All due processes followed in IDBI Bank's strategic restructuring: Nirmala Sitharaman
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Union Finance Minister Nirmala Sitharaman said on Friday that all due process was followed in IDBI Bank’s strategic restructuring.
- ✓She said, "all due process has been followed" regarding the sale.
- ✓The government revived the lender through recapitalisation.
Story at a Glance
- Category
- MARKET
- Reported By
- mint
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
Union finance minister Nirmala Sitharaman's comments come in response to senior Congress leader Rahul Gandhi's allegations that bids for IDBI Bank were first seen, and then the sale price was fixed.
Union finance minister Nirmala Sitharaman on Friday said "all due process has been followed" in the case of IDBI Bank strategic restructuring, and that the lender is now poised for its next phase of growth.
Prime Minister Narendra Modi-led government "revived IDBI Bank through professionalism, prudence and recapitalisation of more than ₹25,000 crore", she said in a post on microblogging site X.
Her comments came in response to senior Congress leader Rahul Gandhi's allegations that bids for IDBI Bank were first seen, and then the sale price was fixed. Gandhi's allegations followed a Business World report on Thursday claiming the government breached its own rules on disinvestment, which required officials not to open bids before the reserve price is fixed.
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