FM Nirmala Sitharaman on bank privatization: Many banks across the country are being privatized by the Modi government. The government is going to make another government bank private this year. Work is going on fast on this.
Bank Privatization Update: Many banks across the country are being privatized by the Modi government. The government is going to make another government bank private this year. Work is going on fast on this. If you also have an account in a government bank, then you should know before that which bank is going to be privatised. Giving information today, Deepam Secretary has told that the process of privatization of IDBI Bank (IDBI bank privatization news) is progressing rapidly.
Rejecting media reports,
The central government on Friday said that the process of disinvestment of IDBI Bank is going on as per the prescribed strategic sale process. He also rejected the media reports that it was being said that the disinvestment of IDBI could be postponed.
Deepam secretary tweeted
The Department of Investment and Public Asset Management (Deepam) said that the sale of stake in the bank has gone beyond the stage of letter of interest (EoI). Deepam Secretary Tuhin Kant Pandey has tweeted that after receiving various EOIs, the transaction is now progressing as per the prescribed procedure.
LIC holds 61 per cent stake
The government had received several initial round bids in January for the strategic sale of its and LIC’s 61 per cent stake in IDBI Bank.
What is the share of the government?
Bids were invited from potential buyers in October last for the sale of a total of 60.72 per cent stake, including 30.48 per cent government and LIC’s 30.24 per cent stake in IDBI Bank. At present, both the government and LIC together hold 94.72 per cent stake in this bank.
