IDBI Bank name proposed to be LIC Bank, waiting for share market and investor’s permission

749
Rajasthan Tourism App - Welcomes to the land of Sun, Sand and adventures

Business| The Board of Directors of IDBI Bank has proposed to change the name of the bank. After the acquisition of LIC Bank, it has been renamed as LIC IDBI Bank or LIC Bank. Last month, the Life Insurance Corporation of India (LIC) completed 51 percent stake in IDBI Bank. With this the country's largest insurance company has stepped into the bank area.

The Board of Directors approved the proposal to change the name of IDBI Bank in the meeting held on Monday. It is dependent on approval from the RBI, the availability of the name or the Ministry of Corporate Affairs, if there is any objection, approval of shareholders, sanction of stock exchanges etc. The Board of Directors of the bank named LIC IDBI Bank Ltd. Name is preferred. Apart from this, LIC Bank Ltd. name has also been suggested.

Earlier, the debt trapped IDBI Bank's loss increased nearly threefold. In the third quarter ended December 2018, its loss increased to Rs 4,185.48 crore. In the October-December quarter of the last financial year, the bank had a loss of Rs 1,524.31 crore. IDBI Bank said in its statement a day earlier that its total income declined to Rs 6,190.94 crore during the reporting period. In the third quarter of last financial year, its income was Rs 7,125.20 crore.

Rajasthan Tourism App - Welcomes to the land of Sun, Sand and adventures

LEAVE A REPLY

Please enter your comment!
Please enter your name here