Before realisation that IDBI Bank is better left to private hands, successive governments had destroyed value as dominant shareholders.
Six years ago, at the height of the twin balance sheet crisis—over-leveraged corporates and banks weighed down by a mountain of bad loans—the government somehow bought into the idea of experimenting with selling off a bank promoted by the government. Yet, two years after announcing the government's plan in the budget of 2016 to sell its stake in IDBI Bank, Arun Jaitley who was the finance minister then, was forced to concede that India was perhaps not quite ready for privatisation of state-owned banks.
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