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Thursday, December 23, 2010

Sachin is Sachin, the real Bharat Ratna, says 'mom' Lata Read more: Sachin is Sachin, the real Bharat Ratna, says 'mom' Lata - The Times of India htt

Sachin Tendulkar
NEW DELHI: Legendary singer Lata Mangeshkar feels blessed to have a 'son' like Sachin Tendulkar and wants the batting sensation to carry on his innings for many more years and win the Bharat Ratna.

Congratulating Sachin on his hitting his 50th Test century, his avid fan says her blessings are always with the 'little master'.

"Sachin treats me like his mother and I always pray for her like a mother. I can never forget the day when he called me 'aai' (mother) for the first time. I had never imagined that. It was pleasant surprise for me and I feel blessed to have a son like him," Lata said.

"Sachin celebrates his birthday on April 24 which is also my father's (Dinanath Mangeshkar) death anniversary. We never get a chance to meet on that day. On one occasion we had met on April 23rd," she says.

She recalls an incident when journalists asked Sachin about his feeling for her to which his reply was "what could one think about his mother".

For the 81-year-old Bharat Ratna winner, Sachin is really an ideal son.

"I always pray for his success and well being. My blessings are always with him."

Lata and Sachin's admiration for each other is not a secret. According to Sachin, Lata songs are a stress buster for him. Lata, on the other hand, always try to catch an innings of Sachin on TV.

Asked if the country's highest civilian honour should be bestowed on the cricketer, she says he definitely deserves the Bharat Ratna.

"For me, he is the real Bharat Ratna for years. Whatever he has done for the country, very few people can do. He deserves this honour. He has made all of us feel proud.

"India has produced many great cricketers but Sachin is Sachin. He is one and only in his generation."

Lata also sees many similarities with Sachin. "He is a perfectionist and very possessive about his work. I am also like that. He is very fond of music and I love cricket. He is a real gentleman and god-fearing person. He never forgets to thank god and his father after any achievement which is simply adorable," she says.

Lata hopes that Sachin will continue to play for many more years and help India win the World Cup next year.

"He is playing exceptionally well and can continue till he wants. I wish that he plays for many more years. India should win the World Cup next year as we have a very good team under Mahendra Singh Dhoni's captaincy."

Urging him to continue, Lata dedicated her song "Akash ke uss paar akash aur bhi hai" to the cricketer saying he should not stop here but try to find new horizons.


Read more: Sachin is Sachin, the real Bharat Ratna, says 'mom' Lata - The Times of India http://timesofindia.indiatimes.com/sports/cricket/series-tournaments/sachin-tendulkars-half-century-of-centuries/Sachin-is-Sachin-the-real-Bharat-Ratna-says-mom-Lata/articleshow/7149930.cms#ixzz18zzo5gln

Benitez leaves Inter Milan by mutual consent

Rafael Benitez
ROME: European champions Inter Milan sacked coach Rafael Benitez on Thursday just a few days after he guided them to the World Club Cup title and looks set to be replaced by former AC Milan coach Brazilian Leonardo.

The two parties reached a mutual agreement over terminating the Spaniard's contract ending days of speculation about the former Liverpool manager's future after he had used the World Club Cup win to launch a bizarre outburst against the club's board and their lack of support in the transfer market as well as an attack on the players.

Inter, who turned to Benitez when Jose Mourinho left for Real Madrid in the summer, issued a curt statement confirming that the Spaniard's short reign had been brought to a premature and inglorious end after holding talks with his agent.

"Inter Milan and Rafael Benitez can announce that they have reached a mutually satisfactory agreement for the early termination of his contract.

"Inter thank Rafael Benitez for his work in leading his team to success in the Italian Super Cup and the FIFA Club World Cup."

Benitez, who is spending his now longer than expected Christmas break in Liverpool, bore no rancour in his initial reaction when he spoke to Italian news agency Ansa.

"I would like to thank everybody for the support I received in my spell at Inter," he said.

"I would like to thank both on my own behalf, and on behalf of my coaching staff, the players, the directors and the supporters who always had faith in us.

"The two titles we won (the Italian Super Cup being the other) was as a result of the commitment of all those who stayed at our sides, retaining the fundamental principles of professionalism, education, and respect for the decisions of the club.

"I am sad to leave such a big club and I wish the team all the success in the future.

"Finally I would like to thank wholeheartedly the president Massimo Moratti for having chosen me to be coach of Inter."

