BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which Bank has been categorized as a private sector lender following the acquisition of majority stake by Life Insurance Corporation?

A	UCO Bank
B	Vijaya Bank
C	Corporation Bank
D	IDBI Bank

Explanation:

Detailed explanation-1: -The government, with a more than 45% stake in IDBI Bank, is currently classified as a co-promoter of the lender. The government is looking to sell its 30.48% stake in IDBI Bank, while state-backed LIC will offload its 30.24% share in the lender.

Detailed explanation-2: -IDBI Bank will continue to operate as an ‘Indian private sector bank’ after its strategic sale and the government’s residual 15 per cent stake in the lender post privatisation will be considered as ‘public shareholding’, the finance ministry said on Sunday.

Detailed explanation-3: -The government and Life Insurance Corp (LIC) together hold 94.72% in IDBI Bank.

Detailed explanation-4: -IDBI Bank, the parent of IDBI MF, is majority owned by LIC for the last few years. Ramakrishnan added that as and when LIC MF, the 22nd largest MF in the country with over Rs 18, 000 crore in assets under management, is in a firm comment on the merger process, it will inform everybody.

There is 1 question to complete.