News Digest: ICICI Bank chairman, Kharif crop, stock markets, and more

From LIC buying stake in IDBI bank to ICICI naming ex-bureaucrat as its new chairman, BS brings you up to date with the latest news

Irdai allows LIC to buy up to 51% stake in debt-ridden IDBI Bank
 

The Insurance Regulatory and Development Authority of India (Irdai) board on Friday approved Life Insurance Corporation’s investment in IDBI Bank, allowing LIC to own up to 51 per cent in the beleaguered lender. LIC will now be able to pump Rs 100-130 billion into IDBI Bank in tranches through a preferential allotment of new equity shares at a price determined by a formula under the Securities and Exchange Board of India’s (Sebi’s) rules. Read more

Ex-bureaucrat Girish Chandra Chaturvedi named ICICI Bank chairman

His former colleagues in the powerful Indian Administrative Service fraternity remember Girish Chandra Chaturvedi's unassuming ways that endeared him to everybody around him. ICICI Bank, which named him non-executive chairman on Friday, would hope that the 1977 batch IAS officer, who retired as petroleum secretary five years ago, still retains that trait of his personality to guide the bank in its deepest hour of crisis. The board is looking up to him to provide “maturity and sagacity” to its deliberations, the bank said in a statement. Read more

Kharif crop minimum support prices to be in place next week

Prime Minister Narendra Modi said on Friday the much-awaited minimum support prices (MSPs) for kharif crops for the 2018-19 season, to be fixed at least 1.5 times of the production cost, would be announced next week.

Addressing a group of sugarcane farmers at his residence, Modi said that in the next two weeks, the government would also announce the fair and remunerative price (FRP) for sugarcane. Read more

Sensex, rupee jump most in a month; Tata Steel, Bajaj Auto rise over 3%
 

The Indian markets on Friday jumped most in a month, mirroring a bounce in global equities, as investor sentiment improved after two days of turbulent selling. The risk-off bets eased after the US dollar weakened and China relaxed restrictions on foreign investments.

The benchmark Sensex closed at 35,423, up 386 points, or 1.1 per cent, the most since May 31. The rupee rebounded 0.5 per cent, the most since June 2, to end at 68.45 against the dollar. A day earlier, the rupee had touched a lifetime low of 69.09 amid a spike in global crude prices. Read more

2019 in sight, PM wants to know India’s mann ki baat
 

In a clear signal that the NDA government has switched to election mode, Prime Minister Narendra Modi has invited people across the country to give him feedback on the work done by the Centre over the past four years. 

In a detailed online survey through the PM’s app, Modi has not only asked about the signature schemes launched by his government but has also sought suggestions for himself. Still months to go for the 2019 Lok Sabha election, the PM is checking out people’s pulse, as the name of the survey suggests. Read more