Benitez, who won the Champions League with Liverpool in 2005, had only been in the post since July after leaving Liverpool by mutual consent and had failed to convince the Inter fans that he could repeat the unique success of predecessor Jose Mourinho.

Mourinho, who never enjoyed close relations with Benitez when they coached Chelsea and Liverpool respectively, had secured the domestic double and the Champions League trophy last season.

Benitez had looked to have ensured he would stay in the post with Saturday's 3-0 World Club Cup final win over Tout Puissant Mazembe in Abu Dhabi - albeit not a title hugely valued - and was warmly embraced by Inter's president Massimo Moratti.

However, the 50-year-old - who made his name coaching Valencia - used the post match press conference to attack the board saying he deserved respect.

This was the same board who had stood by him even after they barely qualified for the second round of the Champions League, finishing second behind Spurs in their group.

In Serie A, Inter are seventh - 13 points adrift of bitter city rivals AC Milan, though, they have two games in hand.

"My relationship with the president is good - but I ask the club for help and respect - they did not come up with the goods after what they told me in the summer about (new) signings and so it's not easy," he said on Saturday.

"There are three possibilities. The first is that they help me and four or five new players come in and make the team even stronger," said Benitez, pointing out that several of his top stars have turned 30.

"The second is to carry on the same as now without a project or planning and get to May (season's end) that way. And the third is to speak with my agent," he said, implying that if the club were dissatisfied with him they should find someone else.

He insisted: "My relationship with the club is good - but I am a professional of 25 years standing in football and I want respect and assistance."


Read more: Benitez leaves Inter Milan by mutual consent - The Times of India http://timesofindia.indiatimes.com/sports/football/top-stories/Benitez-leaves-Inter-Milan-by-mutual-consent/articleshow/7151713.cms#ixzz18zzfPkeK

Is Sachin Tendulkar the world's greatest sportsperson of all time? Read more: Is Sachin Tendulkar the world's greatest sportsperson of all time?

Sachin Tendulkar
Comparisons are odious. But truth be told, there's nothing sports fanatics love more. And so, for all the disclaimers about how it's impossible and unfair to compare greats from different eras, we insist on doing precisely that. One question that's increasingly being asked is whether Sachin Tendulkar is a greater cricketer than Sir Don Bradman.

The answer, at least according to netizens who participated in a recent Sydney Morning Herald poll, is a resounding yes - by a whopping margin of 67% to 33%.

Even as we were digesting this result, along came an interview by Usain Bolt. The world's fastest man admitted to being a huge Sachin fan. He also said that given a chance, he'd like to ask Sachin "how he has managed to work so hard to stay at the top for so long and what advice he'd give other sportsmen".

Clearly then, Sachin is idolized not just by millions of cricket lovers, but also champions of other sports. It's easy to understand why: After all, he has sustained excellence at the highest competitive level for a scarcely believable 21 years, while cheerfully bearing the crushing burden of knowing that a billion hopes rest on his shoulders every time he bats.

Not many sporting legends of any event or era can make such a claim. So, is Sachin not just the greatest cricketer but, in fact, the greatest sportsperson of all time? It's a question that's bound to stir a heated debate. So, we decided to throw it open to our readers as well. We prepared a shortlist of 12 of the greatest sportspersons ever. Sachin, naturally, figures in it. But choosing the other 11 proved immensely challenging.

We decided not to have more than one player from each sport - with the exception of tennis, where we picked one man and one woman. Settling on the greatest player from each sport itself set off passionate arguments.

Did Pele's sublime skills make him a greater footballer than the spellbinding but volatile Maradona? Rocky Marciano is the only heavyweight boxing champ in history to retire undefeated with a proud 49-0 record. But generations of fans believe the only deserving contender for the title of GOAT (Greatest of All Time) is the man who floated like a butterfly but stung like a bee, Muhammad Ali.

Roger Federer may own the record of 16 Grand Slam titles but is he really greater than Rod Laver, who won all four Grand Slam championships in a year not once but twice? For that matter, is he even greater than his fierce rival, Rafael Nadal? Should the amazing versatality of Carl Lewis count for more than the overwhelming dominance of Bubka and Moses?

Now, we invite you, our readers, to join the debate. Log in to www.timesofindia.com, cast your vote. Let us know whom you support, or whose name you would have liked to see on the list. And let a million arguments bloom!


