RBI vets suitors for IDBI Bank

The long-delayed privatization of IDBI Bank may be about to speed up, with the central bank examining the suitability of potential bidders.

- Rhik Kundu

Prem Watsa-backed CSB Bank, Kotak Mahindra Bank and Emirates NBD are among those who have submitted initial bids for the government's majority stake in IDBI Bank, media reports have said.

According to two people aware of the matter, the Reserve.

Bank of India (RBI) is currently studying whether the potential bidders adhere to its 'fit and proper criteria' for running a financial services entity.

"RBI is expected to inform the government about its findings soon, which could be sometime during the ongoing month (April)," one of the two people said on the condition of anonymity.

"The processes required to take the strategic divestment forward, post the regulator's certification, will likely be taken up by the new government after the announcement of the results of the general elections (on 4 June)," the person added.