All due processes followed in IDBI Bank's strategic restructuring: Nirmala Sitharaman

What happened: Finance minister Nirmala Sitharaman said all due process was followed in IDBI Bank's strategic restructuring, responding to Rahul Gandhi's allegations that bids were seen before the sale price was fixed. Key numbers: A Fairfax-controlled entity is buying a 60.72% combined government and LIC stake for ₹52,878 crore. Why it matters: The finance ministry said internal disinvestment practices are indicative guidelines, not rigid rules, and that the Cabinet committee empowered the core group to approve deviations. The government and LIC will retain 34% after the deal.

Finance minister Nirmala Sitharaman said all due process was followed in IDBI Bank's strategic restructuring, responding to Rahul Gandhi's allegations that bids were seen before the sale price was fixed.

The finance ministry said internal disinvestment practices are indicative guidelines, not rigid rules, and that the Cabinet committee empowered the core group to approve deviations. The government and LIC will retain 34% after the deal.