The Telegraph
Since 1st March, 1999
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Cabinet to take up IDBI, IFCI revamp

New Delhi, Nov. 3 (PTI): After the Ordinances to repeal the UTI Act and amend the Sebi Act, the Cabinet is likely to take up restructuring of the Industrial Development Bank of India along with a bail-out package for Industrial Finance Corporation of India at its meeting next week.

“We are ready with it. We only need the Cabinet’s approval. The Cabinet is likely to take up the IDBI and IFCI packages next week,” finance minister Jaswant Singh said on the sidelines of a book release function on Saturday.

As part of the financial reforms, he said the government has issued Ordinances for restructuring the Unit Trust of India by repealing the UTI Act and amending the Sebi Act. Further, along with the RBI, it allowed resident Indians to open a foreign currency account.

Though he refused to give details, sources said the ministry was not in favour of providing a bail-out package for IDBI but intends to corporatise the FI by repealing the IDBI Act in the Winter Session.

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