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IDBI Bank will be privatized on time, the government called the report of postponing disinvestment a rumor

It was said on Friday by the government that the privatization of IDBI Bank is on track and work is going on as per the strategy laid down. Also rejected all those media reports, in which it was told that privatization of the bank can be postponed for the time being.

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On the reports that surfaced regarding the privatization of the bank, it was said by the Department of Investment and Public Asset Management (DIPAM) that the disinvestment of the bank is in the post-EOI stage.

Tuhin Kanta Pandey, Secretary, DIPAM tweeted that after receiving several EOIs, the process of disinvestment of the bank is going on based on the due process and is in the post-EOI stage.

The sale of 61 per cent stake in IDBI Bank is being done by the government and LIC and bids (EoIs) were received by the government from several investors. At present, LIC holds 94.72 per cent stake in IDBI Bank and after this disinvestment, the stake in the bank will come down to 34 per cent.

Tell me, whatever bids have been received for disinvestment. His security clearance is being done by the government and fit and proper clearance by RBI. Also, the investors who have submitted the bids are also providing all the important clearance information to the Government and RBI.

Officials are hopeful that the disinvestment of IDBI Bank could happen by the second half of the next financial year starting April 2023. After this, 15 percent will be left with the government and 19 percent with LIC in the bank.

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