Mumbai: IDBI Bank will add Rs 10 bn to its bottomline through various initiatives undertaken by the bank and its shareholder Life Insurance Corp of India, said Rakesh Sharma, bank’s MD and CEO. However, Sharma did not provide a timeline for the same.
IDBI Bank, which reported a nearly Rs 42 bn loss in Oct-Dec, updated exchanges on synergies between the bank and LIC. IDBI Bank has entered into a bancassurance pact to sell the insurer’s products through its 1,800 branches. Under this pact, the premium business was Rs 1.6 bn in March.
