Indiaherald Group of Publishers P LIMITED

X
close save
crop image
x
Tue, Oct 15, 2019 | Last Updated 2:20 am IST

Menu &Sections

Search

IDBI Bank's Board approves Rs 4,743 crore to LIC

IDBI Bank's Board approves Rs 4,743 crore to LIC
IDBI Bank's Board approves Rs 4,743 crore to LIC
http://apherald-nkywabj.stackpathdns.com/images/appleiconAPH72x72.png apherald.com

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.

IDBI Bank

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.


IDBI Bank's Board approves Rs 4,743 crore to LIC
5/ 5 - (1 votes)
Add To Favourite
More from author
Sourav Ganguly set to become Chief of BCCI
India gets started on a rail link between Raxaul in Bihar to the Nepalese capital
Air India says issues regarding aviation fuel payments would be resolved early
India slowed considerably from go-go-years before financial crisis: Raghuram Rajan
BJP not yet projected any chief ministerial face for upcoming Assembly polls in Delhi
Congress Leader Rahul Gandhi campaigns for the party in Haryana today
Investigations going on in sensational Jolly Joseph serial murders case
North East Monsoon likely be begin in Tamilnadu from October 17
Sunil Gavaskar questions about Players security after this incident
PM Modi dared Rahul Gandhi on abrogation of Article 370
BJP may face tough time in Thanesar seat as Ex- INLD chief joined Congress
This Woman is a super bike racer in India
Mobile Phone services to be restored from October 14 at Kashmir
Tomatoes provided better healthy to your heart
Will TSRTC Bus services be restored by October 21?
Benefits of using Shikhakai Powder for your Ha
PM Modi took to Twitter to answer what he was carrying while plogging at Mamallapuram beach
What is healthy ageing?
Did Jolly Thomas, serial cyanide killer of Kozhikode, suffer from a personality disorder?
Bangladesh and Nepal are estimated to grow faster than India in 2019: WB
Know the Significance & Traditions of Diwali Puja
PM Modi's translator for Chinese President was 2007 batch IFS from Chennai
Jawa 90th Anniversary Edition launched in India at Rs.1.73 Lakhs
BJP released Party Manifesto for upcoming Haryana Assembly Elections
Japan hit by biggest typhoon in decades
China created vast surveillance apparatus at home with facial recognition technology
About the author

Nanotechnology Degree Holder. Movie Geek. Crazy about comics and cartoons. Hardcore Cricket Lover. Photoshop Professional