Mumbai, Feb 5 (IANS) IDBI Bank has said that its Board has approved a proposal to change the name of the lender to either LIC IDBI Bank or LIC Bank, subject to regulatory and shareholders' approval.

According to the lender, its Board has approved a proposal for change of name of IDBI Bank, subject to "RBI's no objection, name availability or reservation by MCA, shareholders' approval through postal ballot, stock exchanges' approval...," the lender said in a regulatory filing to the BSE on Monday.

The development comes after LIC acquired a majority stake in the lender.

--IANS rv/vc