The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
IDBI Bank on Wednesday said it has an exposure of around Rs 300 crore (Rs 3 billion) to the Raju family-owned Maytas companies and is willing to consider any proposal for loans to Satyam Computer if the company approaches it.
IDBI Bank and Bharat Petroleum Corporation Ltd have inked a business-2-business e-commerce tie up aimed at customers of the latter's Rs 8,000 crore (Rs 80 billion) industrial and commercial strategic business unit.
IDBI Bank on Thursday opened its first Currency Chest for the Eastern region at Kolkata and said it will open 28 more branches in urban as well as semi-urban areas during the next six months as part of its multi-pronged aggressive expansion plans.
After a four-year tenure with IDBI Bank, its chairman M S Verma retired on Tuesday.
The CBI has launched an initial probe over the loan against both companies, a spokeswoman for the agency said on Saturday.
The next step for the Life Insurance Corporation of India is to approach market regulator Sebi, as the bank, which is also state-owned, is a listed entity.
State-run IDBI Bank expects interest rates, both on deposits and advances, to increase from the third quarter of the current financial year.
HDFC Bank had opened multiple demand accounts which were used for manipulation of the IPO allotment process in the last few years, but those were not held in benami names.
As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and the fourth one an economist to head the monetary policy department.
IDBI Bank on Thursday said that its home loan portfolio size will cross Rs 5000 crore (Rs 50 billion) by the end of this fiscal.
IDBI Bank has posted a 86.3 per cent rise in net profit to Rs 132.5 crore (Rs 1,325 million) for the year ended March 31, 2004 as compared to Rs 71.1 crore (Rs 711 million) in the corresponding period last fiscal.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
The performance of the Mumbai-based public sector bank may continue to lag behind its peers longer than expected due to the deterioration in its credit cycle, the agency said. Even though IDBI's non-performing asset ratios improved significantly after bad loans worth Rs 9,000 crore (Rs 90 billion) were transferred to a trust in FY04, the current economic slowdown could impact the bank's corporate loan portfolio.
The Indian government is set to accelerate reforms, including measures to enhance foreign direct investment, speed up divestment, and boost asset monetisation, to maintain economic growth despite rising fuel and fertiliser import costs driven by the West Asia crisis.
Cleaner balance sheets, regulatory support and strong growth prospects helped Indian private banks attract over $6 billion in foreign capital, with more deals expected in 2026.
Banking sources said IDBI Bank, along with another banks, was syndicating the loan. The move came after Air India failed to get funding interest from European commercial banks despite the loan carrying sovereign guarantees. The European banks' reluctance reflects how lenders have turned risk averse when it comes to aviation funding.
IDBI ranked as the 2nd most trust PSU bank.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
With momentum building around the IPO, the NSE saw a surge in retail investors in the last two years, making it one of the widely traded stocks in the unlisted market.
'LIC will reduce but not fully exit its stake in IDBI Bank, which remains an important bancassurance partner,' says LIC of India' MD and CEO R Doraiswamy.
Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
The Uttar Pradesh Police have filed an FIR against a former additional district magistrate, company representatives, and bank officials in connection with an alleged land scam worth around Rs 400 crore in Kanpur Dehat district.
IDBI Bank Ltd has posted a net profit of Rs 274.30 million for the quarter ended December 31, 2002 (DQ-02) as compared to Rs 89.40 million in the quarter ended December 31, 2001 (DQ-01).
The bank expects to grow loan book by 10 per cent in the current financial year with calibrated exposure to corporate accounts and thrust on the retail segment.
'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
Card and Internet banking frauds formed 56.5% of all cases in FY25.
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
Net NPAs increased to Rs 36,260 crore in the December quarter from Rs 34,843 crore in September and Rs 33,116 crore in December 2023, observes Tamal Bandyopadhyay.
Two more leading public sector lenders, Central Bank of India and IDBI Bank, on Friday joined the rate hike spree following the Reserve Bank's recent hike in interest rates by announcing a hike of 75 basis point in their base rates.
After acquiring United Western Bank three years ago, IDBI Bank is now once more on the prowl for acquisitions.
'We are in a position to start due diligence and private data room access shortly.'
There are hopes of a turnaround in overall corporate earnings after six quarters of single digit growth.
The Supreme Court granted bail to Arvind Dham in a money laundering case, emphasizing that prolonged incarceration without trial violates the right to a speedy trial under Article 21 of the Constitution.
The Industrial Development Bank of India will start its retail banking operation with 100-odd branches from April this year, its chairman M Damodaran said in New Delhi on Tuesday.
Fugitive businessman Vijay Mallya has said that he will pursue relief for the Enforcement Directorate and banks taking more than two times the debt he owed. His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about recovery of over Rs 14,130 crore from his attached assets.
