With the government having taken an in-principle decision not to bail out financial institutions, the finance ministry has asked Industrial Development Bank of India, ICICI and IFCI Ltd to submit a roadmap for conversion into universal banks to the Reserve Bank of India by October 31.
Senior finance ministry officials told Business Standard that the government conveyed the decision to the management of the three FIs after a meeting on September 24. The ministry would once again take stock of the situation on November 15.
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