Union Cabinet Approves Establishing India’s 1st National Rail and Transportation University

• The Union Cabinet chaired by PM Narendra Modi approved the Ministry of Railways’ transformative initiative to set up India’s first ever National Rail and Transport University (NRTU) in Vadodara, Gujarat to skill its human resources and build capability.
• The University will be set up as a Deemed to Be University under de novo category as per the UGC [Institutions Deemed to be Universities] Regulations, 2016. Government is planning to launch the first academic program in July 2018. The funding of the new University/Institute is to entirely come from Ministry of Railways.

CCI Clears IndusInd Bank-Bharat Financial Merger

• The Competition Commission of India (CCI) has approved the scheme of amalgamation between IndusInd Bank and Bharat Financial Inclusion.
• According to a filing with the stock exchanges, CCI had considered the proposed combination and approved the same. The scheme remains subject to the receipt of approval from the RBI and regulatory approval, including approval of the stock exchanges, SEBI, and the National Company Law Tribunal.

India, Myanmar Ink MoU for Development of Rakhine State

• India and Myanmar signed MoU on Rakhine State Development Programme and on Government to Government agreement on long-term socio-economic development of the state.
• This MoU is the first G to G agreement signed by the Ministry of Social Welfare, Relief and Resettlement of Myanmar. Under this MoU, Government of India proposes to take up, among others, a project to build prefabricated housing in Rakhine State so as to meet the immediate needs of returning people.

RBI Puts United Bank of India Under PCA

• The Reserve Bank of India has put Kolkata-based United Bank of India under the prompt corrective action (PCA) framework. The additional action points were in the view of high net non-performing assets, low leverage ratio and need to raise capital.
• UBI was among the first state-owned lenders against which RBI implemented prompt corrective action, back in February 2014. The restrictions were lifted in 2015.
• Since the framework was revised in April, nine banks have seen PCA initiated against them. These include Bank of India, Central Bank of India, IDBI Bank, UCO Bank, Dena Bank, Oriental Bank of Commerce, Indian Overseas Bank, Bank of Maharashtra and Corporation Bank.

Lionel Messi Beats Ronaldo To La Liga Best Player Award

• Lionel Messi, the star forward of Barcelona, has received La Liga’s top scorer and best player awards for the 2016-2017 football season.
• The Argentine beat rival Cristiano Ronaldo, who guided Real Madrid to their first title since 2012 in the recent campaign.
• He scored 37 goals in league action last season to earn his fourth Pichichi award for most goals in La Liga and his fifth Alfredo Di Stefano trophy for best player.