Quick Summary
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd. The extent of respective shareholding to be divested by GoI and LIC shall be decided at
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FAQ :
The Cabinet has approved the in-principle strategic disinvestment and transfer of management control in IDBI Bank Limited.
The Government of India (GoI) and LIC together own more than 94% of IDBI Bank's equity. GoI holds 45.48% and LIC holds 49.24%.
LIC is currently the promoter of IDBI Bank with management control, and GoI is the co-promoter.
The intention is to relinquish management control and allow a strategic buyer to infuse funds, new technology, and best management practices for the optimal development and growth of IDBI Bank, without dependence on LIC and Government assistance.
Resources generated from the disinvestment of government equity will be used to finance developmental programmes of the Government that benefit citizens.
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