Govt To Repeal Idbi Act By Dec, Revamp Ifci By March

The Industrial Development Bank of India revamp will not consist of any financial assistance but merely result in its corporatisation through a repeal of the IDBI Act, 1964, to facilitate its transformation into a bank.

Finance secretary S Narayan today discussed IDBI corporatisation with the Reserve Bank of India and the law ministry. He also met the chairmen of public sector banks, IDBI and insurance companies - Life Insurance Corporation and General Insurance Corporation - to seek their opinion on IFCI restructuring.

The meetings were attended by other senior finance ministry officials including banking and insurance secretary D C Gupta.

 

Finance ministry officials said IDBI did not need a bailout at the moment. IDBI chairman PP Vora too told Business Standard,