The central government has said it will consult all stakeholders in the proposed stake sale in IDBI Bank. Minister of state for finance Jayant Sinha said the consultation process is under way and that involves talking to all stakeholders. He said the proposed transformation of the bank is under way and the government is in the midst of working through that process. The employee unions in the bank is opposed to the stake sale even as the government had announced in December 2015 that it would sell part of its stake to institutional investors. The bank is making efforts to improve its balance sheet after recording bad debts that totaled 8.94% of its loans in the third quarter ended 31 December 2015. It has appointed advisers including Bank of America Corp, Citigroup and Credit Suisse Group for the Rs 3,770 crore share sale.
