The Insurance Regulatory and Development Authority of India (Irdai) has allowed the Life Insurance Corporation of India (LIC) to raise its stake in IDBI Bank to 51 per cent. The decision was not easy for Irdai, which reportedly struggled to find the legal point that could allow LIC, which has promoter status in Axis Bank because of its over 14 per cent stake, to take a controlling stake in IDBI Bank. However, the Irdai decision is subject to the approval from the Reserve Bank of India (RBI). The ball is now in the court of the RBI, which has to
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