Update on Bank Privatization: Significant developments about this bank's privatization process may be found here

 Update on Bank Privatization: Significant developments about this bank's privatization process may be found here

Bank Privatization: This bank's privatization process will go more quickly. In order to finish the process of selling a share in IDBI Bank, the banking industry regulator Reserve Bank of India may expedite and conclude its study of possible purchasers of IDBI Bank by October 2023.

The federal government and LIC, which owns stock in IDBI Bank, reportedly want to sell their holdings, according to Reuters. LIC owns 49.24 percent of the bank, while the Central Government owns 45.48 percent. Following the submission of preliminary offers by Kotak Mahindra Bank, CSB Bank, and Emirates NBD to purchase the majority share in IDBI Bank, RBI began the process of vetting possible purchasers in April 2023. The RBI needs 12 to 18 months to evaluate the purchase before appointing any organization to manage the bank's operations.

By the end of this month, the RBI informed the government, the examination of possible purchasers would be finished. Following the investigation's conclusion, the government will solicit bids in January and February to purchase an IDBI Bank interest, and by March 2024, the bank's route for privatization will once again be cleared. The goal that the government has set for itself is to disinvest Rs. 51000 crore from IDBI Bank.

The secret data that the bank has been gathering will be shared with the bidder by the government after the RBI probe is over. This covers health care, insurance, and the Employees' Pension Corpus. The shares of IDBI Bank have increased after the release of this information. The bank's shares increased by 2.53 percent to settle at Rs 70.95 today.