Cabinet approves Rs 4,557 crore capital infusion into IDBI Bank

The Cabinet has approved a capital infusion of Rs 4,557 crore into IDBI Bank. The capital infusion process will be done through recapitalisation bonds under which The government will infuse the capital into the bank and the bank will buy the recapitalisation bonds from the government on the same day.

The capital infusion aims to help the bank in its return to profitability. The capital infusion is also expected to help IDBI to come out of Prompt Corrective Action framework of the Reserve Bank of India.

Static/Current Takeaways Important For IBPS RRB PO Mains:

• IDBI Bank Headquarters: Mumbai, MD and CEO: Rakesh Sharma.

Source: The Hindu