New Delhi: The Union Cabinet on Wednesday approved the merger of State Bank of India and its five associate banks, Finance Minister Arun Jaitley announced.

“The cabinet approved the merger into SBI of its five subsidiaries, namely, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Travancore, State Bank of Mysore and State Bank of Patiala,” Jaitley told reporters following the cabinet meeting.

“The merger will lead to far greater operational efficiency and synergy of operations within these banks,” he said.

“Obviously, with greater efficiency if cost of operations are reduced, the cost of funds will also come down,” he added.

The Finance Minister said the merged entity will create a banking behemoth, “a very large bank, not only from the domestic point of view but also globally”.

SBI is the country’s largest lender with about 16,500 branches, including 191 foreign offices spread across 36 countries.

“The merger is likely to result in recurring savings, estimated at more than Rs 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds,” a cabinet communique said.

“Existing customers of subsidiary banks will benefit from access to SBI’s global network. The merger will also lead to better management of high value credit exposures through focused monitoring and control over cash flows instead of separate monitoring by six different banks,” it added.

Jaitley said the proposed merger of Bhartiya Mahila Bank into SBI is still under consideration and the cabinet did not take a decision on the matter on Wednesday.

Last year, SBI had announced that it would merge its five subsidiaries and Bharatiya Mahila Bank on receipt of government approval for the same.

(IANS)

Chennai: E. Palanisamy, AIADMK General Secretary V.K. Sasikala’s backer, was on Thursday invited by Governor C. Vidyasagar Rao to take oath as the new Tamil Nadu Chief Minister.

The Governor told the minister, who was earlier elected leader of the AIADMK legislature party after Sasikala’s legal troubles, to take oath on Thursday evening, the Raj Bhavan said.

Palanisamy will have to prove his majority in the assembly within 15 days, the Governor’s office said.

The decision was conveyed to Palanisamy when he called on the Governor earlier in the day.

The news triggered wild celebrations at a resort near here where AIADMK MLAs backing the now jailed Sasikala are holed up.

Palanisamy’s supporters claimed on Wednesday night that he had the backing of 124 of the 135 party legislators as opposed to acting Chief Minister O. Panneerselvam.

AIADMK sources said Panneerselvam, who had wanted to remain the Chief Minister, went into a huddle with his supporters after the Governor told Palanisamy to take oath.

(IANS)

Mumbai: Bhiwandi corporator Manoj Mhatre (Congress) was killed last night by masked assailants who shot at him and assaulted him with sharp knives. Narpoli police registered a murder case late in the night after he succumbed to his injuries.

The assailants ambushed Mhatre when he got home around 9 pm. “Mhatre’s driver had dropped him near his house at Oswal Wadi. He was walking home when at least five persons attacked him with sharp knives and fired two rounds,” said a cop. Mhatre breathed his last at Jupiter Hospital.

“One of the fired rounds hit his back and he succumbed to the injuries,” said DCP Manoj Patil, Bhiwandi.

Mhatre was in his early 40s and was the leader of Congress in the Bhiwandi-Nizampur Municipal Corporation. Sources said he had a construction and infrastructure business, and an internal dispute might have led to the murder. Narpoli police and the Crime Branch put a city-wide nakabandi in place to catch the accused.

(Agencies)

Sriharikota: Indian rocket Polar Satellite Launch Vehicle (PSLV) on Wednesday morning lifted off successfully with a record 104 satellites, including the country’s earth observation satellite Cartosat-2 series.

The PSLV-XL variant rocket standing 44.4 metre tall and weighing 320 ton tore into the morning skies at 9.28 a.m. with a deep throated growl breaking free of the earth’s gravitational pull.

The earth observation satellite Cartosat-2 series weighs 714 kg.

The co-passenger satellites comprise 101 nano satellites, one each from Israel, Kazakhstan, The Netherlands, Switzerland, the UAE and 96 from the US, as well as two nano satellites from India.

The total weight of all the satellites carried on-board is about 1,378 kg.

By the 28th minute of the rocket’s mission all the 104 satellites would be put into orbit.

