The Union Cabinet on Wednesday accepted a capital infusion of Rs 6,000 crore by the federal government within the National Investment and Infrastructure Fund (NIIF), a sovereign wealth fund, over the following two years, Minister of Information And Broadcasting Prakash Javadekar stated.
The authorities would make investments Rs 2,400 crore within the NIIF in the course of the present monetary yr ending in March that will assist it increase as much as Rs 1.lakh crore for investments, Mr Javadekar, informed reporters after the cupboard assembly.
The cupboard additionally accepted the merger of Lakshmi Vilas Bank (LVB) with DBS India, which is the wholly-owned subsidiary of DBS Bank.
“The 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, public and financial system,” Mr Javadekar stated in a media briefing on the finish of the cupboard assembly. With the merger, there’ll no additional restrictions on the depositors relating to the withdrawal of their deposit, the minister added.
As a part of the amalgamation plan, DBS India will infuse recent capital of Rs 2,500 crore into LVB and your complete share capital and reserves and surplus can be written off.