IDBI Bank

The due diligence of qualified bidders for IDBI Bank, which is up for privatisation, is underway, Minister of State for Finance Pankaj Chaudhary said on Monday. The government, along with LIC, is selling nearly 61 per cent stake in IDBI Bank. This includes a 30.48 per cent stake of the Government of India and 30.24 per cent of LIC. In January 2023, the Department of Investment and Public Asset Management (DIPAM) received multiple Expressions of Interest (EoI) for buying stake in IDBI Bank. "After security clearance by Ministry of Home Affairs (MHA) and fit and proper evaluation by the Reserve Bank of India (RBI), the due diligence by the qualified bidders is being done," Chaudhary said in a written reply in the Lok Sabha. After the required clearances, investors would get access to the data room and a due diligence process will be initiated. At present, the government holds 45.48 per cent in IDBI Bank, while LIC's shareholding is 49.24 per cent. To a question on whether the gover

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The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed against lenders of debt-ridden Mudra Denim, saying there was no laxity on their part for delay in insolvency process. The Mumbai bench of the National Company Law Tribunal had, on November 11 last year, while deciding creditors' plea seeking extension of deadline to complete the insolvency process, imposed a cost of Rs 55,000 on the Committee of Creditors (COC). This was challenged before NCLAT by COC through IDBI Bank, contending that there was not any laxity on the part of COC which decided to take Mudra Denim for liquidation on December 13, 2023, prior to the expiry of the CIRP (Corporate Insolvency Resolution Process) period. All facts could not be brought to the notice since the COC was not appearing before the NCLT, hence the imposition of cost was uncalled for, the lenders submitted. Also, the company's resolution professional said that e-voting on the appointment of the liquidator was ...

The Union government and Life Insurance Corporation jointly hold a 95 per cent stake in IDBI Bank, of which they are selling 60.72 per cent

The net interest margin (NIM), a measure of banks' profitability, improved by 45 bps to 5.17 per cent during the quarter under review compared to 4.72 per cent in the same quarter last year

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"There is no reason why this profit-making entity should be sold to private entities, more so to entities of foreign origin." the forum said.

The existing special tenures under the Utsav FD scheme have been extended until March 31, allowing customers more time to invest in these high-yielding FDs

The country's biggest private sector lender, HDFC Bank, on Saturday said it has registered a marginal 3 per cent increase in loan growth at Rs 25.42 lakh crore in the December quarter. Total advances were Rs 24.69 lakh crore at the end of December 31, 2023, HDFC Bank said in a regulatory filing. The lender reported a 15.8 per cent rise in total deposits to Rs 25.63 lakh crore as against Rs 22.14 lakh crore at the end of the third quarter of the previous financial year. The bank's average advances under management (advances grossing up for inter-bank participation certificates, bills rediscounted and securitisation/assignment) were Rs 26.27 lakh crore for the quarter under review, registering a growth of about 7.6 per cent over Rs 24.41 lakh crore in the year-ago period. Meanwhile, state-owned Indian Bank reported a credit growth of 9.6 per cent to Rs 5.59 lakh crore in the October-December period as against Rs 5.10 lakh crore a year earlier. At the same time, total deposits regist

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In the FY17 Union Budget, the government proposed reducing its stake in IDBI Bank to below 50 per cent

Net interest income expanded 26% Y-o-Y to Rs 3,875 crore in Q2FY25 compared to a year-ago period

IDBI Bank on Friday reported a 39 per cent surge in net profit at Rs 1,836 crore for the quarter ended September 30, 2024 on the back of improvement in interest income. The LIC-controlled bank had earned a net profit of Rs 1,323 crore in the year-ago period. Total income rose to Rs 8,754 crore in the quarter under review, from Rs 6,924 crore in the same period a year ago, IDBI Bank said in a regulatory filing. Net interest income of the bank improved to Rs 3,875 crore in the July-September quarter, from Rs 3,066 crore in the September quarter of 2023, registering a growth of 26 per cent. Net interest margin increased to 4.87 per cent, from 4.33 per cent at the end of September 2023. Asset quality of the bank witnessed an improvement with gross non-performing assets (NPAs) rising to 3.68 per cent of gross advances at the end of the September quarter of 2024, as against 4.90 per cent a year ago. Net NPAs or bad loans also declined to 0.20 per cent, as against 0.39 per cent in the .

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Outstanding principal of Rs 2,300 crore in focus

With an aim to garner more deposits, IDBI Bank on Tuesday increased its fixed deposit rate to 7.85 per cent for 444-day tenure for a limited period. The bank now offers a peak rate of 7.85 per cent and 7.75 per cent per annum on tenures of 444 days and 375 days, respectively, IDBI Bank said in a statement. This enhancement makes the Utsav Fixed Deposit an even more compelling option for customers seeking higher yields, it said. This offer is valid till September 30, 2024, it said, adding, customers can open an Utsav Fixed Deposit conveniently through the bank's website or mobile banking application or at any branch of the bank. Besides this, IDBI Bank continues to offer competitive rates on other special tenures under the Utsav Fixed Deposit scheme. The 700-day tenure offers a peak rate of 7.70 per cent, while the 300-day tenure provides 7.55 per cent, it said. Both Finance Minister and RBI Governor have expressed concern over slow pace in deposit growth as compared to credit ...

Deposits with 444-day tenure will earn 7.85 per cent interest per annum, while those opting for a 375-day term can enjoy a 7.75 per cent annual return

The finance ministry is likely to provide private data room access to potential bidders of IDBI Bank as soon as next week after it received a fit and proper nod for three suitors from the RBI.

This will allow interested bidders to obtain detailed financial information about the bank to carry out due diligence