Govt to present bill for IDBI Bank transformation

MUMBAI: The government is likely to move a bill in the current session of the Parliament for transformation of Industrial Development Bank of India (IDBI) into a banking entity while merging it with IDBI Bank.
The Parliamentary standing committee on Finance has approved repeal of IDBI Act and after Cabinet''s approval, the government would move a bill to transform IDBI into a bank and its amalgamation with IDBI bank, Union Minister of State for Finance Anandrao Adsul said here today.
"We would provide assistance to new entity during and after transition", he added.
On July 24, 2003, the Parliamentary Standing Committee on Finance had approved repeal of IDBI Act, paving the way for conversion of the country''s largest FI into a bank.
Referring to demand by employees of Regional Rural Bank''s to set up apex bank for sector, Adsul said the prima facie demand looks reasonable and we would look into it.