RBI has done IDBI Bank as classified as Private Bank

RBI has classified IDBI Bank as Private Sector Bank.

RBI has taken this step after the acquisition of majority stake of IDBI Bank by the government insurance company LIC. LIC had completed the acquisition of 51% stake in IDBI Bank in January and the RBI has kept the bank in the private sector from January 21, 2019. 

Significantly, IDBI Bank has also been kept under the RBI’s immediate corrective action framework (PCA Framework). The banks coming in this framework are controlled by RBI, which also prevents RBI from providing loans. According to the news, the bank has made a new plan to bring both the banking and insurance services together with LIC.

On the other hand, there is a slight increase in IDBI Bank. The stock of the bank opened at Rs 44.00 compared to the previous closing price of Rs 43.10, which has even higher level in the business so far. Around Rs 11.30, the shares of the bank are trading at Rs. 43.35 with an increase of 0.25 rupees or 0.58%. At this price, the market capitalization of IDBI Bank is Rs 33,536.84 crore. At the same time, its last 52-week peak has been priced at Rs 81.80 and lower at 41.50 rupees. 

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