It refers to media-reports that public-sector IDBI Bank will be considered as a private-sector bank after public-sector LIC of India gets 51-perecent controlling stake in IDBI Bank. Undoubtedly IDBI Bank till now was not listed amongst other public-sector banks because earlier it was a government-owned Financial Institution and thus a public-authority. Also LIC of India as public-sector autonomous body has its own style of professional functioning. There are also reports that the bank will be named as LIC IDBI Bank.
Confusion must not be created about IDBI Bank under control of LIC of India to be a private bank. The bank should be categorised as premium public-sector bank which may provide fancy banking on lines of private-sector banks with higher service-charges but with five-starred facilities. Bank should have simple name as LIC Bank with an exclusive facility of every branch having an exclusive counter for life-insurance needs where such a counter may function as a separate unit of LIC of India. Branches of this premium bank should also have additional facilities like sale of stamp-papers, postal-services, general-insurance (public-sector), commemorative coin-sets and other such government-provided services under one roof.
SUBHASH CHANDRA AGRAWAL