Banks Privatisation

IDBI Bank investors receive security clearance; await RBI approval

Central government and LIC are set to divest 61% stake amid strategic disinvestment drive. The govt aims to generate Rs 50,000 crore through asset monetisation this fiscal year

Govt to complete IDBI Bank strategic sale in FY25: Dipam Secy Pandey

The government expects to complete the strategic sale of IDBI Bank in the next financial year, a senior official said. In an interview to PTI TV, the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the process of privatisation of IDBI Bank is on and once the regulator clearance is obtained, financial bids will be invited. Asked if the strategic sale would be completed in the next fiscal, Pandey said "Yes, of course". The government along with LIC is selling nearly 61 per cent stake in IDBI Bank and had in October 2022, invited bids from buyers. In January 2023, DIPAM said it had received multiple Expressions of Interest (EoI) for buying a stake in IDBI Bank. The bidders who have shown interest through EoI have to get two sets of clearances -- one from the home ministry for security clearance and the other from the Reserve Bank of India (RBI) for meeting the 'fit and proper' criteria.

Budget 2024: Bank privatisation plan unlikely before elections, says report

Nirmala Sitharaman, while presenting Budget 2021-22, had announced the privatisation of public sector banks as part of the disinvestment drive to garner Rs 1.75 trillion

Centre aiming to review list of public banks up for privatisation: Report

A panel may also decide the quantum of shareholding that the government would dilute in banks while deciding the weightage to be given to banks

Best of BS Opinion: An incomplete restructuring, flood control, and more

Here is the best of Business Standard's opinion pieces for today

Govt panel may draft list of small public sector banks for privatisation

The panel is likely to have officials from the Department of Investment and Public Asset Management, the Reserve Bank of India, and the NITI Aayog

How financial reforms can quicken pace for India to become a $5-trn economy

In the Union Budget for FY22, no funds were earmarked for recapitalising state-run banks. This was a decadal first, and will temper their eagerness to lend

Consolidation of PSBs gives a robust base to scale: Bankers at BFSI Summit

Have better underwriting, risk magt to manage high credit growth

Govt extends bid submission deadline till Jan 7 for IDBI Bank sale

The government on Wednesday extended the deadline to submit preliminary bids for the IDBI Bank privatisation till January 7. The government and LIC together are looking to sell 60.72 per cent of IDBI Bank and had invited bids from potential buyers in October. The last date for submitting an Expression of Interest (EoI) or preliminary bids was December 16. Following that transaction advisors received requests for an extension of the deadline. In a notice, the Department of Investment and Public Asset Management (DIPAM) said the last date for submission of EoI is January 7, 2023, instead of December 16, 2022. Also, the last date for submission of physical copies of the EoIs has been extended to January 14, from December 23. The government and the Life Insurance Corporation (LIC) hold 94.71 per cent of IDBI Bank and are looking to offload 60.72 per cent in the state-owned bank. The successful bidder will have to make an open offer of acquisition of 5.28 per cent of the public ...

Strong interest: DIPAM receives as many as 167 queries about IDBI sale

9-10 serious bidders seek clarity on the expression of interest

IDBI Bank privatisation: LIC to recover its investment by time of sale

State-owned insurance behemoth LIC is expected to recover its Rs 21,624 crore investment it had made in IDBI Bank as share prices are likely to rebound to 2019 levels by the time the lender is privatised, an official said. The official said that since the commencement of the IDBI Bank privatisation process in May last year, the share price has jumped from Rs 35 a share to Rs 45 a piece currently. "We are expecting IDBI Bank scrip to move up further. The price is expected to move up closer to the price at which LIC had picked up stake in 2019," the official told PTI. The government and Life Insurance Corp (LIC) together hold 94.72 per cent in IDBI Bank. Of this, LIC's holding is 49.24 per cent, while the government holds the rest 45.48 per cent stake. Public shareholders hold 5.28 per cent. LIC had bought a 51 per cent stake in IDBI Bank in 2019 for Rs 21,624 crore at an average price of Rs 61 per share. Following a QIP issue in December 2020, the stake of LIC came down to 49 per ..

Ahead of IDBI privatisation, Centre working on tightening disclosure rules

Bidders will have to share the details of legal proceedings against them, if any, until the completion of sale transactions

Govt asks Sebi to ease public shareholding norms for IDBI Bank: Report

The Centre has reached out to Sebi seeking a relaxation period of two years in the minimum public shareholding norms for IDBI Bank after its privatisation

Behind the smokescreen of nationalisation

Bank nationalisation was annulled by the Supreme Court (10-1) echoing many voices of dissent on economic grounds

Bank unions to begin Twitter campaign against privatisation on Sunday

A day ahead of the start of the Parliament's Monsoon session, the United Forum of Bank Unions (UFBU) has given a call for a campaign on Twitter against privatisation of government banks

Top Headlines: Demat account openings in June, PSB privatisation, and more

The Centre should privatise all PSBs, except the State Bank of India, a report by NCAER said. Read more on these in our top headlines

Top Headlines: PSBs shareholding cap, growth of top firms, and more

The central government is seeking to remove the 10 per cent shareholding cap for individuals in public sector banks (PSBs). Read more in our top headlines

Govt looking for complete exit with the help of PSB Privatisation Bill

The government is mulling an amendment that will allow the Centre a total exit from banks, fully privatising PSBs, a report said

Privatisation process of two PSBs at advanced stage, says DFS Secy Malhotra

While NITI Aayog has suggested names of two banks for privatisation, Centre is yet to make a provision for the divestment of govt stake sale below 51%

Aatmanirbhar Bharat needs Aatmanirbhar banking sector: CII's Sanjiv Bajaj

In a Q&A, the president of the industry body dwells on how a cut in fuel duties will spur demand, and the impact of interest rate regime on India's FY23 GDP growth