Cabinet approves LIC's proposal to acquire 51% stake in IDBI Bank

Cabinet approves Rs 9,000 Crore infusion in IDBI Bank, share prices rise

The Cabinet Committee of Economic Affairs (CCEA) on Tuesday, September 3, approved the recapitalisation of IDBI Bank. The government will infuse Rs 4,557 crore, and Life Insurance Corporation (LIC) will further infuse Rs 4,700 crore.

” Cabinet clears recapitalization of IDBI Bank with one-time infusion of funds by both Government and LIC. Will help both IDBI and #LIC, and shows Government’s commitment to take banking to a sound level,” Principal Spokesperson, government of India tweeted.

Share prices of IDBI Bank has seen spike since and has surged by over 10 per cent on BSE.

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