Read more: Is Sachin Tendulkar the world's greatest sportsperson of all time? - The Times of India http://timesofindia.indiatimes.com/sports/cricket/series-tournaments/sachin-tendulkars-half-century-of-centuries/Is-Sachin-Tendulkar-the-worlds-greatest-sportsperson-of-all-time/articleshow/7153644.cms#ixzz18zzMi3Wg

Mail bombs target missions in Rome

ROME: Diplomatic missions in Rome were hit by a coordinated assault of parcel bombs on Thursday , officials and news agencies reported, seriously injuring at least two persons and injecting Europe with a new atmosphere of anxiety about possible terrorist plots ahead of the Christmas holiday . Police were conducting checks at all embassies in the Italian capital.

Meanwhile, Swiss police said a suspect package had been sent to the EU embassy in Berne.

The first attack, in Rome a parcel bomb at the Swiss embassy, exploded at midday. Shortly after, a second parcel bomb exploded at the Chilean embassy, wounding an employee. A suspicious package was reported at the Ukrainian embassy in Rome but the mission later said no dangerous items had been found after an inspection. It was not immediately clear who had sent the packages or why the embassies had been chosen as targets. The Swiss embassy said that no one had claimed responsibility for the bomb there.

The attacks rattled a city already on edge after violent student protests last week and ongoing security alerts across Europe this month. The Swiss embassy said in a statement that a package containing a hidden explosive device detonated around noon when an embassy employee opened it, causing injuries to both of his hands. Those injuries appeared serious, said a spokesman for the Carabinieri, Italy's paramilitary police. The employee, a 53-yearold Swiss national, was taken to a local hospital.

Similarly, a package exploded at the Chilean embassies when an employee opened it injuring an administrative official. An investigation has begun.

Read more: Mail bombs target missions in Rome - The Times of India http://timesofindia.indiatimes.com/world/europe/Mail-bombs-target-missions-in-Rome-/articleshow/7154637.cms#ixzz18zzBnHM6

N Korea threatens 'sacred' N-war if attacked by South Read more: N Korea threatens 'sacred' N-war if attacked by South - The Times of India http://ti

POCHEON (South Korea): North and South Korea beat the drums of war on Thursday, with each threatening the other with immediate retaliation if attacked. Seoul has staged days of military drills in a show of force meant to deter North Korea, including live-fire exercises earlier this week on a front-line island shelled by the North last month.

Angered by the exercises, North Korea threatened on Thursday it would launch a "sacred" nuclear war if Seoul hit it and warned that even the smallest intrusion on its territory would bring a devastating response.

The two sides are still technically at war because their 1950-53 conflict ended in a truce not a peace treaty, and a US governor who recently made an unofficial diplomatic mission to the North has said the situation on the peninsula is a "tinderbox" and the worst he had ever seen it.

Still, the latest rhetoric seemed likely to be just that, words aimed at stirring pride at home and keeping the rival at bay.
Defence chief Kim Yong Chun said North Korea is "fully prepared to launch a sacred war' ' and would use its nuclear capabilities, calling Monday's drills a "grave military provocation' ' that indicated South Korea is pushing to invade the north.

Kim told a national meeting in Pyongyang that the North's military will deal "more devastating physical blows" to its enemies if they cross into the North's territory even slightly, the official Korean Central News Agency said in a dispatch.

Read more: N Korea threatens 'sacred' N-war if attacked by South - The Times of India http://timesofindia.indiatimes.com/world/rest-of-world/N-Korea-threatens-sacred-N-war-if-attacked-by-South/articleshow/7154632.cms#ixzz18zz5AFHB

Indian auto market stepped on the gas in 2010 Read more: Indian auto market stepped on the gas in 2010 - The Times of India http://timesofindia.india

NEW DELHI: A resurgent and confident economy saw Indian car sales beat the developing market tag in 2010 to emerge as the 'market to be in' as sales exploded to record levels, which paled the subdued performance in erstwhile heavyweight markets of the West. The icing on the celebratory cake was that the outlook remained even more bullish.

The festivities, though, were dimmed somewhat as the industry's showcase product, the Tata Nano, failed to have a roaring start, bogged down by repeated incidents of fire that raised questions over the car's safety . Adding further to the unease was the split of Hero Honda, the 26-year-old venture of the Munjals and Japan's Honda, as both partners decided to go separate ambitious ways to end growing differences.

Isolated cases apart, 2010 proved to be a bumper year for the industry as newer models and favourable interest rates gelled well with the economic surge to push numbers to record levels, making India one of the fastest-growing market for cars globally and raising hopes that it may be headed for a boom similar to that witnessed in China, which rode past a struggling US to become the world's biggest car market. Experts suggest that low penetration of cars is a factor that pushed things in India's favour.

