Cabinet approves LIC’s acquisition of 51% stake in IDBI: Piyush Goyal

Updated:3 months, 2 weeks ago IST

New Delhi, Aug 01 (ANI): Union Minister of Railways and Coal Piyush Goyal on Wednesday informed that Cabinet has approved the acquisition of 51 per cent stake in the debt-ridden IDBI Bank by Life Insurance Corporation of India (LIC) bank. He said that this decision by the cabinet will strengthen capital adequacy of IDBI Bank. The Railway and Coal Minister termed it a win-win solution for both major banks.

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