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News From Press RBI gives in-principle nod to LIC for acquiring majority stake in IDBI Bank

RBI gives in-principle nod to LIC for acquiring majority stake in IDBI Bank

Source: Business Standard Jul 20, 2018

The Reserve Bank of India (RBI) has given an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank, sources said.

The government-owned insurance behemoth had sought the banking regulator’s nod before it had approached the Insurance Regulatory and Development Authority (IRDAI) for seeking regulatory approvals, a senior government official said.

After the Union Cabinet approves the proposal, the RBI will examine if LIC meets the “fit and proper criteria” for being a promoter with a controlling stake in IDBI Bank.

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