Barring the Nano, which failed to deliver despite the exit of Maruti800 from the top metros due to new emission norms, the majority of models did well, leading to neverseen-before waiting lists on many models. The sudden push even took the industry by surprise, something that explains the shortage faced by car and component makers in meeting the huge rush.
And the high action, especially in the heart of the car market, even threatened the dominance of established players like Maruti Suzuki that saw its market share fall below 50% for the first time in its history. Volkswagen, Ford, General Motors, Nissan—all had new models ready for the small car segment, most of which helped them corner crucial market shares.

To the surprise of many, models like Ford Figo, VW Polo , Nissan Micra and GM's Beat enjoyed a good run. The Indian customer, earlier believed to be loyal to established and trusted brands, was not averse to a shift to newer models, provided they appealed to them and came loaded with features. "The Indian customer is getting younger and more aware, and he loves to flaunt," says Neeraj Garg, director at Volkswagen India. "If I am to describe the profile of these customers, they are young entrepreneurs or those who are earning well quite early in life. They are more aware than the earlier buyers and want something beyond an ordinary car that provides them with requisite safety features and is also something that they can flaunt. It's their way of saying that they have arrived in society at a young age," Garg adds.

But the unprecedented boom was a huge surprise since it came just when the Indian economy was coming out of the global economic slump that had dampened sentiments following the collapse of Lehman Brothers in late 2008. "The phenomenal growth was unexpected and a surprise," saysArvind Saxenaof Hyundai India.

Read more: Indian auto market stepped on the gas in 2010 - The Times of India http://timesofindia.indiatimes.com/business/india-business/Indian-auto-market-stepped-on-the-gas-in-2010/articleshow/7154554.cms#ixzz18zyvCj4y

Airtel connects India, China

CHENNAI: Bharti Airtel, in association with China Telecom Corporation, on Thursday announced the commencement of a direct underground link between India and China-the two fastest growing economies in the world. The new 40Gbps terrestrial link, built on highly resilient ring infrastructure will offer unparalleled diversity and reach to the region.

With this network, Bharti Airtel now establishes a third international gateway for customers in India. This terrestrial network will offer alternate and shortest route between India and China alongside existing under sea links.

This network will address the surging international traffic and diversity requirements of both the nations. In India, the high speed network spans from Siliguri gateway to Nathula via Pedong on one path and the second path will reach Siliguri from Nathula via Gangtok forming a ring.

Bharti Airtel has also inked a memorandum of understanding (MoU) with China Telecom to develop the network to network interconnect (NNI) which allows seamless access to the combined regional and global network resources of both the operators.

Read more: Airtel connects India, China - The Times of India http://timesofindia.indiatimes.com/business/india-business/Airtel-connects-India-China/articleshow/7154502.cms#ixzz18zymos00

Falsely accused of killing spouse, doc jailed in Saudi Read more: Falsely accused of killing spouse, doc jailed in Saudi - The Times of India

NEW DELHI: It was an ordeal that will haunt Dr Shalini Chawla for the rest of her life. Her husband died in his sleep of a heart attack in Saudi Arabia, where the couple worked. But she was told that he had converted to Islam and accused, without a shred of evidence, of poisoning him.

That was bad enough. But Shalini was then put behind bars with an infant in a foreign land and later kept confined to a home for months with hostile people around her and the fear of death hanging over her every living moment. It was an ordeal that could have broken the strongest of people. But on Thursday, a day after she landed in the capital with her husband's body, she was a picture of fortitude.

Tears welled up in her eyes as she stood with folded hands at the Uthala ceremony. Dr Ashish Chawla's body had finally been cremated at Nigambodh Ghat on Wednesday, bringing an end to a sordid tale of how human rights of Indians working abroad are violated.

Shalini and Ashish met as interns at Ram Manohar Lohia Hospital, fell in love and married 10 years back. Four years ago, both accepted job offers from King Khalid Hospital in Nazran in Saudi Arabia. He joined as a cardiologist and she worked in the internal medicine department.

2010 in Dubai as she not only lost her spouse but was also accused of killing him. The hospital stated the cause of Dr Ashish Chawla's death as 'myocardial infraction' or a simple heart attack. In an advanced stage of pregnancy, Shalini had to look after her two-year-old daughter. She had already resigned from her job in anticipation of her second child and now she had to expedite the process of taking her husband's body back to India. On February 10, came her second child, Vedanta. It was a caesarian delivery which kept her confined to bed.

