SBI, PNB, BoB, UBI, Canara Bank and BoM acquires stake in IDRCL
State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India (UBI), Canara Bank, and Bank of Maharashtra (BoM) have announced subscription to the shares of India Debt Resolution Company Ltd (IDRCL).
PSBs and public Financial Institutions (FIs) will hold a maximum of 49 % stake in IDRCL and the rest will be with private sector lenders. PSBs will maintain 51 % ownership in NARCL and and the rest will be with private sector lenders.
The stakes acquired by these banks is given in the table below. The Banks will further reduce their stake in IDRCL that is also given in the table below:
| Name of Bank | Stake acquired | Reduces stake by March 31, 2022 |
| State Bank of India (SBI) | 12.30% | 5% |
| Punjab National Bank (PNB) | 11.18% | 5% |
| Union Bank of India (UBI) | 12.30% | 10% |
| Canara Bank | 14.90% | 5% |
| Bank of Maharashtra (BoM) | 6.21% | 4% |
| Bank of Baroda (BoB) | 12.30% | 9.90% |
The objective of IDRCL:
National Asset Reconstruction Company Ltd (NARCL) and an Asset Management Company (IDRCL) have been set up by lenders (public sector and private sector banks and financial institutions) to consolidate and take over the existing stressed debt in the banking/ financial system and then manage and dispose the assets to Alternate Investment Funds and other potential investors for eventual value realisation.