The true test of the work that veteran banker and IDBI Bank managing director Rakesh Sharma and his team have put in—to not just turn around a bank that was once in an ICU-type state, but also make it an attractive asset to acquire—will be reflected in the coming months.
IDBI Bank, a subsidiary of Life Insurance Corporation of India (LIC), which by legacy has been largely focussed on corporate banking, is finally up for a strategic sale from its two promoters, LIC and the Government of India (GoI). This opens up a fresh opportunity for entities to acquire and operate a bank, where the Reserve Bank of India (RBI) has been sparing to grant a universal banking licence.