LIC gets nod for 51% stake in IDBI Bank
Insurance regulator IRDAI has agreed to the Life Insurance Corporation (LIC) of India’s proposal to hike its stake to 51 per cent in the crippled IDBI Bank from 10.8% at present. The permission is subject to the corporation bringing down its holding to 15% in future. The proposal now requires approval from market watchdog Sebi and the RBI.