CURRENT AFFAIRS

Detailed explanation-1: -The Life Insurance Corporation (LIC) of India and the central government have decided to sell off their 60.72 per cent stake in IDBI Bank.

Detailed explanation-2: -The government and Life Insurance Corp (LIC) together hold 94.72 per cent in IDBI Bank.

Detailed explanation-3: -The government had on October 7 invited bids for privatising IDBI Bank and said that it together with LIC will sell a total of 60.72 per cent stake in the financial institution.

Detailed explanation-4: -Life Insurance Corporation of India (LIC) is an Indian central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of the Ministry of Finance, Government of India.

Detailed explanation-5: -The new owner of the IDBI Bank will have a free hand in running the affairs and there won’t be interference from both the government and state-owned insurer LIC, who will continue to hold significant shareholding in IDBI Bank post its privatisation.