New Company To Take Over Idbi Assets, Liabilities

Finance minister Yashwant Sinha is expected to announce the roadmap for the transformation of the Industrial Development Bank of India (IDBI) into a universal bank, in his budget speech next week.

According to the roadmap, the government will set up a new entity under the Companies Act, 1956. The IDBI Act will be repealed, followed by the transfer of the financial institution