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Updated on: Wednesday, May 29, 2019, 01:09 AM IST

RBI: IDBI Bank now a PSB

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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.

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Published on: Friday, March 15, 2019, 04:32 AM IST
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