In an exclusive interview with CNBC-TV18, Secretary of the Department of Investment and Public Asset Management (DIPAM) Tuhin Kanta Pandey shed light on the progress of disinvestment plans for IDBI Bank. He confirmed that the Reserve Bank of India (RBI) is currently conducting a comprehensive "fit and proper" test for the prospective bidders.

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When asked about the current status of IDBI Bank, DIPAM Secretary Pandey stated, "We are undergoing a fit and proper test, which is necessary for the qualified individuals. The RBI will further assess their suitability through this test, following which due diligence will be conducted. We are proceeding with the process."

Pressed further on the timeline for calling financial bids, he refrained from providing specific months but emphasised the importance of completing the due diligence process before proceeding.

Pandey stated, "I will not exactly hazard a guess in terms of months, but yes, as soon as your due diligence process is done, then I think we will proceed."

Regarding the completion of the transaction within the current financial year, Pandey expressed optimism, saying, "By March next year, we have been striving to conclude several transactions, including IDBI Bank. We are closely monitoring various transactions, such as HLL Lifecare, PDIL, FSNL, SCIM, and NMDC, in order to successfully close them."

Addressing the progress made on other disinvestment plans, Pandey mentioned Concor, stating that updates will be shared when they are ready. Last year, considerable efforts were made in relation to Concor, but no further information has been disclosed at this stage.

(Edited by : Shoma Bhattacharjee)