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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (102607) | |
22201. DBS to inject Rs 2,500 cr into India arm for Lakshmi Vilas Bank merger
- Singapore’s DBS will infuse Rs 2,500 crore into DBS Bank India for the proposed merger with cash-strapped Lakshmi Vilas Bank (LVB), which was put under a moratorium.
- The Reserve Bank of India (RBI) has announced a draft scheme to amalgamate Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL).
- DBS has been in India since 1994. In March 2019, to expand the franchise and build greater scale, DBS converted its India operations to a wholly-owned subsidiary, DBIL. DBIL is now present in 24 cities across 13 states.
22202. Budget 2022: Building 400 Vande Bharat trains in 3 years 'ambitious', 150 more realistic target, says Train 18
- It was a moment of great pride for the team that created Vande Bharat trains (also known as Train 18) when Finance Minister Nirmala Sitharaman announced production of 400 trains over the next three years, said the train creator.
- Presenting the Union Budget for 2022-23, Sitharaman said 400 new energy efficient Vande Bharat trains will be introduced in three years.
- The total budget estimates of Rs 23,875 crore for MRTS & Metro Projects will incentivise faster implementation of projects and the standardisation of metro design systems will provide the much-needed stability for manufacturers
- The development of 100 Cargo terminals over the next 3 years will also improve India's competitiveness in faster and cleaner logistics and freight movement by rail.
22203. India successfully flight tests Rafale-Marine fighters for INS Vikrant
- The marine version of the French-made Rafale fighter jet has been successfully flight-tested at a shore-based facility in Goa where conditions similar to that on the indigenously-developed aircraft carrier INS Vikrant were simulated
- The Rafale-M is pitted against the US-made Super Hornet -- both of which are being evaluated for a possible purchase by the Indian Navy for deployment on the 44,000-tonne INS Vikrant that is undergoing trials in the Arabian Sea and the Bay of Bengal for likely commissioning in August.
- The Navy wants to initially purchase 26 jets for its aircraft carrier, though it had issued in 2017 a Request for Information (RFI) for 57 multirole aircraft capable of being launched from carriers.
22204. At Tawang, Arunachal CM hoists 2nd highest Tricolour.
- Arunachal Pradesh Chief Minister Pema Khandu on Thursday dedicated the 104-feet-tall national flag at Ngangpa Natme (Buddha Park) here to the people of the state.
- The chief minister, who earlier hoisted the Tricolour, said that the “monumental flag” is a way of the state government to honour the patriotism of the people of Arunachal Pradesh towards the country.
- The chief minister also congratulated the Indian Army, local MLA Tsering Tashi, the Tawang administration and its people for the flag. Located at 10,000 feet above sea level, the national flag overlooking the Tawang city, is second highest in the country in terms of altitude. The highest national flag is located at Lukung near the Pangong Lake in Leh.
Click here to find 219 similar incidents of North East India -> Developments in North East India
22205. Assam Cabinet approves a high-level task force to oversee the implementation of PM GatiShakti.
- Cabinet on Wednesday approved setting up a high-level task force to oversee the “proper implementation of PM GatiShakti” project.
- With an initial allocation of Rs 1,500 crore, Union budget 2022-23 has proposed to roll out the Prime Minister’s Development Initiative for North East Region (PMDevINE). This is expected to fill vital gaps in infrastructure development and generate livelihood activities for youth and women.
- Union Finance Minister, Nirmala Sitharaman announced, “A new scheme, Prime Minister’s Development Initiative for North-east, PM-DevINE, will be implemented through the North-Eastern Council. It will fund infrastructure, in the spirit of PM GatiShakti, and social development projects based on the needs of the North-East. This will enable livelihood activities for youth and women, filling the gaps in various sectors".
Click here to find 219 similar incidents of North East India -> Developments in North East India
22206. [Startup Bharat] From handwoven pashmina to carpets, this Srinagar-based D2C startup aims to promote Kashmir’s handloom globally
- Jammu and Kashmir is known for its unique pashmina shawls, hand-knotted carpets, and other regional handicrafts. According to the Bureau of Indian Standards, the Indian pashmina industry is worth Rs 2,000 crore.
