Cabinet clears recapitalization of IDBI Bank

Union Cabinet on Tuesday approved a proposal of recapitalisation plan of IDBI bank with a one time infusion of Rs. 9000 crore.

This recapitalisation will be done by government of India and LIC.

Union Information and Broadcasting Minister Prakash Javadekar addressed the media about the decisions taken in the cabinet meeting chaired by Prime Minister Narendra Modi.

The Cabinet Committee on Economic Affairs also gave its nod to an increase in the price of ethanol procured by public sector oil marketing companies for one year starting from December 2019.