Bank Privatization: In September, this government bank will be sold. Starting the preparation, is your account evenly matched?

Privatization of the banking industry: Despite the ongoing strikes by public sector workers against privatization, the government has made it clear where it stands. In September, the government will begin the process of restructuring IDBI Bank. The central government may invite preliminary tenders for the privatization of the bank by the end of September, according to data collected from a department authority.

This month, privatization will begin!

The Department of Investment and Public Asset Management (DIPAM), according to reports in the media, is presently running a roadshow for the sale of IDBI Bank in the US. We’ll tell you that the central government has the option to sell its IDBI Bank holdings. Currently, the government and LIC together own 94 percent of IDBI Bank. However, there is still debate about how much of a serious risk should be sold. Even though the Group of Ministers will decide on this deal in the end, let us tell you that. The government is expected to be able to decide on the buyer of IDBI Bank by the end of September.

What percentage does the government own?

Let’s talk about the government’s ownership now. The government owns 45.48 percent of IDBI Bank, compared to LIC’s 49.24 51 % stake. It is said that the government and LIC will sell a portion of their ownership in IDBI Bank and that the buyer will also receive management control. The purchase of a stake greater than 40% may receive RBI approval.

The government has a long list.

Actually, the government has assembled a list of various enterprises that will undergo privatization. The list of over six public companies is still present. These include the NMDC’s Nagarnar Steel Plant, Shipping Corp., Concor, Vizag Steel, IDBI Bank, and HLL Lifecare. More than 24,000 crore rupees have already been raised by the government from the disinvestment of Central Public Sector Enterprises (CPSEs) during the current financial year 2022-2023.

The government has set a goal of Rs 65,000 crore for the upcoming financial year. In the previous financial year, disinvestment in central undertakings totaled over Rs 13,500 crore, including the proceeds from Air India’s privatization.

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