Bank Privatization Update: There have been news from time to time regarding bank privatization. Elections are to be held exactly one year from now, so the government is making preparations for the upcoming Lok Sabha elections.
Now the Central Government has made a plan to take forward the disinvestment. Giving information, the Finance Ministry (FM Nirmala Sitharaman) has told that it is engaged in completing all the works going on in the pipeline soon. With this, by March 31, 2024, the government can complete the privatization of the bank. At this time the government is focusing on the privatization of IDBI Bank. This can be completed soon.
This information received from DIPAM
The Department of Investment and Public Asset Management (Dipam) has told that the government can complete the disinvestment process of IDBI Bank by March 31, 2024. According to media reports, while giving information, the Finance Ministry official has told that our focus is now on completing the works going on in the pipeline. At present, no plan is being made to further the privatization of any new public sector institutions.
How much will be left?
Deepam had invited bids in October 2022 to sell 30.24 per cent stake of LIC along with 30.48 per cent stake in IDBI Bank. The government and LIC jointly hold 94.72 per cent stake in IDBI Bank, which will come down to 34 per cent after the strategic sale.
Privatization of the first 2 banks was announced
Finance Minister Nirmala Sitharaman had announced in her budget speech in the year 2021 that she would hand over 2 government banks to private hands, but the situation changed due to the Corona epidemic and due to which the banks Privatization could not be taken forward. At present, according to the information being received by quoting the sources, it is not possible before the general elections.
Let us tell you who is involved in the race to buy IDBI Bank.
Carlyle Group, Fairfax Financial Holdings and DCB Bank are showing great interest in buying this bank. In the midst of this news, a strong rise was seen in the shares of the bank on Wednesday. According to information received from sources, all of them can bid for about 10 percent stake in IDBI Bank.
