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Business Other News 15 Mar 2019 RBI classifies IDBI ...

RBI classifies IDBI a private bank

DECCAN CHRONICLE. | FALAKNAAZ SYED
Published Mar 15, 2019, 12:42 am IST
Updated Mar 15, 2019, 12:42 am IST
Meanwhile, rating agency ICRA assigned the bank with ‘negative’ outlook and removed it from ‘rating watch with developing implications.”
Reserve Bank of India
 Reserve Bank of India

Mumbai: IDBI Bank has been categorised as a private sector bank by the RBI as state owned Life Insurance Corporation of India holds 51 per cent majority stake in the bank.

In a press release, the RBI said, “IDBI Bank has been categorized as a ‘Private Sector Bank’ for regulatory purposes by RBI with effect from January 21, 2019 consequent upon LIC acquiring 51 per cent of the total paid-up equity share capital of the bank.

 

Meanwhile, rating agency ICRA assigned the bank with ‘negative’ outlook and removed it from ‘rating watch with developing implications.”

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