RBI Approves LIC Stake in HDFC Bank
NATIONAL
1. Union Cabinet Approves New Projects Worth ₹13,041 Crore
- On August 19, the Union Cabinet approved 5 major projects worth ₹13,041 crore.
- This includes four railway projects and one highway project, with a total cost of approximately ₹9,450 crore.
- Their main objective is to increase railway capacity, speed up passenger and freight transport, and reduce logistics costs.
- Under these projects, additional lines will be developed in important sections of the Howrah-Chennai Main Rail Corridor.
- The railway projects are expected to add about 13 million tons of additional freight capacity.
- Along with this, the project to convert an 82.6 km stretch of NH-22 in Bihar into a 4-lane highway has been approved.
- The Cabinet has approved the construction of an 83 km long 4-lane highway passing through Muzaffarpur and Sitamarhi in Bihar to Sonbarsa (Nepal border).
- The cost of this road project in Bihar is approximately ₹3,590.73 crore. This road will provide better connectivity from Bihar to the Nepal border.
- Its cost is ₹3,591 crore. It will be developed under the Hybrid Annuity Model (HAM).
- This project is targeted for completion in 30 months. It will include seven major bridges, three road overbridges, six vehicular underpasses, and a 340-meter-long bridge over the Bagmati River.
This project will reduce the travel time from Muzaffarpur to the Nepal border from 2 hours to just 1 hour.
2. RBI Approves LIC's Stake in HDFC Bank
- On August 20, the RBI approved the Life Insurance Corporation of India (LIC) to increase its stake in HDFC Bank.
- LIC can now increase its total stake in HDFC Bank up to 9.99%.
- This approval has been granted under the RBI's banking regulations and rules related to large shareholdings in banks.
- After the approval, LIC will be allowed to hold up to approximately 10% stake in HDFC Bank.
- As of August 14, LIC held a 4.11% stake in the total paid-up share capital of HDFC Bank.
- LIC must comply with the Banking Regulation Act, 1949, RBI's Commercial Banks – Acquisition and Holding of Shares, Voting Rights Directions, 2025, FEMA, 1999, SEBI regulations, and all applicable guidelines.
- The RBI's approval does not mean that LIC can immediately increase its stake to 9.99%, but rather that LIC can increase its stake up to the specified limit in the future.
HDFC Bank
- HDFC Bank is a leading private sector bank in India. It was established in August 1994 and received its banking license in January 1995.
- HDFC's headquarters are in Mumbai, Maharashtra. Its CEO and MD is Shashi Dhar Jagdishan.
LIC
- Life Insurance Corporation of India (LIC) is the largest life insurance company in the country.
- It is a statutory corporation, established under the LIC Act, 1956.
- LIC started its operations on September 1, 1956, and its current CEO & MD is R. Doraiswamy.
3. Bihar Government to Give ₹10,000 to Media Creators
- On August 20, the Bihar government announced it would give ₹10,000 to social media creators who make videos on government schemes.
- A maximum of ₹10,000 can be paid per 1 lakh views.
- Under this, eligible/empanelled social media creators who make videos on government schemes, programs, and achievements will also be paid additionally based on video performance.
- This payment will be made based on views after 30 days of video performance.
- A maximum of ₹1 lakh will be given per video.
- This means that a maximum of ₹1 lakh can be received for eligible videos reaching up to 10 lakh views.
- This money is not an automatic payment for every viral video. Conditions like eligibility, content, platform, and view verification will apply.
- These rules also include provisions for periodic verification of followers of registered social media handles, pages, and channels.
- The objective of this initiative is to disseminate information about government schemes and development works to a larger audience through digital media.
- The Bihar Information and Public Relations Department will soon issue a notification for eligibility and payment rules.
DEATH
4. Former Congress MP Sajjan Kumar Passes Away
- On August 20, former Congress MP and leader Sajjan Kumar passed away at the age of 80.
- Sajjan Kumar was convicted in three cases related to the 1984 anti-Sikh riots and was serving a life sentence in Tihar Jail.
- Sajjan was educated up to matriculation and began his political career as a Municipal Corporation councilor in Delhi in 1977.
- He then became the General Secretary of the Delhi Pradesh Congress and was first elected as an MP from the Outer Delhi constituency in 1980.
- He was also an MP from the same seat in 1991 and 2004. In Parliament, he worked on committees related to urban development and the Member of Parliament Local Area Development Scheme.
- After being sentenced to life imprisonment by the Delhi High Court in December 2018, Sajjan Kumar was also sentenced to life imprisonment in another 1984 riot murder case in February 2025.
- In the case of the murder of 5 Sikhs in Palam Colony, Delhi Cantt, and the burning of a Gurudwara, Sajjan Kumar was found guilty.
- In September 2023, the Rouse Avenue Court acquitted him in the case of the murder of 3 Sikhs in Sultanpuri, Delhi.
- Cham Kaur, a key CBI witness in the riots, alleged that Sajjan was inciting the mob.
- Anti-Sikh riots broke out in Delhi and several other parts of the country starting November 1, 1984, following the assassination of Prime Minister Indira Gandhi on October 31, 1984.
- According to reports, about 2700 people died in Delhi and approximately 3500 people died across the country.
After being involved in the 1984 anti-Sikh riots cases, he had left the Congress.
SPORTS
5. Wesley So Wins Third Sinquefield Cup Title
- On August 20, Filipino-American chess player Wesley So won his third Sinquefield Cup title.
- Wesley had previously won this tournament in 2016 and 2025, receiving a prize money of $87,500.
- Meanwhile, India's R Praggnanandhaa narrowly missed winning the Sinquefield Cup chess tournament.
- After the classical games, Praggnanandhaa and Wesley So of the USA were jointly leading with 5.5-5.5 points.
- Subsequently, two rapid playoff games were held for the title, but both ended in draws.
- The Armageddon match also ended in a draw.
- So was declared the winner due to playing with black pieces.
- In Armageddon, Praggnanandhaa played with white pieces, so he needed to win. So had the black pieces, and a draw was sufficient for him.
- The match ended in a draw, and according to the tie-break rules, So, playing with black pieces, became the champion.
- However, Praggnanandhaa had already qualified for the Grand Final to be held at the end of the year.
- Despite missing the title, Praggnanandhaa has secured a spot in the Grand Chess Tour (GCT) Finals.
MISCELLANEOUS
6. Pradeep Rai Becomes New President of SC Bar Association
- On August 20, Senior Advocate Pradeep Rai was elected as the new president of the Supreme Court Bar Association (SCBA).
- Pradeep has been elected for the 2026-27 term. He won by securing 822 votes.
- Pradeep has been practicing since 1999 and has practiced in the Supreme Court and various High Courts, Tribunals, and Commissions.
- Pradeep was active on issues related to legal institutions and the justice system while serving as SCBA Vice President in 2021-22.
- In his campaign for the SCBA president post, Pradeep had proposed proposals such as medical insurance up to ₹50 lakh for lawyers, a housing scheme, and merit-based scholarships for the children of SCBA members.
Pradeep has been elected for the 2026-27 term.
HISTORY OF THE DAY
- In 1911, Leonardo da Vinci's famous painting, the Mona Lisa, was stolen from the Louvre Museum in Paris.
- In 1972, the Wildlife Protection Act was passed in the Indian Parliament.
- In 2006, the renowned shehnai maestro and Bharat Ratna recipient, Ustad Bismillah Khan, passed away.
