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SBI MERGER: INDIA MAY SOON HAVE A GLOBAL TOP 50 BANK
India took its first step towards creating a large bank with the country’s largest lender State Bank of India (SBI) and its five associate banks initiating a merger process. All six are state-owned.
A merger would create a banking behemoth with a balance sheet size of Rs.37 trillion, SBI chairman Arundhati Bhattacharya said. That would be more than five times the Rs.7.2 trillion balance sheet size of India’s second largest lender, ICICI Bank Ltd.
The combined entity, however, would still be quite small by global standards. SBI was at rank 52 in the world in terms of assets in 2015, according to Bloomberg, and a merger will see it break into the top 50. All else remaining the same, the combined entity would be ranked 45th.
MUSLIM GROUP NAMES SCHOLARSHIP AFTER MODI
An Aligarh-based Muslim group has decided to institute a scholarship in the name of Prime Minister Narendra Modi.
The Forum for Muslim Studies and Analysis will award the Narendra Modi scholarship to economically backward Muslim students who are in the 12th standard or doing graduation. To begin with, it will be given to 10 students.
IN A FIRST, IAF CHIEF FLIES TEJAS FIGHTER TRAINER IN BENGALURU
The Indian Air Force chief, Air Chief Marshal Arup Raha, flew a trainer version of the indigenous Tejas Light Combat Aircraft (LCA) over the city under a cloudy sky on Tuesday, an official said.
“Air Chief Marshal Raha flew in the twin-seater Tejas trainer (Pilot Version-6) for 30 minutes to check its capabilities and landed safely at the HAL airport along with IAF Group Captain M Rangachari
IISC. LEADS COUNTRY IN RESEARCH OUTPUT
The Indian Institute of Science (IISc), Bangalore, has proved that it was not adjudged the top university in the country by the Centre for nothing.
With 22,056 publications between 2002 and 2014, it was ahead of 29 top academic institutions — government and private — based on the volume of publications, according to a study commissioned by the Department of Science and Technology. This is the most number of publications from a single academic institute in India.
The 2016 study, ‘International Comparative Performance of India’s Research Base – A Bibliometric Analysis’, looked at the number of publications research institutions had in the 12-year period. Though the IITs did not make it to the top slot, seven of them made it to the top 30 with five in the top 10. It also looks at the volumes for the period of 2009-13.
ANCIENT BUDDHIST SITE FOUND IN AMARAVATI
A clue given by residents of Vaikunthapuram, located in the Amaravati region, led veteran archaeologist E. Siva Nagi Reddy to the remains of a 1st Century B.C. Buddhist site atop a hill in the village.