The bank said it will borrow in one or more tranches comprising of additional tier I (AT-1) bonds up to Rs 3000 crore and senior/infrastructure bonds up to Rs 1000 crore by way of private placement during FY 2021-22. The announcement was made after market hours on Friday, 26 March 2021.

The scrip rose 0.66% to end at Rs 38.10 on Friday on value buying. The stock declined 3.93% in the previous two sessions to end at Rs 37.85 on 25 March 2021, from its recent closing high of Rs 39.40 recorded on 23 March 2021.

Shares of IDBI Bank have gained 20.76% in one month, while the benchmark Nifty 50 index and the Nifty PSU Bank index declined by 0.15% and 11.61, respectively.

IDBI Bank offers a wide range of products from savings and current bank account to loans for retail and MSME customers or agri-loans to farmers.

The bank's net profit stood at Rs 378.42 in Q3 December 2020 as against net loss of Rs 5,763.04 crore in Q3 December 2019. Total income fell 4.6% to Rs 5,932.25 in Q3 December 2020 compared with Rs 6,215.60 crore in Q3 December 2019.

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The Board of IDBI Bank at its meeting held on 26 March 2021 has approved the Rupee Bond Borrowing limit of Rs. 8000 crore for FY 2021-22 to be borrowed in one or more tranches comprising of Additional Tier I (AT-1) Bonds up to Rs. 3000 crore and Senior/Infrastructure Bonds up to Rs. 1000 crore by way of private placement during FY 2021-22.

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IDBI Bank will hold a meeting of the Board of Directors of the Company on 26 March 2021.

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In a statement, the central bank said that the performance of IDBI Bank, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision (BFS) in its meeting held on 18 February 2021.

It was noted that as per published results for the quarter ending 31 December 2020 the bank is not in breach of the PCA parameters on regulatory capital, Net NPA and leverage ratio.

The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, Net NPA and leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments.

Taking all the above into consideration, it has been decided that IDBI Bank be taken out of the PCA framework, subject to certain conditions and continuous monitoring.

IDBI Bank offers a wide range of products from savings and current bank account to loans for retail and MSME customers or agri-loans to farmers.

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