Cabinet nod to LIC buying 51% stake in debt-ridden IDBI Bank

The Cabinet on Wednesday approved purchase of a controlling 51 per cent stake in IDBI by the state-run Life Insurance Corp (LIC) which would result in the government becoming a minority shareholder. The nod is a bid to turnaround the loss making government-owned IDBI Bank struggling with accumulated bad loans. IDBI’s gross non-performing assets (NPAs), […]

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2M7Juux