The Industrial Development Bank of India (IDBI) is believed to be closely looking at taking over Punjab National Bank (PNB) on its way to becoming a bank.
IDBI will submit a roadmap for graduating into a universal bank to the Reserve Bank of India (RBI) on Wednesday. However, unlike ICICI, it will not submit any specific scheme to RBI.
Instead, it will reveal its strategy to the central bank on how it wants to convert itself into a bank through a merger with a public or a private sector bank. At a later stage, IDBI Bank will be merged with it.
The proposed move by the IDBI to convert itself into a universal bank is based on the recommendations of the Boston Consulting Group (BCG) which were discussed by the IDBI board on Saturday.
Sources said IDBI looked closely at Bank of Baroda but could not make any headway.
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