The PSLV rocket is a four stage/engine rocket powered by solid and liquid fuel alternatively.

“The Cartosat satellite is the fourth one in the Cartosat-2 series of earth observation satellites. Already three are in the orbit and two more will be launched. Once all the six Cartosat-2 series satellites are launched the Cartosat-3 series would begin,” an ISRO official told IANS preferring anonymity.

(IANS)

Kancheepuram: Police today booked AIADMK General Secretary V K Sasikala and its Legislature Party Leader Edappadi K Palaniswamy in connection with the alleged detention of party MLAs at a resort in this district.

The two were booked under various sections of the Indian Penal Code (IPC) pertaining to abduction and wrongful confinement.

The case was filed at Koovathur police station on a complaint from Madurai (South) MLA S S Saravanan, who has since joined the rebel O Panneerselvam camp.

Last week, while extending his support to Chief Minister Panneerselvam, Saravanan claimed that he had managed to flee from the resort by changing into a t-shirt and bermuda shorts.
On February 5, Sasikala was elected as the Legislature Party Leader.

However, two days later, Panneerselvam had raised a banner of revolt against her, alleging he was forced to step down for her.

The AIADMK MLAs have been put up at the luxury resort for the past one week, and many of those who swear allegiance to Sasikala have been insisting they were staying on their own volition. Sasikala herself had visited the resort thrice to hold discussions with her party legislators.

(Agencies)

Bengaluru: A breathtaking display of thrilling manoeuvres by military aircraft and aerobatic teams left the audience spell-bound at the 11th edition of Aero India air show that started here today.

The Bengaluru skies over the Yelahanka airbase were dazzled with somersaults and stunts by metal birds with the daredevilry of world famous aerobatics teams in full flow.

Billed as Asia’s premier air show, the biennial edition of International Aerospace and Defence Exhibition – Aero India 2017 was inaugurated by Defence Minister Manohar Parrikar.

Betting high on the Defence market in India, global aerospace giants are hard selling their wares with potential deals worth billions of Dollars on offer.

Army Chief Gen Bipin Rawat, Air Force Chief Air Chief Marshal B S Dhanoa and Navy Chief Admiral Sunil Lanba were also present.

Enthralling stunts were performed by helicopter display team “Sarang”, Indian Air Force’s “Surya Kiran” and ‘SKYCATS- Scandinavian Air Show’ aerobatics teams.
It was a special occasion for Surya Kiran Aerobatics Team (SKAT) as they marked their 500th public display since formation in 1996.

SKAT, with a fleet of brand new single engine, jet powered advanced Hawk aircraft and redefined manoeuvres was back after having skipped two editions of the Aero India.

Hawk aircraft are faster and more manoeuvrable than the Kiran aircraft SKAT used earlier.

Embraer 145 Airborne Early Warning and Control (AEW&C) aircraft equipped with the first ever Active Electronic Scanning Array (AESA) radar, and LUH were displayed for the very first time at the Aero show.

The air display began with Mi-17 helicopters trooping in the Indian tricolour, Indian Air Force and Aero India flags.

It was followed by indigenously built HAL products comprising Light Utility Helicopter (LUH) flanked by Cheetal helicopter, Advanced Light Helicopters (ALH) and the Light Combat Helicopter (LCH).

A formation comprising Dornier Do 228, Light Combat Aircraft Tejas, HTT-40 (Basic Trainer Aircraft) and Hawk then followed.

A total of 549 companies are taking part in the event, of which 270 are Indian and 279 foreign. About two lakh business visitors are expected to attend the show, in which 72 aircraft are participating, according to the organisers.

Enthralling manoeuvres were performed by HTT-40, LCH, LUH, Tiger Moth, homegrown LCA (Tejas), Sukhoi Su-30MKI, Gripen fighter, Rafale fighter, F16, Pilatus PC-7 aircrafts.

Also there is a static display of HTT-40, upgraded Jaguar and Mirage 2000, LCH and LUH at the air show.

(Agencies)