IDBI Bank buyers need MHA nod in first stage of bidding

In a first, the government has made it mandatory for interested buyers of IDBI Bank to provide details for security clearance from the Ministry of Home Affairs (MHA) in the first stage of the bidding process. So far, in all instances of CPSE privatisation, the government would seek details regarding security clearance of the bidders at the second stage of the bidding process.

This meant that bidders who qualified in the first or the Expression of Interest round, were required to seek security clearance from the government while placing their financial bids.

Inviting EoI from bidders for buying the government and LIC's 60.72% in IDBI Bank, the Department of Investment and Public Asset Management said interested parties who clear the 'Fit & Proper' assessment by RBI and the security clearance by the government/MHA shall be notified as the QIPs.