The Reserve Bank Of India has now refused to allow IDBI Bank to change their existing name. IDBI bank is now under the control of Life Insurance Corporation. It was in this contest that IDBI has decided to alter its name by adding LIC as a suffix in the end. It was in last month that IDBI bank had decided to change their name.
The committee had decided to change its name as it has joined hands with LIC. “LIC IDBI BANK LTD” , was the another suggestion which they have put forward which too was turned down by the RBI.
LIC now owns 51% of total share from IDBI. This was marked as LIC’s stepping stone towards banking sector. RBI has agreed that LIC would be considered as a private bank there after.
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