 Kazakhstan has set up Coordinating Council for attracting foreign investments including from India. A decision was taken to lay down the functions of Investment Ombudsmanin order to venture for new approaches to improve the investment scenario in Kazakhstan. The meeting identified the Astana International Financial Centre (AIFC) as a Unified Center for the coordination of work on investment and promotion of the investment image of Kazakhstan. |
| Source: Economic Times |
 Iran and Pakistan have agreed to set up a joint border “reaction force” to combat the attacks by militant groups on both sides their frontier. Both the nations have decided to collaborate to form the joint quick reaction force by increasing cooperation between border forces and intelligence agencies. |
| Source: Business Standard |
 The Reserve Bank of India (RBI) has divested its entire stake held in National Housing Bank (NHB), the regulator for housing finance companies, and National Bank for Agriculture and Rural Development (Nabard) to the government, which now holds 100% in these entities.
The central bank has sold its stake in NHB in the month of March, while it sold the stake in Nabard in February. RBI had 100% shareholding in NHB, which was divested for INR1,450 crore. The Nabard stake was divested in two phases. RBI had 72.5% stake in Nabard amounting to INR1,450 crore, out of which 71.5%, worth INR 1,430 crore was divested in October 2010 and the residual shareholding was divested in February 2019 for INR 20 crore.
NHB is the regulator for housing finance companies while NABARD is responsible for regulating and supervising the functions of Co-operative banks and RRBs.
The move is part of ending the cross-holding in regulatory institutions and follows the recommendation of second Narasimham committee report of October 2001 and the RBI’s own discussion paper on the same entitled ‘Harmonizing the role and operations of development financial institutions and banks.’
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| The Narasimham panel had stated that RBI could not own those entities which are regulated by it. Earlier, based on the second Narasimham committee recommendations, the RBI had proposed to transfer its ownership in SBI, NHB, and Nabard to the government in October 2001. The current change in the capital structure of both these financial institutions was brought in by the government through amendments to the Nabard Act of 1981 and the NHB Act of 1987 which were notified in January 2018 and March 2018, respectively. |
| The Nabard came into existence on July 12, 1982, by transferring the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation. Set up with an initial capital of Rs 100 crore, the development finance institution’s paid-up capital stood at Rs 10,580 crore as of March 2018. The decision to establish NHB was announced in the 1987-88 Budget. Following that, the National Housing Bank Bill, providing a legislative framework for the NHB, was passed by Parliament in the Winter session of 1987 and it became an Act on December 23, 1987. The National Housing Policy of 1988 envisaged setting up of NHB as the apex level institution for promoting the housing sector. |
 Former Dena Bank MD & CEO Karnam Sekar is set to take over as the new Managing Director and CEO of Indian Overseas Bank from July 1, 2019. He will take over from R Subramaniakumar. Earlier Sekar was the MD & CEO of Dena Bank till September 2018. He was also the Deputy Managing Director and Chief Credit Officer in State Bank of India heading its highest Credit Committee. |
| Source: Economic Times |
 BuyUcoin, second oldest Cryptocurrency Exchange in India, has introduced a new and unique platform for wholesale cryptocurrency trading. This platform works on ‘free trading model’ which means it charges zero fee on any trade. It is also known as OTC (Over-the-counter) Desk that allows users to trade on a large scale with low price fluctuations. |
| Source: Business Standard |
 Markets regulator SEBI (Securities and Exchange Board of India) has reduced the minimum subscription requirement as well as defined trading lots for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). SEBI has also increased the leverage limit for InvITs from 49% to 70%. While making an initial public offer and follow-on offer, the minimum subscription shall not be less than Rs 1 lakh for InvITs and Rs 50,000 for REITs. Currently, in the case of a REIT issue, the minimum subscription from any investor in an initial offer and follow-on public offer is not less than Rs 2 lakh, while the same is Rs 10 lakh in case of InvIT. |
| Source: Economic Times |
 National Company Law Tribunal (NCLT) approved the merger of private sector lender IndusInd Bank with Bharat Financial Inclusion (BFIL), a microfinance company. Earlier, IndusInd Bank had received ‘No Objection’ from Reserve Bank of India, National Stock Exchange and Bombay Stock Exchange. Bharat Financial will become a subsidiary of the private lender. |
| Source: Economic Times |
 Every year on 25 April, people around the globe observe World Malaria Day (WMD) to raise awareness and funds for the treatment and prevention of the disease. This year, the theme for the day is “Zero malaria starts with me” and it is being hosted by the World Health Organisation (WHO). WMD is one of eight official global public health campaigns currently marked by the WHO. It was established in May 2007 by the 60th session of the World Health Assembly. Prior to the establishment of WMD, Africa Malaria Day was held on April 25. |
| Source: WHO |
 World number one Bajrang Punia won gold at Asian Wrestling Championship in China’s Xian. He defeated Kazakhstan’s Sayatbek Okassov in a nail-biting 65kg men’s freestyle final. It is Bajrang’s second gold at this championship, having won one in 2017. Parveen Ranasecured a silver medal. Satywart Kadian picked a bronze medal defeating Haobin Gao of China. |
| Source: News on AIR |
 Indonesia has released a special commemorative stamp on the theme of Ramayana to mark the 70th anniversary of the establishment of its diplomatic ties with India. The stamp is designed by renowned Indonesian sculptor Padmashri Bapak Nyoman Nuarta, featured a scene from Ramayana in which Jatayu valiantly fought to save Sita. A specially signed version of the stamp will be on display at the Philately Museum in Jakarta. |
| Source: News on AIR |
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