<p class="title">The IDBI Bank's proposal for changing its name has not found any favour from the Reserve Bank of India, sources said.</p>.<p class="bodytext">The board of IDBI Bank last month proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank, following its takeover by Life Insurance Corporation.</p>.<p class="bodytext">According to the sources, the RBI is not in favour of changing the name of IDBI Bank.</p>.<p class="bodytext">The board had proposed LIC IDBI Bank Ltd as the first preference followed by LIC Bank Ltd.</p>.<p class="bodytext">Besides the RBI, change of name requires clearance from the Ministry of Corporate Affairs, shareholders, stock exchanges, among others.</p>.<p class="bodytext">In January, the insurance behemoth LIC completed the acquisition of 51 per cent controlling stake in IDBI Bank, marking the entry of more than 60 years old state-owned insurer into the banking space.</p>.<p class="bodytext">In August last year, the Cabinet approved the acquisition of controlling stake by Life Insurance Corporation (LIC) as a promoter in the bank through a combination of preferential allotment and open offer of equity.</p>.<p class="bodytext">LIC had been looking to enter the banking space by acquiring a majority stake in IDBI Bank, as the deal is expected to provide business synergies despite the lender's stressed balance sheet.</p>.<p class="bodytext">For the third quarter ended December, 2018, IDBI Bank posted widening of loss by nearly threefold to Rs 4,185.48 crore as bad loans surged.</p>.<p class="bodytext">The bank had reported a net loss of Rs 1,524.31 crore in the corresponding quarter of the previous fiscal.</p>.<p class="bodytext">Total income decreased to Rs 6,190.94 crore for the quarter, compared to Rs 7,125.20 crore in the corresponding quarter a year ago.</p>
<p class="title">The IDBI Bank's proposal for changing its name has not found any favour from the Reserve Bank of India, sources said.</p>.<p class="bodytext">The board of IDBI Bank last month proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank, following its takeover by Life Insurance Corporation.</p>.<p class="bodytext">According to the sources, the RBI is not in favour of changing the name of IDBI Bank.</p>.<p class="bodytext">The board had proposed LIC IDBI Bank Ltd as the first preference followed by LIC Bank Ltd.</p>.<p class="bodytext">Besides the RBI, change of name requires clearance from the Ministry of Corporate Affairs, shareholders, stock exchanges, among others.</p>.<p class="bodytext">In January, the insurance behemoth LIC completed the acquisition of 51 per cent controlling stake in IDBI Bank, marking the entry of more than 60 years old state-owned insurer into the banking space.</p>.<p class="bodytext">In August last year, the Cabinet approved the acquisition of controlling stake by Life Insurance Corporation (LIC) as a promoter in the bank through a combination of preferential allotment and open offer of equity.</p>.<p class="bodytext">LIC had been looking to enter the banking space by acquiring a majority stake in IDBI Bank, as the deal is expected to provide business synergies despite the lender's stressed balance sheet.</p>.<p class="bodytext">For the third quarter ended December, 2018, IDBI Bank posted widening of loss by nearly threefold to Rs 4,185.48 crore as bad loans surged.</p>.<p class="bodytext">The bank had reported a net loss of Rs 1,524.31 crore in the corresponding quarter of the previous fiscal.</p>.<p class="bodytext">Total income decreased to Rs 6,190.94 crore for the quarter, compared to Rs 7,125.20 crore in the corresponding quarter a year ago.</p>