- Founded by Mubasher and Zahoor Hassan Mir in February 2021, the Srinagar-based Direct-to-Consumer (D2C) startup aims to become the one-stop shop for original high-grade pashmina shawls, hand-knotted carpets, scarves, spices, and other state handicrafts.
- The startup tackles four key challenges — issues with the product authenticity, price versus quality, lack of design innovation, and limited artisan welfare. ATK claims to make the world’s finest handwoven pashmina and hand embroideries on manual looms with the trademark fluffiness, luxurious feel, and longevity.
22207. Centre intends to set up 100 Sainik Schools in J&K
- Jammu and Kashmir is likely to have more Sainik Schools under the Society of Ministry of Defence. The Ministry of Defence has sought cooperation from the Jammu and Kashmir Administration in supporting and arranging maximum publicity and sensitizing all schools, educational bodies in this regard.
- According to the official statement to Jammu and Kashmir School Education Department, the Ministry of Defence has said that the Government of India (GoI) has approved an initiative for setting up of 100 new Sainik Schools under Sainik Schools Society of Ministry of Defence on affiliation basis through partnership of states, NGOs and Private partners.
- “Sainik Schools have not only brought good quality value based education within reach of the aspiring parents and children but also have created glorious history of students from humble background reaching highest echelons in the Military Leadership, Administrative Services, Judicial Services and other walks of life such as science, technology and entrepreneurs,”
22208. J&K tourism plans to start border tourism in Kashmir
- As per latest reports, tourism department officials in Jammu and Kashmir recently wrote to concerned authorities to open up tourism along the LoC in Kashmir. This move comes in the wake of a ceasefire agreement between India and Pakistan.
- Reports have it that the decision made by the Director General of Military Operations of both the countries last year to respect bilateral ceasefire agreement has brought normalcy in the lives of people residing on both the sides of LoC and the international border in Jammu and Kashmir.
- If reports are to go by, a huge number of visitors to Kashmir have been showing interest to visit such unexplored places since last year. Officials are of the view that the border districts of Bandipora, Kupwara, and Baramulla, spread along the LoC, have huge tourism potential.
22209. [Funding alert] Gurugram-based fintech startup True Balance raises $28M from SoftBank, others
- Fintech startup True Balance has raised $28 million in funding from investors including SoftBank Ventures Asia, Naver, BonAngels, Daesung Private Equity, and Shinhan Capital. Headquartered in Seoul and Gurugram, True Balance is operated by Balancehero India, the wholly-owned subsidiary of Balancehero Korea.
- “From the day we launched, our focus was on the next billion Indian users. These people will continue to be at the heart of every decision-making process, every change, every pivot, every new service, or product line that we introduce in India. We will continue focusing on non-online payment users, non-credit score users, people who deserve our help, but need a way to get to it."
- True Balance has expanded its portfolio to bring full stack financial services to low-income citizenry ‘making finance available for all’. The company’s loan book claims to have grown over eight times since January 2020, capped off by their Cash Loan and Level Up Loan service – with an average ticket size between Rs 1,000-15,000
22210. [Funding Alert] Cashfree raises $35.3M Series B investment led by Apis Growth Fund II
- Founded in 2015 by Reeju Datta and Akash, Cashfree processes online payments for several Indian businesses. The press statement shared by the company said Cashfree has been profitable since its first year of operations and counts more than 50,000 businesses amongst its merchants including leading internet companies such as Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery among others.
- Bengaluru-based fintech startup Cashfree has raised $35.3 million as a part of its Series B investment led by the global financial services investor, Apis Growth Fund II. The funding also saw participation from existing investors — Y Combinator and Smilegate.
- With this fund raise, the team will be looking to scale its payment offerings, develop new product verticals, and strategic investments. The investment will also assist the company in making selective bolt-on acquisitions to further augment its geographic and product reach.