IDBI, Bank merger report by Dec 31

KPMG and Khimji are carrying out the due diligence for the merger of IDBI and IDBI Bank, and they are likely to submit their report by December end.

"Consultants KPMG and Khimji are carrying out the due diligence on the merger," highly placed sources said.

IDBI plans to merge the retail banking branches of IDBI Bank with itself to expand reach. While IDBI has 120 branches, IDBI Bank has 110 branches across the country.

The board of directors of both the entities have approved the merger, and consultants were appointed to carry out valuation of the banks.

IDBI chairman M Damodaran had earlier said that the swap ratio for the merger will be worked out by early January.