Jul 16, 2018 12:26 PM IST
LIC will own 51 percent in IDBI Bank after the deal and will be the bank's largest shareholder
- Jul 15, 2018 07:01 PM IST
LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.
- Jul 03, 2018 09:08 PM IST
Taking into consideration the fact that the bank has been consecutively posting healthy operating profits, burgeoning provisioning to NPAs and write offs are acting as a drag on the bottom line of the bank, an official said.
- Jul 02, 2018 06:06 PM IST
The insurance regulator must clearly spell out the reasoning for allowing this stake increase and whether it is a one-off.
- Jul 02, 2018 05:04 PM IST
Banking and insurance sector employee unions also warned it could eventually lead to privatisation of the bank and resultant job losses.
- Jun 30, 2018 07:07 PM IST
In a statement, the Left party said the Life insurance Corporation (LIC) was a repository of public savings in the form of insurance policies, and using this capital to bailout the "worst defaulter” bank was “tantamount” to loot of people's savings.
- Jun 30, 2018 04:34 PM IST
Optimists see the bank's performance turning around in as early as one year, but others believe it will take 3-4 years for LIC to affect a proper turnaround
- Jun 28, 2018 08:50 PM IST
The government wants to sell a big part of its stake in IDBI to Life Insurance Corporation of India. This deal will grant LIC promoter status in IDBI — an effort by the central government to revive the bank. Tune into the Moneycontrol podcast to know more abou this deal.
- Jun 28, 2018 05:57 PM IST
The bank, which has the highest bad loan ratio in the system with over 25 percent, is offering an interest rate in the range of 8.90 percent to 9.50 per annum in auto loan and 12 percent to 14 percent per annum in personal loan.
- Jun 28, 2018 05:55 PM IST
Sriram joined the government-run bank in 1981 as a Probationary Officer. During over three-decade-long career, he held several positions and also had a stint at SBI's Singapore office.
- Jun 28, 2018 04:12 PM IST
The Insurance Act currently bars an insurer from acquiring more than 15 percent stake in any company
- Jun 26, 2018 05:28 PM IST
As the government makes efforts to revive the fortunes of IDBI Bank, which is saddled with huge amounts of bad loans, LIC becoming a major stakeholder in the lender could be beneficial for both state-owned financial players in the long run, they added.
- Jun 25, 2018 06:12 PM IST
IDBI is not a lone case, there are about a dozen more banks whose capital position is precarious and they wouldn’t be in a position to raise capital from the market. The moot question remains, how many will LIC bail out?
- Apr 24, 2018 08:58 PM IST
Another surprise in the year was the SBI Life toppling the market leader ICICI Prudential Life in market share sweepstake in the year. This is the third consecutive year of faster premium growth for the arm of the nation's largest lender clipping at 31 percent, according to the data collated by Wall Street brokerage Morgan Stanley today.
- Apr 05, 2018 10:20 AM IST
After ESOPs are given out, the government’s stake will fall to around 20%. The Centre plans to sell this to state-owned insurance firms to hold have no interference in AI’s operations
- Mar 26, 2018 04:28 PM IST
"The Ministry of Finance has approved the Government guarantee of Rs 5,000 crore in the current financial year for the IRFC bonds to be subscribed by the Life Insurance Corporation (LIC)," an official statement said.
- Mar 05, 2018 10:56 AM IST
As per a BSE filing, LIC, which held 5.16 per cent stake in Ashok Leyland earlier, brought down the shareholding in the company to 3.11 per cent.
- Feb 16, 2018 08:15 PM IST
Life insurance giant LIC today reported an over Rs 2,23,854 crore in premium income for the nine months through December 2017, up 11.47 per cent from Rs 2,00,818 crore a year ago.
- Feb 07, 2018 10:17 AM IST
As on December-end, LIC's stake in the bank stands at 12.12 percent while that of government stands at 80.50 percent
- Jan 30, 2018 01:09 PM IST
Data from the Life Insurance Council showed that LIC had collected Rs 99783.33 crore of first year premium for April to December period
- Dec 24, 2017 06:24 PM IST
Life Insurance Corporation's stake in the bank, which earlier stood at 9.89 percent, increased by 4.04 percent to 13.93 percent
- Dec 13, 2017 11:50 AM IST
As per a BSE filing, LIC, which had 6.14 per cent stake in Mastek earlier, brought down the shareholding in the company to 3.05 per cent.
- Dec 05, 2017 04:11 PM IST
The country's largest insurer collected Rs 1.48 lakh crore of total premium for the first six months of this fiscal, showing a growth of 12 percent. The new business premium grew by 23.7 percent in the period to Rs 68224.29 crore on a year-on-year basis.
- Nov 15, 2017 04:15 PM IST
LIC, which had 5.19 per cent stake earlier, increased its shareholding in the company to 7.23 per cent by buying shares between September 28 and November 13, 2017, LIC said in a filing to BSE.
- Nov 01, 2017 09:51 PM IST
Insurance behemoth Life Insurance Corporation (LIC) of India has hiked stake in state-owned Coal India to 9.4 percent, the coal major said.