Centre should not shirk its responsibility in IDBI, says Bank Union

Reports stated that LIC has finalised the deal with IDBI Bank, which will eventually pave way for the infusion of Rs 130 billion in the NPA-mired state-run bank

All India Bank Employees Association (AIBEA) on Friday said that Centre should not shirk its responsibility of providing additional capital to IDBI Bank while burdening Life Insurance Corporation of India (LIC) to bail out loss making bank.

Referring to the news of LIC being allowed to increase its stake in IDBI Bank, C H Venkatachalam, General Secretary, AIBEA in a letter to the Union Finance Minister Piyush Goyal said, "Due to the huge pile of bad loans in IDBI Bank, the need has arisen to augment additional capital to IDBI Bank." 

He added, "while investment is a part of LIC’s business, it