But the worse was yet to come. ''On March 1, Shalini was suddenly summoned to the local police station at Nazran and informed that on the basis of new evidence that her husband had converted to Islam before his death, she was being accused of poisoning him. Bewildered by the turn of events and seized by fear, she denied the allegations but was sent into detention at the police station on March 16 with her 34-day-old baby. She stayed there for 25 days and learnt that some Pakistani colleagues and locals had conspired in the whisper campaign. After being released, she was confined to the hospital campus with her movements severely restricted,'' said her paternal uncle, H Nagpal. Her family was sending her money which kept her going.

The body was preserved at the hospital and last rites disallowed. A second medical report from the Centre for Toxicology and Forensics confirmed the autopsy report that there had been no poisoning but there was no respite for her, and the days dragged on. The Indian consulate did pull some strings, with her uncle even meeting minister of state for external affairs Shashi Tharoor in Delhi, but things didn't move any faster.

Speaking to TOI on Thursday, Shalini said, ''They put me in jail with my newborn child for a crime I never committed.'' Ashish had never mentioned any intention of converting to Islam but the entire incident had assumed a communal colour and she was at her wits end.

''I lived with the two-year-old girl in the hospital complex when Shalini was sent to prison. Later, when she was released, we were so frightened. We could not go out fearing a backlash from the locals. We would go out only once a week,'' recalled Uma Nagpal, Shalini's mother.

Her father had passed away two years ago.

Barred from communicating with anybody, Shalini suffered severe mental trauma and agony. The case was now referred to the headquarters of the bureau of investigation and prosecution in Riyadh, which ordered a third autopsy by an independent panel of doctors.

It was once again confirmed that Ashish had died of a heart attack. Finally, the file was closed, and on December 3, she was given permission to leave the country.

Read more: Falsely accused of killing spouse, doc jailed in Saudi - The Times of India http://timesofindia.indiatimes.com/india/Falsely-accused-of-killing-spouse-doc-jailed-in-Saudi/articleshow/7154236.cms#ixzz18zyczqBo

India tops with 56,000 migrant doctors in OECD countries Read more: India tops with 56,000 migrant doctors in OECD countries - The Times of India htt

India is the top country of origin of migrant doctorsin Organisation for European Economic Co-operation (OECD) countries with over 56,000 Indian doctors in these countries, which include the UK, the US, Canada, and Australia.

India also figures at sixth place in the expatriation of nurses to OECD countries (about 23,000). In terms of percentages, however, these figures constitute just 8% and 3% respectively of the doctor and nurse population in India, comfortingly low compared to some of the smaller countries severely affected by emigration of doctors such as Mozambique (75%) and Angola (70%).

These numbers, revealed by the recently released World Migration Report 2010, however, do not include the large number of Indian doctors and nurses working in the Gulf.

"It is estimated that at any given time there are over one lakh Indian nurses in the GCC (Gulf Coordination Council) countries. The poor working conditions in India coupled with low salary and the lack of respect at the work place are the top reasons for nurses migrating abroad," said Sreelekha Nair, of the Centre for Women's Development Studies at a recently organised seminar on Indian Nursing in the New Era of Healthcare.

The World Migration Report talks about the problem of "medical brain drain", especially in African countries. According to the World Health Organisation (WHO), the number of physicians per 100,000 population for India is 70, which is at par with low-income countries, and for the public sector, the figure is a paltry 20. In the European Union, the figure is 310 physicians per 100,000 population and in the US 240 physicians per 100,000. Similarly, the number of nurses per 100,000 population in India is 80, while it is 330 for the world and 160 for low-income countries.

The WHO threshold for a 'health workforce crisis' is 230 health workers per 100,000 population. For example, India, an origin country, with only 190 health workers per 100,000 persons, is in a crisis state.

As destination countries, the United Kingdom and the United States have ratios of 750 and 1,250 health workers per 100,000 persons respectively, which are far above the benchmark. However, there is still a demand for doctors and nurses in these countries. This was pointed out in a background paper, "The Future of Health Worker Migration", by Professor Binod Khadria of the Zakir Hussain Centre for Educational Studies in JNU. In OECD countries, there is an increasing demand for health workers because of rising incomes, new technology, and an aging population.

In terms of nurses, the Philippines is the main country of origin for nurses, with over 110,000 Filipino nurses working in OECD countries, followed by the United Kingdom (just under 46,000), Germany (under 32,000). According to the OECD data of 2007, the top five countries in terms of emigration rates of nurses are all from the Caribbean — Haiti leads with an expatriation rate of 94%, followed by Jamaica (87.7%), Grenada (87.6%), St Vincent and the Grenadines (81.6%) andGuyana (81.1%).

