Comments
The RBI, on Thursday, said that IDBI Bank has been categorised as a private sector bank for regulatory purposes with effect from January 21, 2019. This follows Life Insurance Corporation of India (LIC) acquiring 51 per cent of the total paid-up equity share capital of the bank.
In April 2005, IDBI Bank was categorised under a new sub-group, ‘other public sector banks,’ by the RBI.
The ‘other public sector banks’ categorisation, according to the RBI’s letter to IDBI Chairman on April 15, 2005, was “in view of the assurance to the Parliament given on December 8, 2004, by the Finance Minister during the discussion on the Repeal Bill, 2003, that the government holding in IDBI Ltd would always be above 51 per cent.”
Meanwhile, IDBI Bank said its board will meet on March 19, 2019, to consider the proposal for approval of rupee bond borrowing limit of ₹4,000 crore for FY20.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.