IDBI Act 2003- The Act provides for repeal of the IDBI Act 1964, corporitisation of IDBI, its transformation into IDBI Ltd – a company under the companies Act 1956, and to become a scheduled bank under the RBI Act 1934. In a parallel move – the government approved IDBIs proposal to set up a Stressed Asset Stabilisation Fund, which provides for stressed assets of IDBI amounting to Rs.9000 crore to be transferred to SASF against equivalent amount of bonds.
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