Daily News


ICICI Bank board appoints Girish Chandra as non-executive chairman

ICICI Bank Ltd board has named former bureaucrat Girish Chandra Chaturvedi as part-time non-executive chairman. His appointment will be effective 1 July, or the date of receipt of Reserve Bank of India (RBI) approval, whichever is later. Current chairman M.K. Sharma’s term ends on 30 June.

He is a former Indian Administrative Services officer & most recently served as chairman of the Warehousing Development and Regulatory Authority.

He has been also appointed as an additional independent director, effective 1 July, for a period of three years, subject to the approval of shareholders.

Did you Know

ICICI Bank (Industrial Credit and Investment Corporation of India) is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2017, it is the third largest bank in India in terms of assets and fourth in term of market capitalisation.
ICICI Bank has appointed Walker Chandiok & Co as statutory auditors of the bank as the term of the previous auditor expired.


World Bank to provide up to $480 million to aid Rohingya refugees in Bangladesh

The World Bank is set to provide up to $480 million in grant-based support to Bangladesh to address the needs of Rohingya refugees including health, education, water, sanitation and social protection.

The World Bank's board approved a $50 million grant to add to an existing health-sector support project in Bangladesh, the first in a series that could total $480 million.

According to world bank, the health-sector grant included contributions based on a partnership between Canada and the World Bank's International Development Association arm. It will help Rohingya refugees in Bangladesh receive maternal, neonatal, infant, child, and adolescent health and nutrition services, reproductive healthcare and family planning support.

Did you Know

Rohingya are an ethnic group, largely comprising Muslims, who predominantly live in the Western Myanmar province of Rakhine. They speak a dialect of Bengali, as opposed to the commonly spoken Burmese language.


Farmers pay 20% more for fertilisers as raw materials get dearer

According to the agriculture ministry, the requirement for fertilisers for this kharif season will be met by industry.

Farmers are paying up to 20% more for fertilisers this sowing season because of the sharp rise in global prices of phosphoric acid, DAP and MOP, besides the recent rupee depreciation against the US dollar, the cost of production and sales of domestic P&K fertiliser manufacturers and traders have gone up, which they have passed on to farmers to preserve their margin.

Urea prices are steady due to government controls, but input costs will raise the subsidy bill.

Did you Know

Department of Fertilizers comes under the ambit of Ministry of Chemicals & Fertilizers.
The main objective of Department of Fertilizers is to ensure adequate and timely availability of fertilizers at affordable prices for maximizing agricultural production in the country.


IMF suggests India three steps to sustain high growth rate

International Monetary Fund (IMF) has suggested three steps to India for sustaining high growth rate .

--To revive a bank credit and enhance the efficiency of credit provision; by accelerating the clean-up of bank and corporate balance sheets and enhancing the government of public sector banks,"

--To continue fiscal consolidation and to lower elevated public debt levels supported by simplifying and streamlining the goods and services tax (GST) structure.

--And, over the medium-term, renew impetus to reforms of key markets, for example, labour and land, as well as improving the overall business climate would be crucial to improving competitiveness and again, maintaining that very high level of growth in India.

India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18. That was up from 7 per cent in the previous quarter.

Did you Know

The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership.


Reliance Naval asks government to fast-track maritime security contract awards

Voicing its concerns over delay in awarding contracts for maritime security programmes, Reliance Naval and Engineering (RNEL) has urged Defence Minister Nirmala Sitharaman to fast-track the process.

The Indian Navy had sought Request for Information (RFI) for 10 projects, which included four multi-purpose support vessels, six new generation missile vessels, six high speed landing craft and one survey training vessels, among others.

Besides, the Indian Coast Guard had sought RFIs for eight fast patrol vessels, six air cushion vehicles and two pollution control vehicles, among others.

Did you Know

Reliance Defence and Engineering Limited (RNAVAL) (formerly Reliance Defence and Engineering Limited / Pipavav Defence and Offshore Engineering Company Limited) (PDOECL) has the largest engineering infrastructure in India and is one of the largest in the world. RNAVAL is the first private sector company in India to obtain the licence and contract to build warships.


