NDA functionaries, including ministers, would soon hit the ground to explain and create more awareness about benefits of the new rural employment guarantee scheme VB G-RAM-G, which has replaced the UPA-era MNREGA, to negate the opposition’s narrative. This was discussed at Friday’s Cabinet meeting, which PM Modi chaired soon after his foreign trip, sources said.TOI has learnt rural development and agriculture minister Shivraj Singh Chouhan briefed the key provisions of the new scheme to all ministers while urging them to take the message to people. Sources said the PM was also of the similar view for creating more awareness about the new law. Opposition parties may soon carry out protests against the new scheme, particularly for dropping the name of Mahatma Gandhi and increasing burden on the state govts.

New Delhi: Japan’s Mitsubishi UFJ Financial Group (MUFG) will acquire a 20 per cent in non-bank finance company Shriram Finance (SFL) for $4.4 billion (Rs 39,618 crore), in what is the largest foreign direct investment in the country’s financial services space. MUFG will pick up the minority stake through preferential equity shares, Shriram Finance said in a statement.The Indian financial services outfit will issue 47.1 crore shares at Rs 840.9 each to MUFG Bank through a preferential allotment, it said in a stock exchange filing. MUFG will be able to nominate two directors on the board of Shriram Finance (SFL). The investor will also have a pre-emptive right to subscribe to pro rata shareholding. “These rights shall fall away if the shareholding of the investor in the company falls below 10 per cent on a fully diluted basis,” a press release said. In its edition on Wednesday, TOI had reported about the proposed transaction. “This collaboration combines SFL’s established domestic franchise and extensive distribution network with MUFG Banks’ global expertise and financial strength. The fund infusion will significantly enhance SFL’s capital adequacy, strengthen its balance sheet, and provide long-term growth capital. It will improve access to low-cost liabilities and potentially strengthen SFL’s credit ratings while aligning governance and operational practices with global best standards,” the NBFC said in a statement.