Major News and Events of 19 April 2016
What Happened on 19 April 2016
LIC likely to infuse Rs. 57 crore into Allahabad Bank
PF withdrawal now applicable on housing and health
PM Modi on a day-long visit to J&K
Science and Technology
The 25-odd students of PES University may become the youngest space scientists from India, this year’s July. The imaging nanosatellite manufactured by these students is scheduled to be launched along with one of Indian Space Research Organisation’s (ISRO) space programmes. The satellite has been named as PISAT and will be taking snapshots of Earth, particularly India, from space.
Public sector lender Allahabad Bank is ready to raise over Rs. 57.5 crore by issuing shares on preferential basis to LIC. While the decision was made at Allahabad Bank’s general meeting held on 30 March 2016, LIC (Life Insurance Corporation) has given its consent on subscribing up to 1,32,44,282 equity shares of Allahabad Bank on preferential basis subject to their shareholding that is restricted to 14.50 per cent of the bank’s post issue share capital.
As an initiative to ease the planned restriction on withdrawal of contribution to an employee’s provident fund, the labour ministry has informed that PF withdrawals would now be allowed for housing, major medical treatment for self and family members, medical, dental and engineering education of children, and also for their marriage. While these norms would come into effect from August, the same are also applicable on members who have joined a firm belonging to or under the state or central government.
Prime Minister Narendra Modi will be arriving in Jammu and Kashmir on a day long visit. He will be received by State Governor N.N. Vohra, Chief Minister Mehbooba Mufti and senior ministers of the PP-BJP ruling coalition government in addition to some top army and civil administration officials. PM Modi will be addressing the convocation of Shri Mata Vaishno Devi University, followed by formally inaugurating the Shri Mata Vaishno Devi Narayana super specialty hospital.