The divestment process of IDBI Bank will complete in the fiscal year 2023-24, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in an interview with ETNow on Monday. ​Pandey said that while the names and the number of bidders for IDBI Bank cannot be revealed as yet, the next stage in the process will be related to giving access to virtual data room and solving queries
Lenders led by Canara Bank have received close to ₹1,300 crore as part of their dues from Infrastructure Leasing & Financial Services (IL&FS) in what is a second payout from the defunct infrastructure financier.
The INR vostro facility is part of a special trade settlement mechanism which was finalized by the Reserve Bank of India (RBI) in July 2022. The arrangement allows Indian importers to deposit rupees in vostro accounts that overseas banks open with banks in India and clearing of dues to Indian exporters from the surplus balances in the vostro accounts.
The bank said its advances rose 14% year-on-year to a tad over Rs 1 lakh crore at the end of the December quarter while its deposits jumped 21% year-on-year to Rs 1.2 lakh crore. The loans and advances as on December 31, 2022 are before considering write-offs, the bank said in a regulatory filing to stock exchanges.
To be sure, deposit and lending rates in real terms are much lower than pre-pandemic levels, according to the Reserve Bank of India’s (RBI) monetary policy committee member Rajiv Ranjan.
Talking about new initiatives, Punjab & Sind Bank MD Swarup Kumar Saha said the bank has recently partnered with SBI Card to launch co-brand credit cards for its customers. Available in three variants -- PSB SBI Card ELITE, PSB SBI Card PRIME and PSB SimplySAVE SBI Card -- will have access to a wide suite of exclusive privileges.
JC Flowers, Carlyle Group, Canada-based Fairfax group and Japanese Bank Sumitomo Mitsui are understood to have evinced interest in IDBI Bank during roadshows held by the government for the stake sale. There has been no official confirmation of those that have submitted EoIs.
