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Important Current Affairs of 6th April

BANKS AND ECONOMICS:

Lakshmi Vilas Bank approves merger with India bulls Housing.

• The board of Lakshmi Vilas Bank approved a share swap acquisition by housing finance firm Indiabulls Housing Finance.

• The merged entity, Indiabulls Lakshmi Vilas Bank, will be among the top eight private banks by size and profitability. The merger will need the approval of the Reserve Bank of India and other regulators.

• As per the share swap ratio for the merger, for every 100 shares of Lakshmi Vilas Bank shareholders will get 14 shares of Indiabulls Housing Finance.

SPORTS:

Belgium retained top spot in the latest FIFA world football rankings.

• Belgium continues to dominate the charts with 1737 points. The top three positions are unchanged with World Cup winner France in second spot ahead of Brazil, in third. England rose above Croatia, to reach No 4 this month. Indian football team gained two places to rise to 101 in the FIFA rankings.

Indian women's Football team faces Nepal in Olympic Qualifiers Round 2 match.

• In Football, Indian women's team faces Nepal in their Olympic Qualifiers Round 2 match in Mandalay, Myanmar today. The match will begin at 2 PM Indian time. The two teams will be up against each other for the third time since February.

INTERNATIONAL:

Panel to be set up to oversee Essar Steels operations.

• Essar Steel's Committee of Creditors (COC) has set up a monitoring committee to oversee the operations of the steel firm and ensure a smooth transition to ArcelorMittal, the successful resolution applicant. 

• The monitoring committee is headed by resolution professional Satish Gupta and has four members from the lenders and three from ArcelorMittal. The lenders, SBI, IDBI Bank, ICICI and Edelweiss Asset Reconstruction Company, have their representatives as members of the monitoring committee.

•  The development comes after the National Company Law Appellate Tribunal (NCLAT) asked the COC to set up a monitoring committee to oversee the operations of the steel firm and smooth transition to ArcelorMittal.

NATIONAL:

Phayeng Village of Manipur becomes India’s first carbon-positive settlement

• A village is given the Carbon-Positive Tag if it sequesters more carbon than it emits, slowing the accumulation of greenhouse gases and mitigating the effects of climate change.

• As part of the carbon-positive village project, Phayeng will receive a grant of Rs10 crore in phases to facilitate afforestation in the catchment of river Maklang that flows along the village.

• Phayeng is a scheduled caste village of the Chakpa community in Imphal West district and its conservation efforts are mainly linked to the belief that the forest is a sacred grove. It is surrounded by three densely forested hillocks with fruit trees at center and a stream flowing through it.

NIIF and Roadis to set up platform for up to USD 2 billion in road projects.

• The National Investment and Infrastructure Fund (NIIF) and global transport infrastructure operator Roadis are to jointly set up a platform to invest up to $2 billion of equity in road projects in India. The platform would target toll-operate-transfer models and acquisitions of existing road concessions.  Roadis is a fully owned subsidiary of the Public Sector Pension Investment Board which is one of Canada's largest pension funds.

Indian Navy to acquire 6 lethal submarines under Project-75 India at Rs 50,000 crore.

• Under Project 75-India, the Navy wants to build six conventional diesel-electric submarines which would be almost 50 per cent bigger than the under-construction Scorpene class submarines being built at the Mazagon Dockyards Limited in Mumbai. The submarines should have the ability to carry and launch 18 heavyweight torpedoes in the sea.

• For the Indian Navy, the Project 75I-class submarine is follow-on of the Project 75 Kalvari-class submarines. The submarines will be equipped with heavy-duty firepower as it wants the boats to have at least 12 Land Attack Cruise Missiles (LACM) along with Anti-Ship cruise missiles (ASCM).

Paytm Money Receives SEBI Approval To Start Stock Broking Services.

• Securities and Exchange Board of India (SEBI) given approval to Paytm Money the investment and wealth management platform of the mobile payments company to start offering booking services. It had applied for the licence in October 2018. Paytm Money also received membership of NSE and BSE.

APPOINTMENTS:

Vikram Kirloskar appointed as CIIs president.

• Vikram Kirloskar, CMD of Kirloskar Systems Ltd., and vice-chairman of Toyota Kirloskar Motor has assumed office as President of the Confederation of Indian Industry (CII) for 2019-20.

• He takes over from Rakesh Bharti Mittal, vice-chairman, Bharti Enterprises.  Uday Kotak, founder and MD & CEO of Kotak Mahindra Bank, is the president-designate of CII for 2019-20. T.V. Narendran, CEO  & MD of Tata Steel Limited, takes over as CII vice-president for 2019-20.

Nasscom appoints Keshav Murugesh as CEO.

• IT industry body Nasscom has appointed WNS Global Services Group CEO Keshav Murugesh as its chairman for 2019-20. He takes over from his previous role as vice-chairman of Nasscom. He succeeds Rishad Premji (Wipro chief strategy officer and board member). Nasscom has appointed Infosys COO U.B. Pravin Rao as its vice-chairman for 2019-20.

Amal Clooney is appointed as the U.K.s special envoy on media freedom

• Amal Clooney has been appointed as the U.K.’s special envoy on media freedom. The appointment comes as the U.K.

• Prepares to host an international conference this July in the wake of attacks on journalists across the world.  Ms.Clooney will chair a panel of legal experts who will work to support countries to repeal outdated and draconian laws and strengthen legal mechanisms to protect journalists.

•  Among the steps that could be taken by the panel include making proposals to countries around national laws that don’t comply with international standards, particularly around issues such as blasphemy and stringent anti-defamation rules. 

• The panel will also prepare mechanisms that could be used internationally to raise the cost of non-compliance with international standards, such as advising on sanctions regime that could be put in place relating to regimes that abused journalists.

American David Malpass selected as the new President of the World Bank

• David Malpass is currently US Treasury Department's Under Secretary for International Affairs. He was a senior economic adviser to US President Donald Trump during his 2016 election campaign. The 63-year-old, nominated by Trump, was the only candidate for the job. Malpass succeeds Jim Yong-kim, who stepped down on February 1 to join an investment firm. Kristalina Georgieva, chief executive officer of the bank, has been acting as the interim President.

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