{"id":219101,"date":"2019-09-03T18:45:53","date_gmt":"2019-09-03T13:15:53","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=219101"},"modified":"2019-09-04T18:00:14","modified_gmt":"2019-09-04T12:30:14","slug":"cabinet-approves-infusion-of-capital-by-government-in-idbi-bank","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/03\/cabinet-approves-infusion-of-capital-by-government-in-idbi-bank\/","title":{"rendered":"Cabinet approves infusion of capital by Government in IDBI Bank"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong><span style=\"color: #0000ff;\">Union Cabinet has\u00a0approved the Infusion of Rs 4,557 crore by Government in IDBI Bank.<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">It will help in completing the process of IDBI Bank\u2019s turnaround and enable it to return to profitability and normal lending, and giving Government the option of recovering its investment at an opportune time.<\/p>\n<p style=\"text-align: justify;\">IDBI Bank needs a one-time infusion of capital to complete the exercise of dealing with its legacy book. It has already substantially cleaned up, reducing net NPA from peak of 18.8% in June 2018 to 8% in June 2019. The capital for this has to come from its shareholders. LIC is at 51% and is not allowed to go higher by the insurance regulator. Of the Rs. 9,300 crore needed, LIC would meet 51% (Rs. 4,743 crores). Remaining 49%, amounting to Rs. 4,557 crore, is proposed from Government as its share on a one-time basis.<\/p>\n<p style=\"text-align: justify;\">After this infusion, IDBI Bank expects to be able to subsequently raise further capital on its own and expects to come out of RBI\u2019s Prompt Corrective Action (PCA) framework sometime next year. This cash neutral infusion will be through recap bonds i.e. Government infusing capital into the bank and the bank buying the recap bond from the Government the same day, with no impact on liquidity or current year\u2019s Budget.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Background:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">Following Cabinet\u2019s approval in August 2018, LIC acquired 51% stake in IDBI Bank. Government continues to be a promoter and holds 46.46% stake.<\/p>\n<p style=\"text-align: justify;\">The financial parameters of IDBI Bank have improved considerably during the last year:<\/p>\n<ul>\n<li style=\"text-align: justify;\">CRAR has improved from 6.22% as on 30.9.18 to 11.58% as on 31.3.19.<\/li>\n<li style=\"text-align: justify;\">Net NPA ratio reduced from 17.3% as on 30.9.18 to 10.11% as on 31.3.19 and further to 8.02% as on 30th June 2019<\/li>\n<li style=\"text-align: justify;\">Provision Coverage Ratio (PCR) improved from 69% (30.9.18) to 83% (31.3.19) and further to 88% on 30th June 2019<\/li>\n<li style=\"text-align: justify;\">Synergy with LIC has enabled access to 29 crore policyholders base spread over 3184 branches and also to 11 lakh agents and 2 lakh employees of LIC.<\/li>\n<li style=\"text-align: justify;\">Rs.500 crore revenue for FY 2020 and Rs. 1,000 crore from FY 2021 onwards projected from LIC Synergy.<\/li>\n<li style=\"text-align: justify;\">Sale of insurance kick-started in March 2019 with Rs. 160 crore premium. This momentum has continued with over Rs. 250 Cr premium collection in first four and a half months of this year. FY 2019-20 target is Rs. 2000 crore of premium and Rs. 200 crore revenue.<\/li>\n<li style=\"text-align: justify;\">Additional business anticipated is Rs. 5,000 crore (Housing loan, Auto loan, personal loan) by leveraging LIC agents\u2019 network.<\/li>\n<\/ul>\n<hr \/>\n<p><strong>Cabinet<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 03-09-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Union Cabinet has\u00a0approved the Infusion of Rs 4,557 crore by Government in IDBI Bank. It will help in completing the process of <\/p>\n","protected":false},"author":8808,"featured_media":209514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29535,4],"tags":[4621,37246,37389,37390],"class_list":["post-219101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet_decisions","category-legislationupdates","tag-government","tag-idbi-bank","tag-infusion-of-capital","tag-union-cabinet"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cabinet approves infusion of capital by Government in IDBI Bank | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/03\/cabinet-approves-infusion-of-capital-by-government-in-idbi-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet approves infusion of capital by Government in IDBI Bank\" \/>\n<meta property=\"og:description\" content=\"Union Cabinet has\u00a0approved the Infusion of Rs 4,557 crore by Government in IDBI Bank. 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(including Rs. 2,500 crore infused in FY 2019-20) in the three\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":260326,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/19\/cabinet-approves-infusion-of-rs-1-500-crore-in-indian-renewable-energy-development-agency-limited-ireda\/","url_meta":{"origin":219101,"position":1},"title":"Cabinet approves infusion of Rs 1, 500 crore in Indian Renewable Energy Development Agency Limited (IREDA)","author":"Bhumika Indulia","date":"January 19, 2022","format":false,"excerpt":"On January 19, 2022, the Cabinet Committee on Economic Affairs has approved the equity infusion of Rs.1500 crore in Indian Renewable Energy Development Agency Limited (IREDA) which will help in employment generation of approximately 10200 jobs-year and CO2 equivalent emission reduction of approximately 7.49 Million Tonnes CO2\/year. Also, it will\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-229.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-229.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-229.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-229.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-229.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":225510,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/12\/cabinet-approves-proposal-for-capital-infusion-for-oicl-nicl-and-uiicl\/","url_meta":{"origin":219101,"position":2},"title":"Cabinet approves proposal for capital infusion for OICL, NICL and UIICL","author":"Bhumika Indulia","date":"February 12, 2020","format":false,"excerpt":"Union Cabinet has given its in-principle approval for capital infusion for three Public Sector General Insurance Companies, namely, Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL). In view of the above, Cabinet has allowed the immediate release of Rs. 2500 Crore\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":241168,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/23\/ker-hc-even-if-the-bank-is-a-public-sector-bank-writ-petition-under-art-226-is-not-maintainable-if-act-in-question-is-not-one-involving-any-element-of-public-duty\/","url_meta":{"origin":219101,"position":3},"title":"Ker HC | Even if the Bank is a public sector bank, writ petition under Art. 226 is not maintainable if act in question is not one involving any element of public duty","author":"Editor","date":"December 23, 2020","format":false,"excerpt":"Kerala High Court: P.V. Asha, J. allowed the writ petition questioning status of IDBI Bank as \u201cState\u201d under Article 12 of the Constitution and further stated that the acts of public sector undertakings arising out of contractual transactions between the parties will not fall under the term \u201cpublic duty\u201d to\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":264850,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/01\/premature-redemption-of-a-part-of-outstanding-stock-of-non-interest-bearing-government-of-india-idbi-special-security-2024\/","url_meta":{"origin":219101,"position":4},"title":"Premature redemption of a part of outstanding stock of Non-interest bearing Government of India IDBI Special Security, 2024","author":"Bhumika Indulia","date":"April 1, 2022","format":false,"excerpt":"The Government notifies further premature redemption on Non-interest bearing Government of India IDBI Special Security, 2024 by exercising \"call option\"\u00a0 for an aggregate amount of Rupees One hundred eighteen crore. 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