In a first-of-its-kind transaction, the Insurance Regulatory and Development Authority of India (IRDAI) has approved a proposal allowing Life Insurance Corporation (LIC) to acquire a majority stake in the IDBI bank.
Under the proposal, the public sector life insurance behemoth can raise its stake in the public sector bank to 51%, injecting Rs10,000-13,000 crore in the debt-ridden lender. The acquisition, however, will be seen only as an investment and LIC will gradually lower its stake in the lender.
Source- The Hindu Business Line
Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-
- IRDAI stands for Insurance Regulatory and Development Authority of India.
- Headquarters of IRDAI is in Hyderabad.
- Subhash Chandra Khuntia is Chairman of IRDAI.
- IDBI Bank Headquarters in Mumbai.
- B Sriram was appointed as the IDBI Bank’s CEO and Managing Director recently.