IDBI Bank | Pixr8 News

Indian state-owned insurance group and investment company LIC (Life Insurance Corporation) has decided to pick up a further 7% stake in the government lender IDBI Bank through a preferential issue. LIC already holds a stake in the bank which is equal to 7.98% and it is moving towards acquiring more of it. Lately, IDBI Bank’s capital adequacy ratio fell largely to 8.18% as on June end, below the regulatory requirement of 9%. This move, however, will help the lender to improve its capital adequacy ratio. “It is advised that the bank has received a letter dated August 28, 2018 from Life Insurance Corporation of India giving their in- principle approval for subscription of the equity shares on preferential basis subject to their total exposure not exceeding 14.90% of post-issue capital of ...

The appointment committee at cabinet has appointed Arijit Basu as the managing director of country's largest lender State Bank of India. Basu will finally fill in the position that was vacant since the elevation of Rajnish Kumar as Chairman. The new appointment will make SBI have four managing directors. As per governemnt's official statement, Arijit Basu has been appointed as the managing director with effect from the date of taking over charge till his superannuation in October 2020. A graduate in in Economics and a Master of Arts in History, Basu joined SBI first in 1983 as a probationary officer. He has handled several key positions in various cicles of SBI including the bank office at Tokyo. Basu has served as Chief Executive Officer at SBI Life Insurance for four years. Mean...

Tag: IDBI Bank

LIC to Pick Up a Stake in State-owned IDBI Stake

State Bank of India appoints Arijit Basu as Managing Director