Gandhinagar, 7 May 2021
The Industrial Development Bank has played an important role in the economic development of the country. Now the important bank of the country is being blown up because the Modi government cannot repay the bank’s Rs 50,000 crore loan. Modi’s economic instability is considered. In this way, Modi is going to blow public property worth 2 lakh crore rupees this year.
The central government and LIC hold 94 percent of the total stake of IDBI Bank. The Government of India holds a 45.48% stake in IDBI Bank. Life Insurance Corporation of India (LIC) holds a 49.24% stake. LIC also controls the promoter and the management of the bank with a 49.21 percent stake in the bank.
The total NPAs of Rs 47,272 crore are not repayable. It provided a loan complex of Rs 71, compound 33 crore. The bank has a retail loan book of 56 percent, which provides home loans to salaried customers.
In December 2016, IDBI Bank had a net NPA of 9.61 percent and a total NPA of 15.16 percent. IDBI has become number one in the NPA due to the inefficiency of the Modi government. IDBI Bank’s total NPA has increased to 28.7%.
IDBI is in PCA since May 2017. ROA is negative for two consecutive years. Under the PCA, banks face restrictions on capital security and dividend payments, branch expansion, management returns and loan growth.
Modi has sold the country’s assets for Rs. 1.75 lakh crore Rs.
The Union Cabinet for Economic Affairs chaired by Prime Minister Narendra Modi has given in-principle approval to the case. LIC will discuss with the Reserve Bank at the time of structuring the transaction.
The Modi government is a co-promoter.
The All India Bank Employees Association (AIBEA) had opposed the government’s decision to privatize IDBI Bank.
The bank’s association said in a statement on Wednesday that the bank was in trouble as some corporate houses cheated it by not repaying their loans. Action is taken against borrowers who recover money.
IDBI Bank shares rose more than 12 percent to Rs 38.25.
IDBI Bank has been going through a financial crisis for a long time. In September 2020, Life Insurance Corporation of India (LIC) and the government invested Rs 9,300 crore as equity capital to get the bank out of the crisis. Of this, the Modi government provided Rs 4,557 crore. While Rs 4,743 crore was provided by LIC. LIC has bought 51 percent stake in IDBI with a total investment of Rs 21,000 crore.
IDBI was established in 1964 for the economic development of the country. Now that the government has sold the entire stake, the bank will become a completely private bank.
135 crores in the March quarter.
Capital adequacy is 13.31 percent and net NPA is 4.19 percent. The bank has a net profit of Rs. It made a profit of Rs 135 crore with a total loss of Rs 4,918 crore.
Provision coverage ratio is 93 percent