Last month, the Life Insurance Corporation of India (LIC) completed a 51 percent stake in IDBI Bank. With this, the country’s largest insurance company has stepped into the bank area.
The Board of Directors approved the proposal to change the name of IDBI Bank in the meeting held on Monday. It is dependent on approval from the RBI, the availability of the name or the Ministry of Corporate Affairs if there is any objection, approval of shareholders, the sanction of stock exchanges etc.
The Board of Directors of the bank named LIC IDBI Bank Ltd. The name is preferred. Apart from this, LIC Bank Ltd. The name has also been suggested.