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Sunday, August 4, 2024

IDBI Bank Employees protest against privatization, Dharna on 8th August

IDBI Bank Employees are protesting against the privatization of bank. As per the reports, the government and LIC may decrease its shareholding in IDBI Bank by this year.

A major question in the financial sector is who will control IDBI Bank once it is privatized. The government’s plan to sell this bank has become clearer, with three main buyers emerging as serious contenders. These buyers have all received “fit and proper” certificates from the Reserve Bank of India (RBI). The leading contenders are:

  1. Fairfax Financial, led by Indian-origin Canadian banker Prem Watsa
  2. Emirates NBD
  3. Kotak Mahindra Bank

Currently, Fairfax Financial seems to be in the lead. Fairfax Financial Holdings Limited is a Canadian financial holding company based in Toronto, Ontario, engaged in property, casualty, insurance and reinsurance, investment management, and insurance claims management.

IDBI Bank, originally a financial institution, became a bank and has been a target for privatization for some time. The government holds a 45.5% stake, while the Life Insurance Corporation (LIC) owns over 49%. The government plans to divest a 60.7% stake in the bank—30.5% from the government and 30.2% from LIC. This stake is valued at approximately Rs 1,08,814.31 crore. The privatization process is expected to go smoothly since IDBI is already considered a private entity. The government’s increased stake came from capital injections needed to cover significant debt-related losses.

Recently, Tuhin Kant Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), confirmed that the strategic sale of IDBI Bank is on track to be completed within this fiscal year. The RBI is currently assessing the shortlisted bidders to ensure they are fit and proper. Once approved, these bidders will gain access to a virtual data room containing exclusive IDBI Bank information for due diligence

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