This clarification came after media reports suggested that the state-run lender has progressed to the next stage of its divestment process. According to these reports, the process advisor, KPMG, is expected to submit closing diligence soon. This crucial step will enable potential bidders to formulate their financial bids. The bidding process is anticipated to be completed by the next fiscal year.

IDBI Bank offers a wide range of products from savings and current bank account to loans for retail and msme customers or agri loans to farmers.

The bank’s standalone net profit jumped 34.3% to Rs 1,860.80 crore while total income grew by 24.8% to Rs 8,812.79 crore in Q2 September 2024 over Q2 September 2023.