LIC board approves up to 51 percent stake in IDBI Bank

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.

Approved LIC buying up to 51 per cent stake in IDBI Bank. LIC stake buy will help the debt-ridden state-owned bank get a capital support of Rs 10,000- 13,000 crore.

It will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC. The bank would also get accounts of about 22 crore policy holders and subsequent flow of fund.

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