1. IDFC Bank snaps up TN-based MFI Grama Vidiyal
Private sector lender IDFC Bank announced the acquisition of Tamil Nadu-based Grama Vidiyal Microfinance that will help it widen the reach.
Acquisition for an undisclosed sum, offers the bank access to 1.2 million households apart from adding 319 points of presence in seven states -- Tamil Nadu, Kerala, Karnataka, Puducherry, Maharashtra, Gujarat and Madhya Pradesh.
The bank said the three-decade old Trichy-based Grama Vidiyal will be its wholly-owned subsidiary and will act as a dedicated business correspondent of IDFC Bank.
Grama Vidiyals had an AUM of Rs 1,502 crore of micro finance assets as of March, and employs over 3,000 people. All loan assets on the book will be transferred to IDFC Bank.
"The acquisition of a micro-finance institution by a bank is an industry first," said Rajiv Lall, founder MD and CEO of IDFC Bank.
Grama Vidiyal Chairman S Devaraj said the deal is to achieve a common objective of transforming the lives and advancing livelihoods in rural areas and underserved segments.
2. Rome hockey Olympian Joe Antic no more
Hockey Olympian Joe Antic died. He was 90.
Antic, the centre half of the Rome Olympics squad in 1960 that won the silver medal.
Antic represented the country in the Rome Games where Pakistan ended India's glorious 32-year golden run by winning the final between the arch-foes 1-0.
A centre half, Antic also was part of the hockey squad that finished runner-up, again to Pakistan, in the Asian Games at Jakarta two years later.
According to William, the former international player, who toured East Africa and Europe with the senior team in the late 1950s, had retired from Western Railway in the mid-1980s.
3. Bangladesh, India sign agreement for joint coal fired power plant
Bangladesh and India today signed a landmark deal for the construction of a 1,320 megawatt coal fired power plant, the biggest project under bilateral cooperation that would mark the transition from electricity export to generation level.
Bangladesh-India Friendship Power Company (Pvt) Limited (BIFPCL), the joint venture enterprise inked the deal with Bharat Heavy Electricals Limited (BHEL), which was selected under an open international tender for constructing the super thermal plant at Bangladesh’s south-western Rampal near the Sundarbans.
India's Exim Bank will provide USD 1.49 billion for the project, scheduled to start generating power in 2019.
4. William H McNeill, prize-winning world historian, dead at 98
William H McNeill, the prize-winning scholar who wove the stories of civilizations worldwide into the landmark "The Rise of the West" and helped pioneer the history of disease and epidemics in "Plagues and People," has died at age 98.
McNeill wrote more than a dozen books, notably "The Rise of the West," published in 1963 and greeted by The New York Times as "the most stimulating and fascinating" work of world history ever released.
It won the National Book Award, sold well despite exceeding 800 pages and later was ranked No. 71 by the Modern Library among the 20th century's best English-language nonfiction books.
The title of McNeill's book was a direct challenge to Oswald Spengler's "The Decline of the West." But "The Rise of the West," its narrative extending from the Paleolithic Age to the present, was also born out of a Freudian struggle with McNeill's hero and father figure Arnold Toynbee, then the reigning scholar of world history.
5. Indian-American Dr. Kinshuk named US university Dean
An Indian-American professor with a diverse set of academic experience in the field of science and technology has been named the dean of a leading U.S. university.
Dr. Kinshuk, who goes by single name, has been named the Dean of University of North Texas College of Information in the U.S.
He received his doctoral degree from De Montfort University in England, a master of science in mechanical computer aided engineering from Strathclyde University in Scotland and a bachelor’s degree in mechanical engineering from University of Rajasthan in India.
Since 2010, he served as an Associate Dean at Athabasca University in Alberta, Canada, where he helped lead the Faculty of Science and Technology.
In that role, he helped start new graduate programmes, gained external research funding, developed strategies for student recruitment and promoted senior students and alumni to serve as mentors for new students.
Prior to this, he served as Director in the School of Computing and Information Systems.
Dr. Kinshuk also served as Industrial Research Chair in Adaptivity and Personalisation in Informatics for the National Science and Engineering Council of Canada.
