The Indian federal government has set February 5 as the deadline for financial bids to acquire IDBI Bank, two sources familiar with the matter said, as it seeks to sell most of its stake.

According to Reuters, qualified investors have been notified of the deadline, indicating that the bank's exit process is in its final stages.

Sources previously indicated that the Reserve Bank of India (RBI) had approved Fairfax Financial Holdings, Emirates NBD, and Kotak Mahindra Bank as qualified bidders in 2024.

The exit process has been underway since then, and the government is working to finalize the details of the sale.

The government previously stated its hope to complete the sale by March 2026.

The government, which owns 45.48% of the bank, and a state-owned life insurance company that owns 49.24%, intend to sell the remaining 60.7% of the bank.