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The Cabinet on Wednesday cleared the purchase of 51 per cent controlling stake in IDBI Bank by state-run insurer Life Insurance Corporation (LIC), sources said.

LIC-IDBI Bank deal gets clearance from Cabinet

The LIC-IDBI deal has been approved, after the meeting of Union Cabinet, chaired by Prime Minister Narendra Modi.

01 Aug 2018 4:05 PM

The proposed investment by the LIC into the bank will be funded by policyholder funds rather than the life insurers own funds.

Moody's places IDBI Bank's long-term ratings for upgrade

The bank's board has sent the LIC's proposal for buying 51 per cent to the government for approval.

25 Jul 2018 1:23 PM

The board meeting took place a day after LIC got approval of its board to increase its stake in the bank up to 51 per cent.

IDBI Bank seeks Centre’s nod to sell stake to LIC

Irdai has already given its approval to the insurer for the stake purchase.

18 Jul 2018 5:47 AM

The LIC board on Monday gave approval to the insurance behemoth for acquiring of up to 51 per cent stake in IDBI Bank, Economic Affairs Secretary S C Garg said on Monday.

LIC board approves acquisition of up to 51 per cent stake in IDBI Bank

Insurance regulator Irdai has already given its approval to the insurer for the stake purchase.

16 Jul 2018 2:28 PM

LIC employee unions have said that they are against the proposal for the insurer to acquire 51 per cent stake in IDBI Bank.

LIC unions oppose acquisition of IDBI Bank by insurer

LIC currently holds 11 per cent stake in IDBI bank and its total stressed portfolio is 35.9 per cent of total loans.

10 Jul 2018 4:17 PM

Among the prominent ones is the over Rs 13,000-crore fraud in the PNB allegedly committed by jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. (Photo: File)

CBI hunts for banking, tax experts from ministries to probe PNB scam, other frauds

'It may be noted that officers coming on deputation are entitled for special security allowance at 20 per cent on the pay,' CBI said.

08 Jul 2018 2:00 PM

IDBI Bank officers have opposed the proposed 51 per cent acquisition of the bank's stake by LIC, saying this is a clear move to privatise it, bypassing the assurance given to Parliament.

IDBI Bank employees oppose proposed take over by LIC

This is a clear move to privatise it, bypassing the assurance given to Parliament.

03 Jul 2018 5:27 PM

B Sriram on Saturday assumed charge as Managing Director and CEO of IDBI Bank, according to a regulatory filing.

Sriram takes charge as MD and CEO of IDBI Bank

Sriram was appointed MD and CEO in place of Mahesh Kumar Jain who recently took charge as deputy governor of RBI.

30 Jun 2018 6:54 PM

State-owned IDBI Bank on Friday said no discussion has taken place with regard to capital injection of Rs 13,000 crore in the bank by insurance major LIC.

IDBI Bank says 'no discussion' on Rs 13,000-cr capital infusion by LIC

Industry and government sources have said that LIC is looking to enter the banking space.

29 Jun 2018 5:15 PM

The government is expecting the LIC-IDBI Bank deal to conclude with all approvals in place by end of the second quarter.

Govt confident LIC-IDBI deal will conclude by September

Insurance regulator Irdai is expected to clear the deal in its June 29 board meeting with some conditions.

28 Jun 2018 11:18 AM

The bank has a market capitalisation of nearly Rs 23,000 crore while its real estate assets as well as its investment portfolio are estimated to be worth over Rs 20,000 crore.

LIC may enter banking sector; eyes majority stake in IDBI Bank

The deal is expected to provide business synergies despite the lender's stressed balance sheet.

27 Jun 2018 1:06 PM

The government on Friday sounded evasive about the media reports that it was planning to ask LIC to take a controlling stake in the crippled IDBI Bank, saying the boards of the respective entities will take a call on the matter.

IDBI-LIC stake deal: Fin Min official says boards to take a call

There have been reports that having failed to get a buyer for its stake in IDBI Bank, the govt might ask LIC.

25 Jun 2018 4:38 PM

The government on Monday appointed IDBI Bank Ltd Chief Executive Officer Mahesh Kumar Jain as a deputy governor of the Reserve Bank of India (RBI) for three years.

Govt appoints IDBI Bank CEO Mahesh Jain as RBI deputy governor

Rajeev Kumar, secretary, Department of Financial Services at the Ministry of Finance, said in a tweet.

04 Jun 2018 2:56 PM

The bank's income during January-March 2018 was Rs 7,913.82 crore, marginally up from Rs 7,703.19 crore.

IDBI Bank's net loss widens to Rs 5,663 crore in Q4

The bank had reported a net loss of Rs 3,199.77 crore in the corresponding January-March quarter of 2016-17.

25 May 2018 4:02 PM

The Adani Group has invested Rs 500 cr in Adani Capital, it's financial arm, in a bid to offer customised solutions to new entrepreneurs.

Adani Group to provide customised solutions to entrepreneurs

The move comes amid widespread caution among public sector banks over the recent spate of towering bad loans.

24 May 2018 1:40 PM

Two independent directors Ninad Karpe and S Ravi have resigned from the board of state-owned IDBI Bank.

Two independent directors of IDBI Bank quit

Karpe and Ravi cease to be independent directors of IDBI Bank with effect from May 11 and May 12 respectively.

15 May 2018 1:52 PM

In 2016-17, banks had reported 5,076 cases of fraud involving Rs 23,933 crore.

Over 23,000 bank fraud cases involving Rs 1 lakh crore in 5 yrs: RBI

A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April, 2017, to March 1, 2018.

02 May 2018 2:16 PM

IDBI Bank on Tuesday said the CBI has examined documents related to its loan exposure to the companies of former Aircel promoter C Sivasankaran.

CBI probes documents on loans to Aircel ex-promoter, says IDBI Bank

The state-owned bank had given a loan to Axcel Sunshine Ltd in February 2014, which had turned into a non-performing asset.

01 May 2018 3:43 PM

The case pertains to loans of Rs 322 crore and Rs 523 crore given to the companies of Sivasankaran, who was at the centre of Aircel Maxis probe. (Photo: File)

IDBI Bank fraud: CBI names BSE chairman among others in 600 cr loan scam

CBI has named 15 officials who worked at senior levels when loans were given to firms controlled by former Aircel promoter C Sivasankaran.

28 Apr 2018 9:05 AM

The agency carried out searches at 50 locations, including the residences of former and serving senior IDBI bank officials.

CBI books former Aircel promoter

The searches were spread across Delhi, Faridabad, Mumbai, Gandhinagar, Chennai, Bengaluru, Belgaum, Hyderabad, Jaipur and Pune.

27 Apr 2018 1:53 AM

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Sanjeev Ahluwalia