IDBI Bank board approves LIC deal, ball in shareholders’ court

IDBI Bank said its board of directors has approved the issue of shares to Life Insurance Corporation of India to make the latter the majority shareholder in the bank. The insurer will hold 51% of the total shares of IDBI Bank once the issue is completed, it added. The Bank had around 418 cr shares […]

No final decision on LIC-IDBI merger yet – Govt

The finance ministry has clarified that it is yet to take a final decision on the proposed acquisition of IDBI Bank by India’s largest insurer Life Insurance Corporation or LIC. Responding to concerns of “hard earned money of the LIC policy holders sinking” in the deal, finance minister Piyush Goyal said it was LIC that […]

Moody’s downgrades IDBI Bank over lower govt support

Moody’s Investors Service has downgraded debt issued by IDBI Bank over concerns on “reduction in the amount of extraordinary government support incorporated into the bank’s ratings and its weak standalone credit profile,” the bank said. While earlier, Moody’s used to assume that government support for IDBI Bank was at the top-end of the ‘very high’ […]

Fitch cuts IDBI Bank rating as NPAs climb to 21%

Fitch Ratings said it downgraded IDBI Bank’s Long-Term Default Rating and its ‘viability rating’ by one notch each to ‘BB+’ and ‘ccc’ with a stable outlook. “IDBI Bank’s Viability Rating reflects the deterioration of its financial profile in the last two years and our expectation that both asset quality and capital will remain significant ongoing […]

PAY REVISION: IDBI Bank employees to strike again tomorrow, May 23

IDBI Bank, one of India’s largest government-controlled banks, said it received notice of strike from the “United Forum of IDBI Bank Officers and Employees”. The strike will be on Tuesday, May 23, and is aimed at demanding “revision of pay and allowances and other issues,” the bank said. The Forum represents a section of its employees and […]

IDBI Bank digitizes loan processing

IDBI Bank, arguably the most tech-savvy among government banks in India, has implemented a new digital system for processing loans such as education loans, auto loans and personal loans. “The system would improve turn-around time for these loans and bring about customer delight,” it said. The new system is in addition to its existing loan […]