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Home > Business > PTI > Report
One-time solution for IDBI, IFCI soon: FM
January 15, 2003 18:52 IST
The government will soon come out with a "long-lasting solution" to the problems of IDBI and IFCI to make the Indian financial sector strong, viable and vibrant, Finance Minister Jaswant Singh said on Wednesday. He said the solution was aimed at safeguarding the interests of small investors. The government had introduced a bill to repeal the IDBI Act to facilitate its transformation into a universal bank. The matter is now being examined by the Parliamentary Standing Committee on Finance. The government proposed a Rs 2,500 crore (Rs 25 billion) package for IDBI. Moreover, IDBI was slated to get Reserve Bank's forbearance for meeting the statutory requirements during its transformation. In the case of IFCI, the shareholders and lenders have agreed to restructure its liabilities worth about Rs 6,000 crore (Rs 60 billion). IFCI had sought government's assistance to restructure liabilities worth over Rs 12,500 crore (Rs 125 billion).
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