China expected to become largest 5G market by 2025: Report

According to the joint report by the Global System for Mobile Communication Association (GSMA) and Global TD-LTE Initiative (GTI), China is expected to become the world's largest 5G market by 2025, accounting for 430 million 5G connections, or one-third of the global total

All three Chinese mobile operators are currently conducting live 5G trials as part of a multi-year plan that includes research and development and a network deployment strategy with a view to a large scale commercial launch by 2020

China's leading role in 5G is backed by a proactive government intent on delivering rapid structural change.

Did you Know

Finland is aiming to be one of the world's leaders in 5G technology, with the country's government aiming to dole out the first spectrum licences in the autumn.
Finnish operator Elisa claims global first in launching a commercial 5G network.


Charging stations for electric cars may be considered CSR activity

As per the recommendations of a committee formed under the secretary of the transport ministry, Expenses incurred by manufacturing companies in setting up charging stations for electric vehicles across the country will be considered as an activity within the ambit of corporate social responsibility (CSR).

The proposal has been made to facilitate adoption of electric mobility in India, where setting up charging infrastructure is becoming a major impediment.

The panel suggested that a discounted rate of lending be explored by the government for acquisition of electric vehicles, along with further tightening of fuel efficiency norms, which may become a headache for the manufacturers.

Recently, the government-owned Energy Efficiency Services Ltd (EESL) could not procure enough electric cars from Mahindra and Mahindra Ltd and Tata Motors Ltd because of the lack of charging stations across the country.

Did you Know

Corporate social responsibility refers to the initiative and contribution of an enterprise towards the economic, environmental and social welfare of the general community.
The Ministry of Corporate Affairs (MCA) constituted 12-member committee to review enforcement of Corporate Social Responsibility (CSR) provisions.
It was headed by Regional Director (Western Region) Manmohan Juneja.


Reliance Jio crosses 200 million subscribers mark in less than two years

As per a TRAI (Telecom Regulatory Authority of India) report, Reliance Jio has added close to 200 million subscribers in a little less than two years’ .It is among the top five service providers when it comes to broadband services.

Jio is likely to overtake Idea, which currently has 217 million user bases. With 200 million users, the Mukesh Ambani-led firm will close in at the heels of Vodafone’s 222 million user base. With 309 million wireless users, Bharti Airtel is currently the market leader.

Did you Know

Reliance Jio Infocomm Limited i.e. Jio is an Indian mobile network operator. Owned by Reliance Industries and headquartered in Navi Mumbai, Maharashtra, it operates a national LTE network with coverage across all 22 telecom circles.


Rani Rampal to lead India in Women's Hockey World Cup

Hockey India announced the 18-member Indian women's team for the prestigious tournament which is slated to begin on July 21.

Forward Rani Rampal has been named as the captain of India's 18-member squad for the women's hockey World Cup to be played in London next month.Goalkeeper Savita has been named as her deputy.

The tournament will witness the return of goalkeeper Rajani Etimarpu after having rested for the Spain Tour.

India have been placed in Pool B alongside hosts and world no. 2 England, world no. 7 USA and world no. 16 Ireland.

Did you Know

Women’s Hockey World Cup has been held since 1974 and was organised by the International Federation of Women's Hockey Associations (IFWHA) until 1981,the governing bodies later merged into the current International Hockey Federation in 1982.


IDBI Bank stock gains 12% on reports that IRDAI may clear LIC deal

IDBI Bank share price rallied 12 percent intraday after media report indicated that the insurance regulator may clear the bank's deal with . This upside was after the losses seen in previous four consecutive sessions.

The board members of Insurance Regulatory and Development Authority of India (IRDAI) are likely to clear the deal between IDBI Bank and Life Insurance Corporation of India.

The board is likely to grant exemption to LIC for taking over 15 percent stake in the bank and then LIC may be allowed to buy additional 30 percent stake, taking its shareholding in the bank to over 40 percent.

Did you Know

Life Insurance Corporation of India is an Indian state-owned insurance group and investment company headquartered in Mumbai.
IDBI Bank was established in 1964 by an Act of Parliament only to provide credit and other financial facilities for the development of the fledgling Indian industry.