Govt to sell its holding in IDBI Bank: Sitharaman

The government's holding in Industrial Development Bank of India (IDBI) will be offloaded through a public offering, Finance Minister Nirmala Sitharaman said on Saturday.

The government's holding in Industrial Development Bank of India (IDBI) will be offloaded through a public offering, Finance Minister Nirmala Sitharaman said on Saturday. In the last few years, the government has taken concrete steps to make the banking system robust. However, there is a need for a greater private capital, she said.

"Accordingly, it is proposed to sell the government's balance holding in IDBI Bank to private retail and institutional investors through the stock exchanges," Sitharaman said during the presentation of Union Budget 2020-21. "There is a need to take further steps to bring transparency and greater professionalism in public sector banks. The government will take such steps in the days ahead," she added.

Earlier while speaking about Deposit Insurance and Credit Guarantee Corporation, she had said that they have been "permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh." (ANI)