IDBI Bank to set off Rs 45K cr losses against balance in premium account

LIC-controlled IDBI Bank will set off its accumulated losses worth Rs 45,586 crore against the balance in the securities premium account, according to the bank's draf t scheme.

Its accumulated losses (or debit balance of profit or loss account) at the end of March 31, 2020, stood at Rs 45,586 crore. And, they were at Rs 44,739 crore as on December 31, 2020. The accumulated losses as at March 31, 2021, shall be ascertained af ter the audited financial statements are approved by the bank's board, said the lender, as per the draf t scheme addressed to its shareholders for setting off the accumulated losses.