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IDBI Bank may get a new name

There is a proposal to rename IDBI Bank as either LIC IDBI Bank or LIC Bank following the acquisition of 51% holding in the bank by LIC. The board of the bank has sought permission from the Reserve Bank of India for the change. The bank has suggested the two options with first preference for ‘LIC IDBI Bank. Rakesh Sharma, MD and CEO of the bank, said the bank may also shed its tag of a public sector bank and has sought regulatory guidance on whether it would be classified as a private bank. LIC is now the promoter of the bank. Over time, it will have to pare its 51% holding down to meet both banking and insurance regulations which restrict the amount a single entity can hold.

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