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IDBI may now become LIC IDBI Bank or LIC Bank

Tuesday, February 5, 2019, 5:01 PM

The board of IDBI Bank proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank following its takeover by Life Insurance Corporation. Last month, the insurance behemoth completed the acquisition of 51 percent controlling stake in IDBI Bank, marking the entry of more than 60 years old state-owned insurer into the banking space.
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IDBI Bank decides to continue with existing MD, DMDs

Monday, January 21, 2019, 4:19 PM

IDBI Bank, which has becomes a subsidiary of LIC, Monday said it has decided to continue with the existing top management, including Rakesh Sharma as the managing director of the bank. Insurance giant LIC has completed acquisition of 51 percent controlling in the bank, IDBI Bank said in a regulatory filing on Monday.
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Government to infuse Rs 28,615 cr in 7 PSBs soon

Thursday, December 27, 2018, 8:29 PM

The government is likely to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month, sources said on Thursday. The amount infused will help the banks meet regulatory capital requirement, and its disbursement might take place before December 31, sources said.On December 20, government sought Parliament's approval for infusion of an additional Rs 41,000 crore.

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