INSUBCONTINENT EXCLUSIVE:
The government currently holds 85.96 per cent in IDBI Bank.Mumbai: The Insurance Regulatory and Development Authority of India (IRDAI)
Friday said it will set the timeline to reduce LIC's shareholding in IDBI Bank from 51 per cent to 15 per cent
However, it added that the timeline will only be set after looking at LIC's business plan post acquisition of 51 per cent stake in
LIC currently holds 7.98 per cent in debt-ridden IDBI Bank, and is in the process of increasing its stake to 51 per cent, which would help
will look at their (LIC's) business plan (post acquisition of 51 per cent stake in IDBI Bank) and then decide on reduction of its stake in
the interest of policyholders while reducing it's stake in the bank," he said.On Tuesday, the LIC board had said it has taken a decision on
7 per cent stake in IDBI Bank through preference shares
Association (AIIOA) had challenged the LIC's move to acquire 51 per cent stake in IDBI Bank in the Delhi High Court
against the petition filed by the IDBI employees, Khuntia said, "We have responded to the court
IRDAI has the powers to give relaxations in specific cases if they are justified
Here, the LIC has requested that in interest of their expansion they would like to have a synergy with a bank
companies, he said the decision on it will depend on the merit of the case
Meanwhile, talking about the government's flagship national health insurance scheme, Ayushman Bharat, Khuntia said the insurance model will
will be more effective because there is insurance industry oversight which is not there in the trust model," he said while delivering his
In the trust model, the state government takes the risk and the entire payment has to be made by the state government, while in the
insurers' growth prospects.
