Reportedly the board of directors at IDBI Bank on Thursday approved the proposal for preferential issue of capital to the government and Life Insurance Corporation (LIC) totaling up to Rs 4,557 crore and Rs 4,743 crore respectively. Meanwhile the decision is subject to customary regulatory approvals. Earlier on September 3, the government had approved Rs 9,300 crore capital infusion into IDBI Bank to increase the lender's capital base.
Furthermore the bank needed a one-time infusion of capital to complete the exercise of dealing with its legacy book and it has already substantially cleaned up, reducing net non-performing assets from a peak of 18.8% in June 2018 to 8% in June 2019. Hence after this infusion, IDBI Bank expects to be able to subsequently raise further capital on its own and expects to come out of RBI's Prompt Corrective Action (PCA) framework sometime next year.
Moreover the government has announced capital infusion of Rs 70,000 into public sector banks in a bid to clean up their balance sheets which are littered with huge non-performing assets.
India gets started on a rail link between Raxaul in Bihar to the Nepalese capital New Delhi sources stated that when Xi Jinping flew from Chennai to Kathmandu on Saturday, he became the first Chinese President to visit Nepal in 23 years. Earlier on Sunday, he rounded up the trip by signing as many as 20 agreements with Nepalese Prime Minister KP Sharma Oli, including the building
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