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,
