<span style="color: #222222;">The Union Cabinet has cleared the purchase of 51 per cent controlling stake in IDBI Bank by state-run Life Insurance Corporation (LIC).<br />''<br />'' As per the proposal, the debt-laden bank will issue preferential shares to LIC to raise capital. <br />''</span><br />'' <span style="color: #222222;">An official release said, the measure will financially strengthen both LIC and IDBI, as well as their subsidiaries which offer financial products, such as housing finance and mutual funds. <br />''<br />''The IDBI would get an opportunity to tap 11 lakh LIC agents for doorstep banking services, positioning it to improve customer services and deepen financial inclusion.</span><br />''  <br />