RBI gives in-principle nod to LIC for acquiring majority stake in IDBI Bank The Reserve Bank of India (RBI) has given an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank, sources said. The government-owned insurance behemoth had sought the banking regulator’s nod before it had approached the Insurance Regulatory and Development Authority (IRDAI) for seeking regulatory approvals, a senior government official said. Read more here Infosys loses 44% of its investment in Panaya, may see further erosion Infosys, the country’s second-largest IT services company, on Thursday said the fair value of its subsidiary Panaya at the end of 2017-18 stood at $130 million, a sharp drop of 44 per cent of the investment the company had made in the Israeli automation company. In a regulatory filing with the Securities and Exchange Commission (SEC), the regulator in the US, the company, basing itself on its negotiations with prospective buyers, said it might see a further erosion in Panaya’s fair value. Read more here
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