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Classification of IDBI Bank |
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Re-categorization of IDBI Bank Ltd. as a Private Sector Bank
IDBI Bank Limited has been categorized as a ‘Private Sector Bank’ for regulatory purposes by Reserve Bank Of India with effect from January 21, 2019 consequent upon Life Insurance Corporation Of India acquiring 51% of the total paid-up equity share capital of the bank. [Press Release: 2018-2019/2194 Dated March 14, 2019]
Balances held by State / Central and Urban Co-operative Banks with IDBI Bank - Treatment for CRR purposes (vide RBI email dated March 15, 2019)
Clarification issued by RBI regarding CRR dispensation for deposits maintained by co-operative banks with IDBI Bank
Department of Cooperative Bank Regulation, Reserve Bank of India has issued a clarification that for the purpose of maintenance of cash reserves (CRR) by non-scheduled co-operative banks in terms of Section 18 read with Section 56 of the Banking Regulation Act, 1949, the ‘net balance in current accounts’ shall, in relation to a co-operative bank, continue to include, inter alia, the excess, if any, of the aggregate of the credit balances in current account maintained by that co-operative bank with IDBI Bank Ltd over the aggregate of the credit balances in current accounts held by IDBI Bank Ltd with such co-operative bank, till further instructions.
Allocation of Government Business to IDBI Bank – Advisory issued by Department of Financial Services , Government of India
Department of Financial Services (DFS), Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated December 17,2019 has directed all Central/State Governments/Departments/ Agencies /Institutions to continue to consider IDBI Bank for allocation of Government Business keeping in view that the direct and indirect shareholding of GoI in IDBI Bank is over 97%.
Based on GoI’s above communication, Railway Board, Ministry of Railways has advised all Railway units accordingly vide letter no. 2019/ACII/9/11 dated January 2, 2020. The DFS has also advised Ministry Of Shipping separately vide office memorandum dated January 6, 2020 for parking of surplus funds by Port Trusts with IDBI Bank.
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