IDBI bank to get ₹ 9000 crore relief from Government & LIC

The Central government has approved recapitalisation of IDBI bank with a capital infusion of Rs 9,000 crore. The infusion comes on the back of the IDBI bank reporting a net loss of Rs 3,800 crore in the first quarter of the financial year 2019-20. IDBI Bank had also been put on credit watch by rating agency S&P Global last month. Announcing the decision, Union Minister Prakash Javadekar said that this will help both IDBI and LIC. He also added that this move shows the government’s commitment to take banking in India to a sound level.