Private sector lender IDFC Bank announced the acquisition of Tamil Nadu-based Grama Vidiyal Microfinance that will help it widen the reach.
Acquisition for an undisclosed sum, offers the bank access to 1.2 million households apart from adding 319 points of presence in seven states -- Tamil Nadu, Kerala, Karnataka, Puducherry, Maharashtra, Gujarat and Madhya Pradesh.
The bank said the three-decade old Trichy-based Grama Vidiyal will be its wholly-owned subsidiary and will act as a dedicated business correspondent of IDFC Bank.
Grama Vidiyals had an AUM of Rs 1,502 crore of micro finance assets as of March, and employs over 3,000 people. All loan assets on the book will be transferred to IDFC Bank.
"The acquisition of a micro-finance institution by a bank is an industry first," said Rajiv Lall, founder MD and CEO of IDFC Bank.
Grama Vidiyal Chairman S Devaraj said the deal is to achieve a common objective of transforming the lives and advancing livelihoods in rural areas and underserved segments.
2. Rome hockey Olympian Joe Antic no more
Hockey Olympian Joe Antic died. He was 90.
Antic, the centre half of the Rome Olympics squad in 1960 that won the silver medal.
Antic represented the country in the Rome Games where Pakistan ended India's glorious 32-year golden run by winning the final between the arch-foes 1-0.
A centre half, Antic also was part of the hockey squad that finished runner-up, again to Pakistan, in the Asian Games at Jakarta two years later.
According to William, the former international player, who toured East Africa and Europe with the senior team in the late 1950s, had retired from Western Railway in the mid-1980s.
3. Bangladesh, India sign agreement for joint coal fired power plant
Bangladesh and India today signed a landmark deal for the construction of a 1,320 megawatt coal fired power plant, the biggest project under bilateral cooperation that would mark the transition from electricity export to generation level.
Bangladesh-India Friendship Power Company (Pvt) Limited (BIFPCL), the joint venture enterprise inked the deal with Bharat Heavy Electricals Limited (BHEL), which was selected under an open international tender for constructing the super thermal plant at Bangladesh’s south-western Rampal near the Sundarbans.
India's Exim Bank will provide USD 1.49 billion for the project, scheduled to start generating power in 2019.
4. William H McNeill, prize-winning world historian, dead at 98
William H McNeill, the prize-winning scholar who wove the stories of civilizations worldwide into the landmark "The Rise of the West" and helped pioneer the history of disease and epidemics in "Plagues and People," has died at age 98.
McNeill wrote more than a dozen books, notably "The Rise of the West," published in 1963 and greeted by The New York Times as "the most stimulating and fascinating" work of world history ever released.
It won the National Book Award, sold well despite exceeding 800 pages and later was ranked No. 71 by the Modern Library among the 20th century's best English-language nonfiction books.
The title of McNeill's book was a direct challenge to Oswald Spengler's "The Decline of the West." But "The Rise of the West," its narrative extending from the Paleolithic Age to the present, was also born out of a Freudian struggle with McNeill's hero and father figure Arnold Toynbee, then the reigning scholar of world history.
5. Indian-American Dr. Kinshuk named US university Dean
An Indian-American professor with a diverse set of academic experience in the field of science and technology has been named the dean of a leading U.S. university.
Dr. Kinshuk, who goes by single name, has been named the Dean of University of North Texas College of Information in the U.S.
He received his doctoral degree from De Montfort University in England, a master of science in mechanical computer aided engineering from Strathclyde University in Scotland and a bachelor’s degree in mechanical engineering from University of Rajasthan in India.
Since 2010, he served as an Associate Dean at Athabasca University in Alberta, Canada, where he helped lead the Faculty of Science and Technology.
In that role, he helped start new graduate programmes, gained external research funding, developed strategies for student recruitment and promoted senior students and alumni to serve as mentors for new students.
Prior to this, he served as Director in the School of Computing and Information Systems.
Dr. Kinshuk also served as Industrial Research Chair in Adaptivity and Personalisation in Informatics for the National Science and Engineering Council of Canada.
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