As a first step, the government has made it compulsory for interested buyers of IDBI Bank to provide details of the Ministry of Home Affairs (MHA) security clearance during the first stage of the bidding process. . Until now, in all CPSE privatization cases, the government sought details regarding the security clearance of bidders during the second stage of the bidding process.

This meant that qualified bidders in the first round or the expression of interest round had to apply for government security clearance when submitting their financial bids.

Inviting EoIs from bidders for the purchase of the government and LIC’s 60.72% stake in IDBI Bank, the Department of Investment and Public Asset Management said interested parties who approve the “Fit & Proper” by RBI and Security Clearance by Government/MHA will be notified as QIPs.