The Centre is looking to offload its stake in IDBI Bank in FY21, notwithstandi
The Centre is looking to offload its stake in IDBI Bank in FY21, notwithstanding the tough market conditions due to the Covid-19 pandemic, a top government official said on Saturday.
“We are planning to exit our stake in IDBI Bank this year itself. It already has cabinet approval,” the official said.
In her Union Budget 2020-21 speech, Finance Minister Nirmala Sitharaman had said that the government would sell its entire stake in IDBI Bank to private players. The government, a promoter, holds around 46.5 per cent stake in IDBI Bank, while LIC owns 51 per cent.
The official, in an interaction with journalists, also spoke on upcoming new Privatisation Policy and whether banking will be designated a private sector. “If any sector is classified as a strategic sector, the long-term aim is to only have four state-owned entities in that sector. So if I have eight companies in a sector, I will try to merge the ones which can be merged. The ones for which merger does not make sense will be privatized,” the…