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IDBI to be made a bank

By P. Sunderarajan

NEW DELHI Nov. 12. The Union Cabinet today decided to set in motion the process for corporatisation of the Industrial Development Bank of India (IDBI) and for its conversion into a stand-alone bank. A Bill in this regard would be introduced in the winter session of Parliament.

The Cabinet spokesperson, Sushma Swaraj, said that even after the conversion, the IDBI would continue to focus on development financing, though it would be allowed to raise resources from retail investors also. Among other things, Government surety of up to Rs. 2,500 crores would be provided over five years to take care of its liabilities because of differential in interest rates.

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