Paving the way for the first ever-three way merger of public sector lenders, the Cabinet Wednesday approved amalgamation of Dena Bank and Vijaya Bank with Bank of Baroda that would create the country's third largest lender.

Law Minister Ravi Shankar Prasad said there would be no retrenchment of employees and that their services conditions would also not be affected post merger.

The boards of the three banks have also cleared the share-swap ratio for the proposed amalgamation.

As per the Scheme of Amalgamation announced by Bank of Baroda, shareholders of Vijaya Bank would get 402 equity shares of BoB for every 1,000 shares held in the bank.

The Telangana High Court has come into being with justices taking oath today. Justice T B N Radhakrishnan was sworn in as the Chief Justice of the Telangana High Court this morning. Telangana and Andhra Pradesh Governor E.S.L. Narasimhan administered oath of office to him. 

Later, Justice Radhakrishnan administered the oath of office to 12 justices of Telangana High Court on the premises of the High Court. AIR Correspondent reports the advocates and legal fraternity have been demanding separate high court for Telangana ever since the separate state was carved out in 2014. However, the things moved fast after Andhra Pradesh Chief Minister Chandrababu Naidu gave in writing that the High Court in his state Capital, Amaravati will be readied by 31st December. 

The newly-elected leaders of the BNP, headed by imprisoned former premier Khaleda Zia, will not take oath as they have rejected the results, the party announced Tuesday, hours after the government said the MPs-elect will be sworn into Parliament on January 3.

The Bangladesh Nationalist Party (BNP), which rejected the poll outcome as “farcical” and demanded fresh election, won five seats in the 300-member Parliament.

Prime Minister Sheikh Hasina’s ruling alliance swept to a landslide victory in the 11th general elections, securing a third straight term.

The opposition alliance, comprising the BNP and some smaller parties, criticised the Election Commission (EC) and accused its chief of being biased.

Information Minister Hasanul Haq Inu said the newly-elected lawmakers will be sworn in to Parliament on January 3 (Thursday), Dhaka Tribune reported.

A gazette notification will be issued on Wednesday, he said.

The BNP, alleging irregularities including ballot stuffing and ouster of opposition polling agents from voting centres, said the party’s MPs-elect will not take oath as they have already rejected the results, Daily Star reported.

The party took the decision in principle at a meeting of its standing committee at its chairperson’s Gulshan office, it said.

The Reserve Bank of India (RBI) on Tuesday allowed lenders to recast loans of stressed micro, small and medium enterprises (MSME), provided the total fund and non-fund based exposure to such a borrower does not exceed ₹25 crore. Such a debt restructuring, the central bank said, would not lead to a downgrade in asset classification.

“RBI has decided to permit a one-time restructuring of existing loans to MSMEs that are in default but ‘standard’ as on January 1, 2019, without an asset classification downgrade,” RBI said in a statement.

The government has been pushing RBI to provide relief to the stressed MSME sector. The central bank’s board on 19 November advised RBI to consider a scheme to recast loans of MSMEs, which have been hurt by the disruption caused by demonetisation in late 2016 and the implementation of the goods and services tax (GST) in July the following year.

The MSME loan restructuring, according to the RBI statement, has to be implemented by 31 March 2020 and a provision of 5% of the total outstanding loan, in addition to the money already set aside to cover potential losses, will have to be made for such borrowers. “Each bank or non-banking financial company (NBFC) should formulate a policy for this scheme with board approval which shall, inter alia, include framework for viability assessment of the stressed accounts and regular monitoring of the restructured accounts,” RBI said.

Army Chief Gen Bipin Rawat reviewed the security situation along the Line of Control and the hinterland in Jammu and Kashmir. Gen Rawat, accompanied by Northern Army Commander Lt Gen Ranbir Singh and Chinar Corps Commander Lt Gen AK Bhatt, visited the frontier district of Kupwara yesterday. 

Army Chief was briefed about the recent counter-infiltration operations. Gen Rawat interacted with the troops and spent the first day of 2019 with troops in the Kashmir Valley. 

Army spokesperson said, Gen Rawat was appreciative of the sharp vigil and ness along the Line of Control and high morale of the troops, and further exhorted them to remain for any eventuality.
 
Army Chief also interacted with senior police officials and discussed the prevailing internal security situation in the valley. Gen Rawat also appreciated the seamless cooperation and synergy being maintained among all the agencies. 

Army Chief arrived in Kashmir valley yesterday on a two-day visit to the state.

The Muslim Women (Protection of Rights on Marriage) Bill is scheduled to be tabled in the Rajya Sabha today. Law and Justice Minister Ravi Shankar Prasad will move the bill in the House.