"A lot of the data on migrating health workers could be outdated and also fluctuates a lot depending on the demand around the world. But it is a given that there is no stopping the migration of health workers. Migration for employment abroad is the basic human right of every health worker - or any skilled worker," said professor Khadria.

CWG scam: CBI raids Kalmadi's houses in Delhi and Pune Read more: CWG scam: CBI raids Kalmadi's houses in Delhi and Pune - The Times of India

CWG scam: CBI raids Kalmadi's Delhi, Pune houses
NEW DELHI: The CBI raided the houses of chief organiser of the New Delhi Commonwealth Games, Suresh Kalmadi, as part of a probe into graft allegations that surrounded the event.

A spokesperson from the Central Bureau of Investigation said the police had conducted searches at Kalmadi's residences in the capital and Pune, and at the home of his personal secretary Manoj Bhore.

The Games, which were held in Delhi in October, were hit by claims of massive financial irregularities as the budget ballooned to an estimated six billion dollars.

The CBI spokesperson said a top police official had written to the government earlier this month requesting Kalmadi's removal from the chairmanship of the Games organising committee on the grounds that he was obstructing the investigation.

Kalmadi, who took much of the international criticism about unfinished facilities and poor planning, quit as secretary to India's ruling Congress party in November.

The CBI raided the homes of other top committee officials in November and arrested the sacked treasurer, M. Jayachandran, the third official to be accused of forgery and cheating over the awarding of Games-related contracts.

Police have charged two other former Games officials over alleged corruption.

Companies contracted to provide sports surfaces, training equipment and landscaping for the Games were also raided by tax inspectors in October.

The Central Vigilance Commission (CVC) has received complaints alleging up to $1.8 billion of Games money was misappropriated.

A CVC report into the Games has confirmed the use of poor-quality materials and massive cost overruns on construction projects.

A defiant Kalmadi brushed off corruption allegations, telling reporters in November: "I have not done anything wrong, even in a single thing. I welcome the investigations and will answer all queries."

Prime Minister Manmohan Singh set up a panel after the Games concluded to investigate graft claims and two other government bodies are also running separate probes.


Read more: CWG scam: CBI raids Kalmadi's houses in Delhi and Pune - The Times of India http://timesofindia.indiatimes.com/india/CWG-scam-CBI-raids-Kalmadis-houses-in-Delhi-and-Pune/articleshow/7154671.cms#ixzz18zyJRA5f

Saturday, July 17, 2010

Hold SBI With Target Of Rs 2490

Hold SBI With Target Of Rs 2490Stock market analyst Anil Maghnani has maintained 'buy' rating on State Bank of India Ltd stock with short term target of Rs 2490.

According to analyst, the investors can buy the stock with stop loss of Rs 2424.

Today, the stock opened at Rs 2440 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 144.37 and 16.96 respectively.

The share price has seen a 52-week high of Rs 2500 and a low of Rs 1599.40 on BSE.

The Cabinet, on July 15, has sanctioned the acquisition of State Bank of Indore by SBI.

Moreover, the Cabinet also forwarded its nod to launch a Bill in the Parliament for making modifications in SBI (Subsidiary Banks) Act, 1959, with the intention to eradicate references ofState Bank of Indore.

On July 14, State Bank of India (SBI) said that it is all set to establish a new fund.

The banking institution will set up the new fund in partnership with State General Reserve Fund (SGRF) of Oman.

The new fund will be utilized for making equity investments in the Indian market.

Cabinet approves merger of State Bank of Indore with SBI

SBIThe SBI had proposed a merger with State Bank of Indore last year, which had been approved by the SBI central board. After the approval, the Centre even gave an in-principal approval. And now recently, the Cabinet has given its approval over the merger too.

With this merge happening between the two banks, SBI being State Bank of Indore's parent bank, SBI will share a swap ratio of 34:100, agreeing to give away 34 of its shares for every 100 shares from the State Bank of Indore, which is held by a few shareholders.

As it is SBI is the India's largest lender. It also holds 98 per cent stake in State Bank of Indore. Following the merger, SBI will issue 1.16 lakh shares with a face value of Rs. 10 per share for each minority holder in the State Bank of Indore.

The issued capital money of SBI will also be raised to at most Rs. 635.08 crore from its prior Rs. 634.96.

After the merger, SBI will have only five associate banks left with it.

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