Govt to complete IDBI Bank strategic sale in FY'25: DIPAM Secy

New Delhi: 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.