New Delhi : Central government is going to give bailout package to IDBI Bank. The government will give bailout package of about nine thousand crore rupees to the bank. The government had sold its stake in this bank run under LIC. Now LIC and the central government will invest around Rs 4500 crore in it. According to a report, the central government will give this money out of Rs 70 thousand crore, which was announced a few days ago.
Out of this, an amount of 55 thousand crore rupees will be received by public sector banks. Apart from this, merging banks such as PNB, OBC and United Bank of India will get 16 thousand crores. Information and Broadcasting Minister Prakash Javadekar told reporters here that the Union Cabinet has approved the infusion of capital into IDBI Bank.
This capital will be pumped in by both the government and the Life Insurance Corporation of India. He said that out of this Rs 9,000 crore, the government will infuse Rs 4,557 crore into IDBI Bank at one go. LIC will infuse capital of Rs 4,700 crore. LIC currently holds a 51% stake in IDBI Bank. At the same time, the government has 46.5 per cent and the public has 2.5 per cent. This money will help the bank to reduce its NPA. The government recently merged eight banks.
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