NEW DELHI: The board of IDBI Bank Monday proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank following its takeover by Life Insurance Corporation.
Last month, the insurance behemoth completed the acquisition of 51 per cent controlling stake in IDBI Bank, marking the entry of more than 60 years old state-owned insurer into the banking space.
The board in its meeting on Monday has “approved a proposal for change of name of IDBI Bank, subject to RBI’s no objection, name availability or reservation by Ministry of Corporate Affairs (MCA), shareholders’ approval through Postal Ballot, Stock Exchanges’ approval, etc”.
The board has proposed LIC IDBI Bank Ltd as the first preference followed by LIC Bank Ltd. (AGENCIES)
Follow our WhatsApp channel
