“The board met today (Tuesday) and conveyed the interest of LIC to hold 51 percent stake in IDBI Bank. We will take a final decision once the government gives its go-ahead,” said B Sriram, MD & CEO, IDBI Bank 

With underwriting losses of Rs 64 cr(Rs155 cr),the company’s Combined ratio, the most crucial financial parameter of a general insurance company, improved to 98.8 per cent in 01 FY2019 from 102.4 per cent in 01 FV2018.

India’s growth rate is expected to rise from 6.7 per cent in 2017 to 7.3 per cent in 2018 and 7.5 per cent in 2019, as drags from the currency exchange initiative and the introduction of the goods and services tax fade, said the IMF’s latest World Economic Outlook (WEO) update.

The corporation has made elaborate arrangements in terms of presentaions on funding plans and strategies about how it would progress in the entire deal. The two independent directors in the LIC board also expected to ask LIC management questions about deal’s benefit for the 33 crore policy holders of the corporation as the Corporation is facing crticism that it is squandering precious policy holders’ money on a financially battered bank.