdul Kalam Island
The indigenously built Advanced Air Defence (AAD) Interceptor Missile was on August 2, 2018 successfully test fired from Abdul Kalam Island. The interceptor took off from Abdul Kalam Island in Bhadrak district and successfully hit the target at a height of 20 kms in the sky.
The test was conducted to validate some improved features incorporated in the system of the missile. The supersonic interceptor missile is a 7.5-meter long single stage solid rocket propelled guided missile.
Union Cabinet approves law provisioning death penalty for maritime piracy
The Union Cabinet on August 2, 2018 approved a bill provisioning death penalty or life imprisonment to those involved in piracy at sea.
The main objective of the anti-maritime piracy bill is to have a domestic anti-piracy legislation to provide the necessary legal framework within the country for the prosecution of those involved in piracy-related crimes. Under the bill’s provisions, the act of committing piracy will be punishable by death or life imprisonment.
Sabarimala temple case: Ban on women unconstitutional, says Kerala Government
The Kerala government on August 1, 2018 told the Supreme Court that the custom of barring the entry of women between the age group of 10 to 50 years into the Sabarimala temple in Kerala is not permissible under the Constitution.
The state government said that the celibate status of deity cannot be a ground for barring the entry of women into the Sabarimala temple. The government argued that it is a Hindu temple and not a temple of a particular denomination.
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