IDBI Bank wil continue functioning independently without much intervention from Life Insurance Corporation (LIC) of India, which is set to become its largest shareholder.
Sources said that LIC is not planning to be directly involved in the day to day running of the public sector bank and the lender will continue to be professionally run. LIC will however, have representatives on the Board of the Bank.
“LIC does not have the necessary experience in running a Bank and will leave it up to the professionals,” said a person familiar with the development, pointing out that IDBI Bank has just got a new Managing Director and CEO.
