Finance LIC completes acquisition of 51% stake in IDBI Bank; finally gets bank in its fold Updated : January 22, 2019 06:10 AM IST With the acquisition of controlling stake by LIC, IDBI Bank will now become private sector lender. The number of public sector lenders has come down to 20 with the government transferring its majority stake in favour of LIC. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.