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All India · updated 25 Oct, 04:53 IST

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Announcements & other updates

Government clarifies legal right to reduce shareholding in IDBI Bank

The Ministry of Finance stated on 17 October 2026 that the Central Government is legally permitted to dilute or divest its stake in IDBI Bank. This clarification follows reports regarding 2003 legislative debates; the Ministry noted that an amendment to restrict stake dilution was rejected and not included in the final IDBI (Repeal) Act, 2003.

Read the explainer Press release 2324612Official release from pib.gov.in ↗
Source details
Issued by
Ministry of Finance
Published on
Press Information Bureau, pib.gov.in (Press releases)
File hosted on
www.pib.gov.in, the government's file server for pib.gov.in
Dated
17 October 2026
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The original press release on the government website, in a new tab, unchanged.
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October 20263 items

Government services
Announcements & other updates

Government approves sale of 60.72% stake in IDBI Bank to Canadian entity

The Ministry of Finance announced on 14 October 2026 that M/s 10955230 Canada Inc. has been approved as the strategic buyer for IDBI Bank Ltd. The transaction involves the sale of a 60.72% stake, consisting of 30.48% from the Government of India and 30.24% from the Life Insurance Corporation of India (LIC), for Rs 52,878.0806181 crore. The Government and LIC will retain residual stakes of 15% and 19% respectively and will become public shareholders.

Who it affects
IDBI Bank Ltd
When · Where
Not stated in the document · Across India
Press release 2323320Official release from pib.gov.in ↗ Explainer
Source details
Issued by
Ministry of Finance
Published on
Press Information Bureau, pib.gov.in (Press releases)
File hosted on
www.pib.gov.in, the government's file server for pib.gov.in
Dated
14 October 2026
The link opens
The original press release on the government website, in a new tab, unchanged.
Our check
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Government services
Announcements & other updates

Government approves sale of 60.72% stake in IDBI Bank to Canadian entity

The Ministry of Finance announced on 14 October 2026 that the Cabinet Committee on Economic Affairs approved M/s 10955230 Canada Inc. as the strategic buyer for a 60.72% stake in IDBI Bank Ltd. The acquisition, valued at Rs 52,878.0806181 crore, includes a 30.48% share from the Government of India and 30.24% from LIC. The buyer must now present credentials to the Reserve Bank of India and provide a regulatory compliance roadmap.

Who it affects
Strategic Buyer
When · Where
On 14 October 2026: CCEA meeting to approve Strategic Buyer (+1 more) · Across India
Press release 2323318Official release from pib.gov.in ↗ Explainer
Source details
Issued by
Ministry of Finance
Published on
Press Information Bureau, pib.gov.in (Press releases)
File hosted on
www.pib.gov.in, the government's file server for pib.gov.in
Dated
14 October 2026
The link opens
The original press release on the government website, in a new tab, unchanged.
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Government services
Announcements & other updates

DRI busts smuggling of 7,311 metric tonnes of Pakistani rock salt

The Ministry of Finance announced on 14 October 2026 that the Directorate of Revenue Intelligence (DRI) uncovered a network smuggling Pakistan-origin rock salt into India. Through "Operation Deep Manifest," the DRI detected 295 containers of salt with an estimated market value of Rs 30 crore, which were routed through Sri Lanka and used fake UAE-based documents to hide their origin.

Who it affects
all importers
When · Where
From 2 May 2025: import prohibition on Pakistani goods (+3 more) · Across India
Press release 2323269Official release from pib.gov.in ↗ Explainer
Source details
Issued by
Ministry of Finance
Published on
Press Information Bureau, pib.gov.in (Press releases)
File hosted on
www.pib.gov.in, the government's file server for pib.gov.in
Dated
14 October 2026
The link opens
The original press release on the government website, in a new tab, unchanged.
Our check
Drafted from the release text and checked by software. Not yet reviewed by a person.