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
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