Business

Cabinet approves recapitilisation of IDBI

ANI | September 03, 2019 03:37 PM
Information and Broadcasting Minister Prakash Javadekar in New Delhi on Tuesday

New Delhi, Sep 3 (ANI) The Union Cabinet on Tuesday approved recapitalisation of IDBI Bank with a one-time infusion of Rs 9,300 crore.

Briefing reporters, Information and Broadcasting Minister Prakash Javadekar said that LIC, which has 51 per cent share, will infuse Rs 4,743 crore while the government will infuse Rs 4,557 crore.

"The step will help both IDBI and LIC. It shows the government's commitment to take the banking sector to a sound level," he said.

(ANI)

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