Reuters could not immediately verify the report.
IDBI Bank and India’s finance ministry didn’t immediately respond to a Reuters request for comment outside regular business hours.
The Indian government and state-owned Life Insurance Corporation of India plan to sell 60.7% of the lender as part of a broader government privatisation programme.
India’s government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
This development brings a halt to the sale process, Bloomberg reported, adding that the people familiar with the matter declined to quantify the bids, the government’s so-called reserve price, or the bidders.
Earlier in February, Reuters reported that the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial, Emirates NBD, and Kotak Mahindra Bank.
Kotak Mahindra Bank subsequently said in February that it had not submitted a financial bid for IDBI Bank.