NEW DELHI: Large companies have been disallowed from being even a minority shareholder in consortium wanting to bid for 61 pe cent stake in IDBI Bank, as the current RBI norms bar industrial houses from becoming bank promoters, an official said.

Currently, RBI guidelines alalows industrial houses to hold a maximum of 10 percent stake in private sector banks, but they cannot be a promoter. Last week, the government along with Life Insurance Corporation invited Expression of Interest for selling 60.72 per cent stake in IDBI Bank.

However, it barred large industrial houses from partaking in the strategic sale. According to the bid document, 'large industrial/corporate houses' has been defined an industrial/ corporate group with assets of Rs 5,000 crore or more with the nonfinancial business of the group accounting for 40 per cent or more in terms of total assets/ gross income.

An official said that corporate houses have not been permitted to participate in the bidding process for IDBI Bank transaction as the Reserve Bank of India  regulation clearly says that they cannot be the promoter entity in any bank.

"As per the IDBI Bank bid document, the consortium, if they emerge as the winning bidder, would be classified as the promoter. Permitting corporate houses as part of the consortium member would imply they are part of the promoter group which is not permited as per Reserve Bank of India  guidelines," the official said.

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