Sunday, April 21, 2024
Homefinancebank privatisation: Update on Bank Privatization! Finance Minister made a big announcement

bank privatisation: Update on Bank Privatization! Finance Minister made a big announcement

FM Nirmala Sitharaman on bank privatization: Many banks across the country are being privatized by the Modi government. The government is going to make another government bank private this year. Work is going on fast on this. Let’s know about it in detail.

Many banks across the country are being privatized by the Modi government. The government is going to make another government bank private this year. Work is going on fast on this.

If you also have an account in a government bank, then you should know before that which bank is going to be privatised. Giving information today, Deepam Secretary has told that the process of privatization of IDBI Bank (IDBI bank privatization news) is progressing rapidly.

Rejected media reports

The Central Government said on Friday that the process of disinvestment of IDBI Bank is going on as per the prescribed strategic sale process. He also dismissed the media reports that it was being said that the disinvestment of IDBI could be postponed.

Deepam secretary tweeted

The Department of Investment and Public Asset Management (DIPAM) said that the stake sale in the bank has moved beyond the expression of interest (EoI) stage. Deepam Secretary Tuhin Kant Pandey has tweeted that after receiving various EOIs, the transaction is now progressing as per the prescribed procedure.

LIC has 61 percent stake

The government had received several initial rounds of bids in January for the strategic sale of about 61 per cent stake held by it and LIC in IDBI Bank.

What is the share of the government?

Bids were invited from potential buyers in October last for the sale of a total of 60.72 per cent stake, including 30.48 per cent government and LIC’s 30.24 per cent stake in IDBI Bank. At present, both the government and LIC together hold 94.72 per cent stake in this bank.

Bhupendra Pratap
Bhupendra Pratap
Bhupendra Pratap has over 3 years of experience in writing finance content, entertainment news, cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @insuranceindiaain@gmail.com
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