A day after Finance Minister Arun Jaitley said the government may consider bringing down its stake in state-run IDBI Bank to below 50 per cent, the lender today announced a “transformational” plan entailing an investment of about Rs 20,000 crore over a three-year period. The plan includes doubling the bank’s business volumes and reducing gross NPA level below 3 per cent.
“The plan rests on business growth and our approach will be to catch up with the industry. We will double our business from around Rs 5 lakh crore in FY16 to Rs 10 lakh crore in FY19, representing CAGR of over 20 per cent per annum,” Managing Director and Chief Executive Kishor Kharat told reporters here. However, he was quick to add the “transformational plan” has nothing to do with the Government’s move to reduce stake in the bank.