LIC Completes Acquisition Of Controlling Stake In IDBI Bank: 10 Things To Know

The increase in IDBI Bank stake by LIC will help the insurance major enter the banking space. In its statement on Monday, the bank said that improved financial health will pave the way for the bank to exit from the central bank's prompt corrective action (PCA) plan in a time-bound manner. Eleven banks with high bad debts are under the Reserve Bank of India's PCA framework that prohibits them from further lending. IDBI Bank said i...