The cabinet approval paves the way for LIC to approach the Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (Irdai) for the regulators’ approval for the deal. The insurance behemoth’s board had in July approved the LIC-IDBI Bank deal while the IDBI Bank had sought the government’s permission for the same. The cabinet approval for the deal comes even as employee unions at both LIC and IDBI have opposed the proposed deal. The government’s intention to privatize IDBI Bank was first stated by Union Minister Arun Jaitley in his 2016 budget speech. We have LICAlso read: A little bit of IDBI Bank in my LIC policyAlso read: IDBI Bank’s bailout glass and an ocean named LIC

Source: Mint August 01, 2018 11:13 UTC