To implement synergies, Life Insurance Corporation of India and IDBI Bank Ltd. had put up a task force. About four months earlier, India’s biggest insurance company had concurred to infuse more than 200 billion rupees into the bank.
The bank said that several branches will sell insurances as the bank claimed it to be the immediate areas where gains can be made. The measures which will take place in a long run includes a common strategy, efficiencies in property and digital marketing, the rationalizing subsidiaries in mutual funds and life insurance.
The bank had also increased the tenure of current MD Rakesh Sharma by another three years, also, Hemant Bhargava has been appointed as Life Insurance Corporation chairman as non-executive chairman of the bank, it said.
Life Insurance Corp. is helping the loss-making bank, which has among the highest bad loan ratios in the nation, to chart out strategies to revive its fortunes.
Read EquityPandit’s Nifty Bank Outlook for the Week