The board of Life Insurance Corporation of India (LIC) has approved the proposal for the insurer to hold a 51% stake in IDBI Bank. The announcement was made by Subhash Chandra Garg, Secretary, Department of Economic Affairs.
The life insurer has around 7.5% stake in LIC at present and will acquire the remaining stake from the government. Using this route rather than LIC directly buying the government’s stake in IDBI Bank will ensure that the bank receives the capital.
Source- DD News
Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-
- IDBI Bank Headquarters in Mumbai.
- B Sriram was appointed as the IDBI Bank’s CEO and Managing Director recently.