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Govt's Big Bank Reform: FDI Hike Plan to 49% Sparks Fierce Debate

The top story is the government's proposal to increase the Foreign Direct Investment (FDI) limit in Public Sector Banks (PSBs) from 20% to 49%, a move that has drawn sharp, conflicting views from market experts like Hemendra Hazari and Dharmesh Kanth. Banking industry expert Hemendra Hazari stated, 'There is no economic rationale for this move.' In contrast, other analysts believe the reform will lead to better valuations and increased competition, benefiting consumers. The news has already spurred market excitement, with the PSU Bank index trending higher and Canara Bank's stock hitting a 52-week high. Also in focus, the Centre has approved seven projects worth over ₹5,500 crores under the electronics component manufacturing scheme, and Paytm has enabled UPI payments for NRIs using international mobile numbers.

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Video: Yogi Adityanath gifts saffron gamcha to Suvendu Adhikari at his oath-taking

Yogi Adityanath on Saturday presented a saffron gamcha to Suvendu Adhikari, shortly after the latter took oath as the first BJP Chief Minister of West Bengal. The crowd also erupted into a loud cheer as the scene unfolded at the swearing-in ceremony in Kolkata. This was at least the second such instance in recent weeks when the duo's bonhomie was witnessed publicly. Earlier, during the election campaign in the state, a powerful scene was witnessed when Adhikari bowed down at the feet of the UP Chief Minister as a mark of respect.

Video: PM Modi hugs, touches feet of 98-year-old BJP veteran in Bengal

Prime Minister Narendra Modi on Saturday hugged and honoured 98-year-old Makhanlal Sarkar, one of the earliest and senior most members of the BJP. The scene unfolded on the stage ahead of Suvendu Adhikari's swearing-in as West Bengal's Chief Minister in Kolkata. PM Modi also touched Sarkar's feet and presented a shawl to him as a mark of respect. In 1952, Sarkar was arrested in Kashmir while he was accompanying Dr Syama Prasad Mookerjee as the latter was marching to hoist the tricolour there. BJP IT cell head Amit Malviya described the elderly party leader as "one of the earliest grassroots figures associated with the nationalist movement in post-Independence India."

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