Current Affair!RBI grants 12 years to LIC for reducing stake in IDBI Bank.Life Insurance Corporation(LIC), the largest insurance company in India, got 12 years from RBI for the cut down stake in IDBI Bank.LIC is the lender’s major shareholder, and it has a 51 % stake in the Bank. It means that no obligation to sell its stake in the following years or would probably spend higher money to keep its stake in any future fundraising by the bank. IDBI Bank]i. Insurance Regulatory and Development Authority (IRDAI) claimed that LIC can take up to 15 % stake in any bank, which can stretch up to 30 % as per board approval. But the insurance regulator has authorized LIC to hold up to 51 %in IDBI Bank in 2018. ii. After 12 years LIC has to decrease stake in IDBI Bank by 10 % to 40 % - Study24x7
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Priya Sharma
15 Apr 2019 09:53 AM study24x7 study24x7

Current Affair!

RBI grants 12 years to LIC for reducing stake in IDBI Bank.
Life Insurance Corporation(LIC), the largest insurance company in India, got 12 years from RBI for the cut down stake in IDBI Bank.LIC is the lender’s major shareholder, and it has a 51 % stak...

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