IDBI Bank favourite guinea pig in Indian financial lab
Is LIC acquiring a majority stake in IDBI Bank the transformation Arun Jaitley had promised in Union Budget 2016? Or, is it another intermediate stepa sort of warehousing arrangement?
Five years back, LIC Housing Finance Ltd, the mortgage subsidiary of Life Insurance Corporation of India (LIC), had applied to the Reserve Bank of India (RBI) seeking a banking licence, but did not get it. Now LIC will get a bank.