The Union Cabinet on Tuesday cleared recapitalisation of IDBI Bank with one-time infusion of funds by both the Government and LIC.
Briefing media about the decisions of the Union Cabinet, Union minister Prakash Javadekar said, “Cabinet has cleared recapitalization of IDBI Bank with one-time infusion of funds by both government and the Life Insurance Corporation (LIC). It will help both IDBI and LIC, and shows government’s commitment to take banking to a sound level. Government is committed to strengthen the banking sector.”
The Cabinet also approved mechanism revision of ethanol price for supply to Public Sector Oil Marketing Companies for procurement of ethanol w.e.f. December’19 a for one year period. (UNI)
