The IDBI Bank will become LCI Bank
The board of IDBI proposed that the name will be changed to LIC IDBI or LIC bank following its takeover by Life Insurance Corporation. Last month the insurance behemoth completed the acquisition of 51 % which is controlled by a stake in IDBI bank. Making the entry in more than 60-year-old state-owned insurer into the banking sector.
The meeting was held on Monday where the board “Approved the change in the name of IDBI bank.
The board has proposed the name as LIC IDBI Ltd as the first preference and the second preference as LIC Bank Ltd.
Last year in August, the cabinet approved the of controlling stake by Life insurance corporation (LIC) as a promoter.
LIC was looking for entering the banking space by having a majority stake in IDBI bank, as it is expected to provide the business fellowship despite leaders stressed balance sheet.