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IRDAI Board Meet: LIC gets nod to buy 51% in IDBI Bank

The Insurance Regulatory and Development Authority of India (Irdai) on Friday approved a proposal by Life Insurance Corporation of India (LIC) to raise its stake in IDBI Bank up to 51% from the current 10.82%, giving the country’s largest insurer special relaxation from its 15% holding cap for insurers in a single firm. The deal will save the government from having to infuse more funds into IDBI Bank, which had received as much as Rs 10,610 crore last fiscal, the most by any public-sector bank (PSB). However, analysts said it will test the resolve of regulators who may have to extend a series of such special waivers for LIC for the deal to go through. Also, analysts feel the deal to acquire the stressed bank could also cast clouds on LIC’s fiduciary duty to its millions of policyholders.

It is not immediately clear whether the deal involves fresh equity infusion by IDBI Bank or a direct sale of the government’s stake in the bank that currently stands at 81%.

A senior Irdai executive present at the meeting told FE: “We have also asked LIC to decide by when it plans to reduce its stake below the regulatory limit of 15% (once its acquisition of more stake is over). This decision will be taken by its board of directors.”

The additional stake would cost LIC more than Rs 9,000 crore. While it was reported that LIC could infuse Rs 13,000 crore into IDBI Bank, the lender on Friday informed the stock exchanges that “no such discussion has taken place” in its board.

Despite massive infusion by the government last fiscal, IDBI Bank’s core equity capital stood at 7.42% as on March 31, just above the minimum regulatory requirement of 7.37%. Its gross non-performing assets (NPAs) zoomed to 27.95% and net NPAs to 16.69%, the most reported by any PSB.

Having fallen as much as 16% in the past one month, shares of IDBI Bank surged over 10% on Friday amid reports of the acquisition of a majority stake by LIC. The share jumped almost 12% in intra-day trade before shedding gains.



41 Chinese confirmed dead in Thailand boat capsizing

Thai authorities on Sunday confirmed that 41 Chinese citizens including 13 children were killed after their tourist boat capsized in bad weather near Phuket, Thailand on Friday. 
The Xinhua News Agency  also reported that 14 passengers remain missing and a Thai citizen has been confirmed dead.
The Phoenix, with 105 passengers on board had allegedly been warned not to sail due to bad weather.  Another tourist boat, the Serenata, also capsized in the same area. The 42 passengers on that boat were rescued.    
Three Thai warships and two Chinese rescue teams on Sunday participated in rescue operations searching for survivors of the Phoenix.
Most passengers on the two boats were Chinese citizens, according to media reports.
The captain of Hua Hin, one of the three Tai navy ships participating in the rescue, said on Sunday that 16 divers from the Thai Navy were checking the cabins of the Phoenix, which sank in waters 40 meters deep.
"If these divers can report there is no body inside the sh…

Latest Smartphone OPPO F9 with Waterdrop Display and 6 GB RAM launched

Latest Smartphone OPPO F9 with Waterdrop Display and 6 GB RAM launchedOppo F9 has been launched. The new smartphone is the first handset by Oppo that features a V-shaped waterdrop display notch - unlike the traditional rectangular display notch. Also, there is a thin-bezel display that offers a 90.8 percent screen-to-body ratio. 
While the OPPO F9 ProSmartphone is set to debut in India on August 21, specifications of the upcoming handset have now surfaced through a sales pitch note. The leaked note suggests that the F9 Pro could be the India variant of the OPPO F9. The handset is rumored to come with the VOOC integration for fast charging support and a 6.3 display with the V-shaped waterdrop notch design identical to the Oppo F9  smartphone.
Also Read : Latest Android Version Updates For New Smartphones Is Android 9 Pie

New Smartphone Oppo F9 With Specifications And Features
1. The Dual-SIM (Nano) Oppo F9 runs ColorOS 5.2 based on Latest Android Version Android 8.1 Oreo.
2. A 6.3-inch ful…

Android Next Version is Here The Name is Android Pie

Android Next Version is Here The Name is Android Pie

The stable version of Android 9 Pie was officially released on Tuesday for the Google Pixel/XL and the Google Pixel 2/XL. On the same date, Essential rolled out the Android Pie update for the Essential Phone. The OnePlus 6 is currently on Android Pie beta 3, while the Nokia 7 Plusjust received Android Pie beta 4. An alpha build of Android Pie has leaked for the Xiaomi Mi Mix 2S, and we should be receiving more news soon for other smartphones eligible for the Android P beta program.
On the other hand, companies like Samsung, Huawei, LG, and HTC didn’t participate in the Android Pie beta program. HTC has now revealed which of its phones will receive the Android Pie update.
HTC has confirmed via Twitter that the company will roll out Android Pie updates for the HTC U11, HTC U11+, the Android One variant of the HTC U11 Life, and the company’s current flagship, the HTC U12+. The company states that time frames for the update roll-out will b…