India's central bank declined IDBI Bank Ltd.'s request to change its name, according to a March 19 news release.

IDBI Bank said the Reserve Bank of India conveyed its inability to accede to the name-change request.

In February, IDBI Bank's board proposed changing the bank's name to either LIC IDBI Bank Ltd. or LIC Bank Ltd. following Life Insurance Corp. of India's acquisition of a 51% stake in the bank.