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Shares of IDBI Bank soared nearly 7 per cent to Rs 94 per share on July 18 after the Reserve Bank of India (RBI) issued a ‘fit and proper’ report on bidders, advancing the divestment process.
IDBI Bank has been up for privatisation for several years, and the govt had been awaiting an RBI’s assessment on bidders meeting the “fit and proper” norms — or are compliant with regulations and are not under the scanner of other regulators — to move to the next stage of the process.
