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<p><strong>Karnataka govt set to to launch free rice scheme from July 1</strong></p>
<p>Following the successful implementation of the Shakthi plan, which provides free travel for women on all state buses in the state, Karnataka’s new Congress administration is preparing to begin the ambitious Anna Bhagya scheme, which promises 10 kg rice to every members of BPL families.</p>
<p>K.H. Muniyappa, Minister for Food and Civil Supplies, indicated on Friday that the Anna Bhagya is underway and that the government will transfer funds into the bank accounts of recipients on Saturday.</p>
<p>The government has information on 90 percent of BPL recipients’ bank accounts, he said, adding that those who do not have bank accounts should open one.</p>
<p>"Each member will be given Rs 170. Until the rice is available, DBT would be made. Whenever rice is available, it would be given. In south, ragi will be given and in north, jowar would be given, along with five kg rice. The funds are available and money would be transferred to accounts from Saturday," he said.</p>
<p>"Two kg of ragi/jowar would be distributed and eight kg rice. As per the commitment the scheme is being launched by July 1. Now, instead of rice, money would be given. The Central government has stocks, if it changes its mind and supplies rice, it would be given to beneficiaries," Muniyappa said.</p>
<p><strong>HDFC to merge with subsidiary HDFC Bank on July 1</strong></p>
<p>HDFC will merge with its subsidiary HDFC Bank on Saturday after their separate boards approved the idea on Friday.</p>
<p>HDFC will cease to exist as of July 1 as a result of the reverse merger.</p>
<p>"Saturday, July 1, 2023, to be the ‘Effective Date’ of the composite scheme of amalgamation, on which date the certified order of the NCLT sanctioning the Scheme will be filed by HDFC Investments, HDFC Holdings, HDFC Limited and HDFC Bank with the RoC," HDFC Bank said in a regulatory filing, PTI reported.</p>
<p>On April 4, 2022, HDFC Bank agreed to take over its parent, which is the largest pure-play mortgage lender, in a USD 40-billion all-stock transaction, establishing a financial services behemoth with a combined value of over Rs 18 lakh crore.</p>
<p>The combined shares of the HDFC twins will have the greatest weightage on the indexes, approaching 14%, much above the current index heavyweight Reliance Industries’ weightage of 10.4%.</p>
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