IDBI Bank News

The proposed offloading of government stake in IDBI Bank has been delayed several times over the past three years. Currently, Government of India and LIC jointly own 94.71 per cent of IDBI Bank.

The Centre and the Life Insurance Corporation of India (LIC) plan to jointly offload a 60.72 per cent stake in IDBI Bank, which comprises 30.48 per cent held by the government and a 30.24 per cent share by the insurance giant.

Several banks have rolled back their special FD, senior citizen FD and other offerings. However 4 Indian banks continue to offer special Fixed Deposit schemes for citizens. Check them out.

IDBI vs ZEEL Case: In May 2023, the Mumbai arm of the bankruptcy court dismissed IDBI Bank's petition against ZEEL, ruling that the alleged default fell within the protected period under Section 10A IBC. 

Many banks in India are offering special fixed deposit (FD) schemes with higher interest rates than regular FDs. These schemes provide up to 8.05 per cent interest for super senior citizens and are a great option for those looking for secure investments. However, these offers are valid only until March 31, 2025.

Chick list of top Indian banks that launched new FD schemes this years, and banks offering enhanced FD products.

From Bank of Baroda, IDBI to SBI --Check FD types and interest rates.

Banks had earlier introduced the scheme for a select period to provide senior citizens and regular customers with a chance to get better returns on their investments. 

IDBI FD rates revised IDBI Bank Utsav Plus Callable FD dates extended Check latest FD rates

IDBI Bank's provisions on bad debts written off came down sharply to Rs 1,049 crore from Rs 3,587 crore in the same quarter of the previous year. 

As you know, changes in MCLR and RLLR have a direct impact on the loan rates. As a result, these adjustments alter the Equated Monthly Installments (EMIs) of borrowers.

The current deadline to invest in SBI Amrit Kalash (400 Days) FD Scheme, IDBI Utsav FD Scheme and Indian Bank's IND SUPER 400 Days Scheme is December 31.

IDBI Bank has announced that Amrit Mahotsav FD for 375 Days and 444 Days will now be extended up to October 31, 2023. 

IDBI bank has said that revised interest rates are applicable only to the renewals and fresh deposits while existing deposit continue to get interest at the contracted rate.

IDBI Bank Dividend Payment 2023: The Bank has notified that the Register of Members and Share Transfer Books of the Bank will remain closed from Friday, July 07, 2023 to Thursday, July 13, 2023.

For deposits expiring in 7 days to 10 years, the bank now guarantees interest rates of 3 percent to 6.25 percent for the general public and 3.5 percent to 6.75 percent for senior citizens.

As per the chargesheet, former IDBI Bank general manager Buddhadev Dasgupta abused his position, conspired with colleagues and Mallya in the matter of sanction and disbursement of short term loan (STL) of Rs 150 crore to Kingfisher Airlines in October 2009.

The bank's net interest income (NII) improved by 23 percent during the third quarter of the current fiscal to Rs 2,925 crore, as against Rs 2,383 crore in the same period last fiscal.

IDBI bank had also revised the Marginal Cost of Fund Based Lending Rate ( MCLR ) w.e.f. 12-12-2022. The new rates are as below  

The government and LIC together are looking to sell 60.72 per cent of IDBI Bank and had invited bids from potential buyers in October. The last date for submitting an Expression of Interest (EoI) or preliminary bids was December 16.