It was passed by the Lok Sabha last week amid a walkout by the Opposition. The Bill makes all declarations of instant triple talaq void and illegal. It seeks to make the practice a punishable offence with imprisonment of three years. 

Our correspondent reports that Rajya Sabha witnessed uproar over the bill on Monday as Congress-led opposition persisted with its demand that it should be referred to the Select Committee of the House for scrutiny.

Minister of State for Parliamentary Affairs Minister Vijay Goel had said the government is ready for discussion on the bill and appealed to the House to pass it. He accused the Congress of obstructing justice for Muslim women by not allowing its passage.

Veteran actor-writer Kader Khan died due to prolonged illness at the age of 81 on 31 December, his son Sarfaraz Khan confirmed Monday. Khan was admitted to a hospital in Canada and his son confirmed that his last rites will be conducted in the country.

“My dad has left us. He passed away on 31 December at 6pm as per Canadian time due to prolonged illness. He slipped into coma in the afternoon. He was in the hospital for 16-17 weeks. The last rites will be performed here in Canada only. We have our entire family here and we live here so we are doing it,” Sarfaraz Khan told PTI. “We are thankful to everyone for their blessings and prayers.”

The news of Kader Khan’s death comes days after his son dismissed media reports of his demise.

Khan had developed breathing issues and the doctors had reportedly transferred him from regular ventilator to BiPAP ventilator.

According to media reports, Kader Khan was suffering from Progressive Supranuclear Palsy, a degenerative disease that causes loss of balance, difficulty in walking and dementia.

Born in Kabul, Kader Khan made his acting debut in 1973 with Rajesh Khanna’s Daag and has featured in over 300 films. He wrote dialogues for over 250 movies. Before becoming an actor, he had written dialogues for Randhir Kapoor-Jaya Bachchan’s Jawani Diwani.

Prime Minister Narendra Modi Monday called up his Bangladeshi counterpart Sheikh Hasina to congratulate her on her “resounding victory” in the Parliamentary elections. Hasina emerged victorious after the ruling coalition won 287 of the 298 seats in the elections held Sunday.

Congratulating Hasina on her third-consecutive term as the prime minister, Modi reiterated India’s commitment to work together with Bangladesh. During the talks, Modi said that “Hasina’s victory was the reflection of Bangladesh’s stunning development under her dynamic leadership,” press secretary of Bangladesh Prime Minister Ihsanul Karim told PTI.

The Ministry of External Affairs said the conversation was very cordial and that Modi expressed confidence that the partnership between India and Bangladesh will continue to flourish under her “far-sighted” leadership. “The PM also reiterated the priority India attaches to Bangladesh as a neighbour, a close partner for regional development, security and cooperation, and a central pillar in India’s ‘Neighbourhood First’ policy,” the MEA said in a statement.

Norman Gimbel, an Oscar-and-Grammy-winning lyricist, has died at the age of 91.

The songwriter passed away on December 19 at his home in Montecito, California, his son Tony Gimbel told The Hollywood Reporter.

Gimbel was best known for writing the lyrics of “Killing Me Softly With His Song” and the English lyrics for “The Girl From Ipanema” with his writing partner Charles Fox.

The duo also collaborated on Croce’s “I Got a Name,” and it released the day after the singer’s death in a plane crash on September 20, 1973. The song served as the theme to The Last American Hero (1973), starring Jeff Bridges.

They also wrote themes for the Garry Marshall comedies Happy Days, Laverne & Shirley, and Angie.

Gimbel was inducted into the Songwriters Hall of Fame in 1984.

India’s Smriti Mandhana won the prestigious Rachael Heyhoe-Flint Award for the best player of the year as well as the ODI Player of the Year at ICC Women’s Awards. New Zealand’s Sophie Devine and Pakistan bowler Sana Mir came second and third in the ODI Player of the Year category.

The left-handed opening batswoman Mandhana enjoyed a good year, helping India win ODI series against England, as well as series wins against Sri Lanka and South Africa in both T20I and ODI formats.

The 22-year old won the award after making 669 runs in a total of 12 ODI matches for India in 2018, slamming seven 50s along with a century against South Africa to average 66.90. Meanwhile, she hit five fifties in the shortest format in the year to become one of the only three to amass over 600 runs at an impressive strike-rate of 130.67.

“The awards are pretty special because as a player when you score runs, you want the team to win, and then when you get acknowledged for your performances through these awards, it motivates you to work harder and do well for your team,” she told ICC. “The century I scored in South Africa (in Kimberley) [135 off 129] was quite satisfying and then I had good home series against Australia and England.”