RBI says no to IDBI Bank name change proposal

New Delhi, March 20

The RBI has turned down IDBI Bank’s proposal to change its name following the transfer of controlling 51% stake to insurance behemoth LIC from the Government of India.

The Board of IDBI Bank had last month sought RBI’s approval for change in the name of the lender to either LIC IDBI Bank or LIC Bank.

“The Board of Directors has in its meeting held on March 19, 2019, taken note of RBI’s communication conveying their inability to accede to bank’s request for change of name of IDBI Bank Limited,” IDBI Bank said. — PTI