House Panel Okays Idbi & #8217;S Conversion To Bank

The parliamentary standing committee on finance has cleared the repeal of the IDBI Act and has recommended the corporatisation of the institution and its conversion into a bank.

It has also recommended a five-year tax holiday in addition to the sops proposed by the government.

The decision was taken at the meeting of the standing committee last week, government sources told Business Standard.

They added that the parliamentary panel was, however, of the opinion that IDBI's focus on development should be retained.

The sources said the committee endorsed the finance ministry