RBI categorises IDBI Bank Ltd as Private Sector Bank
- IDBI Bank Limited has been re-categorized as a ‘Private Sector Bank’ for regulatory purposes by the Reserve Bank of India, This comes after LIC has purchased 51% of the total paid-up equity share capital of the bank.
- Now RBI will regulate IDBI bank as per the rules applicable on Private Banks. With this now there are 22 Private Sector Banks in India.
- LIC Holds 51% stake in IDBI, Government holds 46.46% stake and the remaining 2.54% is held by the public.