This comes after the Indian government said it will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank. The current guidelines of the Reserve Bank of India restrict foreign ownership in new private banks. The central bank's residency criteria for promoters applies only for newly set up banks and would not apply to an existing entity like IDBI Bank, the Department of Investment and Public Asset Management said in a response to interested bidders' queries.source https://economictimes.indiatimes.com/industry/banking/finance/banking/india-to-extend-bid-submission-deadline-for-idbi-bank-stake-to-early-january-source-says/articleshow/96103206.cms
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