Current Affairs of 03 January 2019 are as follows:-
1.Cabinet Approves Merger of Vijaya Bank & Dena Bank With Bank of Baroda:-
- The cabinet has approved the merger of Vijaya Bank & Dena Bank with Bank of Baroda. After this merger, Bank of Baroda will become the third biggest public sector bank. The merger will be effective from April 1. This is also the first ever three-way merger in Indian banking.
- Bank of Baroda (BoB) finalised the share swap ratio for the merger of Vijaya Bank and Dena Bank with itself. As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.
2. Saurabh Kumar Appointed As Chairman Of Ordnance Factory Board:-
- Saurabh Kumar has been appointed as the Director General of Ordnance Factories (DGOF) and chairman of the Ordnance Factory Board (OFB). Kumar, a 1982-batch Indian Ordnance Factory Service officer, is an M-Tech in mechanical engineering from the Indian Institute of Technology (IIT), Kanpur.
- An expert in the manufacture of ordnance, Kumar was on deputation to the Ministry of Defence as the director of planning and coordination from 2002 to 2009.
3. Hemant Bhargava Appointed LIC’s Acting Chairman:-
- The government has appointed Hemant Bhargava, Managing Director, Life Insurance Corporation of India, as the Acting Chairman.
- The move comes after VK Sharma retired from the top job at LIC on December 31. While traditionally the senior-most MD is appointed the chairman, Bhargava is due to retire in July 2019.
4. Cabinet Approves Setting Up HLC for Implementation of Assam Accord:-
- The Union Cabinet took several key decisions including setting up of a high-level committee (HLC) to implement Clause 6 of Assam Accord to hold discussions with all stakeholders on the quantum of reservation of seats in Assam Legislative Assembly and local bodies for Assamese people among other decisions.
- Union Cabinet has approved the setting up a high-level committee for implementation of clause 6 of the Assam Accord and measures envisaged in the Memorandum of Settlement, 2003 and other issues related to the Bodo community.
5. RBI Forms Expert Panel On MSMEs Under Ex-SEBI Chief UK Sinha:-
- The Reserve Bank of India (RBI) set up an expert committee under former Sebi chairman U.K. Sinha to suggest long-term solutions for the economic and financial sustainability of the MSME sector.
- RBI has announced the panel a day after it allowed a one-time restructuring of existing debt up to INR 25 crore for the micro, small and medium enterprises (MSMEs) which have defaulted on payment but the loans given to them have continued to be classified as standard assets.
6. Veer Savarkar International Airport in Port Blair Declared As Authorized Immigration Check Post:-
- Veer Savarkar International Airport in Port Blair has been declared as an authorized Immigration Check post for entry into/exit from India with valid travel documents for all classes of passengers.
- The announcement was made by Information, Public Relations and Tourism Division of Andaman and Nicobar Administration. This decision of the Union Government will open up the Port Blair Airport for direct international flight and immigration facilities.
7. PM Modi Inaugurated 106th Indian Science Congress At Jalandhar:-
- Prime Minister Narendra Modi has inaugurated the 106th Indian Science Congress (ISC-2019) at Jalandhar, Punjab. The ISC is an annual congregation that witnesses deliberations by top scientific minds of the country.
- The theme for which is 'Future: India-Science and Technology'. This will be his 5th address to Indian Science Congress after assuming office as Prime Minister.
8. West Bengal Government Announced 2 Initiatives for Farmers:-
- The West Bengal government announced two welfare initiatives for farmers. Both initiatives, which are part of the ‘Krishi Krishak Bondhu’ scheme, will come into effect from 1st January 2019.
- The first of the two initiatives will provide Rs 2 lakh to the family of a deceased farmer. Under the second initiative, farmers would get Rs 2,500 twice a year for growing a single crop on one acre of land.
9. Centre Approves Renaming Of Allahabad As Prayagraj:-
- Days before Kumbh Mela, the Union Home Ministry has approved the Uttar Pradesh government’s proposal to rename Allahabad as Prayagraj. In October 2018, the Yogi Adityanath-led government had proposed the change in name of Allahabad to Prayagraj.
- A No Objection Certificate (NOC) from the MHA will now ensure that names of other institutes in the district, including railway station, High Court and university, are also changed.
10. Complaints With Bank Ombudsman Surge 25% In FY18: RBI Report:-
- The number of complaints registered at banking ombudsman offices has seen a 25% increase in the fiscal year 2018, with the majority of these complaints coming from urban centres owing to increased awareness and poor internal redressal mechanisms of banks.
- "The banking ombudsman offices in tier-1 cities like New Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad accounted for more than 57% of the total complaints received by all BO offices," the RBI Report on Trend and Progress of Banking in India has stated.