Cabinet approves signing of a MoU between India and Oman (GS Paper 2, International Relation)
Why in news?
- The Union Cabinet was apprised of a Memorandum of Understanding (MoU), signed between the Ministry of Electronics and Information Technology of India and the Ministry of Transport, Communications and Information Technology of the Sultanate of Oman on cooperation in the field of Information Technology.
Key Highlights:
- The MoU intends to promote comprehensive cooperation between the Parties through mutual support, sharing of technologies, information and investments in the field of Information Technology.
- The MoU shall come into effect from the date of signature of the Parties and shall be remain in force for a period of 3 years.
- Both G2G and B2B bilateral Cooperation in the field of Information Technology will be enhanced.
- MoU envisages improved collaboration leading to employment opportunities in the field of IT.
Background:
- MeitY has been mandated to promote international cooperation in emerging and frontier areas of Information and Communications Technology (ICT) under bilateral and regional frameworks of cooperation.
- MeitY is collaborating with a number of countries and multilateral agencies for fostering bilateral and multilateral cooperation in the ICT domain.
CCI approves merger of Fincare and AU Small Finance Bank Limited (AU)
(GS Paper 3, Economy)
Why in news?
- The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank Limited (Fincare) and AU Small Finance Bank Limited (AU).
- The Proposed Combination involves the merger of Fincare and AU, with AU being the surviving entity (merged entity). The shareholders of Fincare will be allotted shares in the merged entity, post the Proposed Combination.
About AU:
- AU is a banking company which provides personal and commercial banking services (including provision of deposits, loans and advances, debit and credit card services, institutional banking and digital banking services).
- AU is also licensed to transact business under AD-II bank category (foreign exchange). AU is also engaged in provision of ancillary functions such as distribution of insurance and investment products such as mutual funds, and portfolio management services.
Fincare:
- Fincare is a banking company and provides deposit services (such as savings account, current account, fixed deposits, recurring deposits), lending services (including retail and microfinance loans), and digital banking services.
- Fincare also provides certain miscellaneous services such as distribution of insurance products.
