The Finance Minister said that the government plans to sell its stake in IDBI Bank in the current fiscal year despite the tight market conditions.
The Finance Minister said that the government plans to sell its stake in IDBI Bank in the current fiscal year despite the tight market conditions.The government plans to receive ₹ 90,000 crores from disinvesting its stake in public sector banks and financial institutions, including Life Insurance Corporation (LIC) and Industrial Development Bank of India (IDBI) Bank. The government has decided to spend more on welfare programs and revive the struggling economy amid lockdown. In the Union Budget 2020-21 speech, Finance Minister Nirmala Sitharaman said that the government would sell its entire stake in IDBI Bank. The government holds around 46.5 percent stake in IDBI Bank.
A senior financial official stated that they are planning to exit the government stake in IDBI Bank in the current year as it has the cabinet approval.
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