RBI: IDBI Bank now a PSB

RBI: IDBI Bank now a PSB

FPJ BureauUpdated: Wednesday, May 29, 2019, 01:09 AM IST
article-image

Mumbai: IDBI Bank has been categorised as a private sector bank (PSB) following acquisition of majority stake by Life Insurance Corporation, RBI said. In January, LIC completed the process of picking up a controlling 51 per cent stake in the nearly crippled IDBI Bank.

Both entities will also undertake rationalisation of the common subsidiaries in mutual funds and life insurance arms, as per the strategy.

RECENT STORIES

India’s Festive Season To Create Over 2.16 Lakh Jobs In H2 2025, Driven B Retail, E-commerce And...

India’s Festive Season To Create Over 2.16 Lakh Jobs In H2 2025, Driven B Retail, E-commerce And...

Gold Drops ₹500 Amid Stockist Selling, Silver Falls ₹1,000 Despite Global Gains

Gold Drops ₹500 Amid Stockist Selling, Silver Falls ₹1,000 Despite Global Gains

Tech Mahindra Q1 FY26 Net Profit Rises 33.9% To ₹1,140.6 Crore; Revenue Grows Marginally To...

Tech Mahindra Q1 FY26 Net Profit Rises 33.9% To ₹1,140.6 Crore; Revenue Grows Marginally To...

Govt Approves ₹20,000 Crore Investment Power For NTPC To Add 60 GW Green Energy By 2032

Govt Approves ₹20,000 Crore Investment Power For NTPC To Add 60 GW Green Energy By 2032

Telecom Operator MTNL Defaults On ₹8,585 Crore Loans to 7 PSU Banks

Telecom Operator MTNL Defaults On ₹8,585 Crore Loans to 7 PSU Banks