Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
IDBI Bank Privatisation Gains Momentum as RBI Gives Nod to Investors
RBI
The road to privatise IDBI Bank has significantly advanced with the Reserve Bank of India (RBI) giving its approval to potential investors. Initiated by the NDA government in May 2021, the stake sale process awaited RBI's evaluation of bidder suitability. Reports confirm that all but one foreign bidder have been assessed, with one failing to disclose required information, thereby delaying assessment.\r
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Following RBI's endorsement, attention now shifts to Finance Minister Nirmala Sitharaman's budget presentation on May 23, expected to outline government disinvestment plans. IDBI Bank's shares rose by 6% post-RBI approval, trading at Rs 92.80. The government plans to disinvest 60.7%, including shares held by LIC, anticipating over Rs 29,000 crore revenue. Optimism surrounds IDBI Bank's privatisation amid efforts to reduce financial strain from past losses and enhance efficiency in the banking sector.
