IDBI Bank said its board of directors has approved the issue of shares to Life Insurance Corporation of India to make the latter the majority shareholder in the bank. The insurer will hold 51% of the total shares of IDBI Bank once the issue is completed, it added. The Bank had around 418 cr shares […]
Indian banks will need between $40 bln to $55 bln (Rs 2.8 lakh cr to Rs 3.8 lakh cr) of additional capital to meet the Basel III capital adequacy norms set to come into effect next year, Fitch Ratings said, adding that most of the money will have to be put in by the tax […]
IDBI Bank, which is the target of an acquisition move by the Life Insurance Corporation of India, has emerged as the bank with highest proportion of bad loans among public sector banks in India. As of the end of 2017-18, IDBI Bank had a gross non-performing asset percentage of 28%. In other words, out of […]
The finance ministry has clarified that it is yet to take a final decision on the proposed acquisition of IDBI Bank by India’s largest insurer Life Insurance Corporation or LIC. Responding to concerns of “hard earned money of the LIC policy holders sinking” in the deal, finance minister Piyush Goyal said it was LIC that […]
IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter. Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 basis points as compared to the preceding […]
Moody’s Investors Service has downgraded debt issued by IDBI Bank over concerns on “reduction in the amount of extraordinary government support incorporated into the bank’s ratings and its weak standalone credit profile,” the bank said. While earlier, Moody’s used to assume that government support for IDBI Bank was at the top-end of the ‘very high’ […]
Fitch Ratings said it downgraded IDBI Bank’s Long-Term Default Rating and its ‘viability rating’ by one notch each to ‘BB+’ and ‘ccc’ with a stable outlook. “IDBI Bank’s Viability Rating reflects the deterioration of its financial profile in the last two years and our expectation that both asset quality and capital will remain significant ongoing […]
IDBI Bank, one of India’s largest government-controlled banks, said it received notice of strike from the “United Forum of IDBI Bank Officers and Employees”. The strike will be on Tuesday, May 23, and is aimed at demanding “revision of pay and allowances and other issues,” the bank said. The Forum represents a section of its employees and […]
IDBI Federal Life Insurance, a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe, has reported a growth of 84% in Total Premium at the end of the Q1 FY16. “The growth of the company […]
IDBI Bank reported a net profit of Rs 135 Crore for the quarter ended June 30, 2015 and Rs 873 Crore for year ended March 31, 2015 as against Rs 106 Crore for the quarter ended June 30, 2014 registering a growth of 27%. Total business (deposits and advances) as of June 30, 2015 stood […]
IDBI Bank has reduced the interest rates on Retail Term Deposit by 40 basis points (0.4 percentage points) on fixed deposits with maturity of more than 6 months and up to 270 days. For maturity periods of over 271 days, it has reduced the interest rates by 25 basis points. Senior citizens would get interest […]
IDBI Bank, arguably the most tech-savvy among government banks in India, has implemented a new digital system for processing loans such as education loans, auto loans and personal loans. “The system would improve turn-around time for these loans and bring about customer delight,” it said. The new system is in addition to its existing loan […]
IDBI Bank has launched a unique kiosk-based branch that will provide services such as issue of demand drafts and pay orders and request of cheque leaves 24×7. “IDBI Bank would be the first bank in the country to make available these services on 24X7 basis,” the government-controlled bank said. These Kiosks will also have the […]
