RBI to vet IDBI bidders soon

RBI is expected to accelerate a key process of vetting IDBI Bank’s potential buyers and complete it by October end, helping speed up the sale of a majority stake in the lender, two government sources said.

The federal government, which owns 45.48% of IDBI Bank, and the stateowned Life Insurance Corp of India, which holds 49.24%, together plan to sell 60.7% of the lender.

RBI began the vetting process known as ‘fit and proper criteria’ in April, after Kotak Mahindra Bank, the Prem Watsabacked CSB Bank and Emirates NBD submitted their initial bid to acquire a majority stake in IDBI Bank.