What Will Be The New Name Of IDBI Bank?

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The Board of the IDBI Bank suggested new names for the Bank, more than half of which is now owned by the Life Insurance Corporation (LIC.)

The LIC, in January 2019, acquired a 51 % stake in the IDBI Bank. The LIC paved their way into the banking field with this move, after spending 60 long years in the insurance sector.

The Board members of the IDBI Bank, on the 4th of February, conducted a meeting in which the members discussed some new names and suggested the same to the LIC. The two suggestions made by the IDBI Board members are ‘LIC IDBI Bank,’ or ‘LIC Bank,’ including the name ‘LIC,’ as a preference.

The IDBI members, following the meeting, “approved a proposal for change of name of IDBI Bank, subject to RBI’s no objection, name availability or reservation by Ministry of Corporate Affairs (MCA), shareholders’ approval through Postal Ballot, Stock Exchanges’ approval, etc.”

The IDBI Bank also posted records, showing the heavy losses suffered by the Company. According to the records, the Company had a widening loss of approximately Rs. 4,185.48 crores for the third quarter, which ended in December 2018. In addition, the Bank also reported a loss of Rs. 1,524.31 crores in December 2017.

The Cabinet gave its approval for the LIC to control the stakes of the IDBI bank as the Bank was undergoing severe losses. As a result of the acquisition, the IDBI Bank may no longer remain a public sector bank and may be classified as a private sector bank. The formalities regarding the same are yet to be completed.

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