Times of Navi Mumbai | Business & Politics
Congress leader Rahul Gandhi has questioned the government’s decision to sell a major share of IDBI Bank to a Canadian company. He has also expressed support for the bank’s employees.
In a letter shared on social media platform X, Rahul Gandhi said that IDBI Bank was built with public money and should remain an important public institution.
He said some bank employees had met him in Parliament last year and asked why the government wanted to sell a bank that had become profitable. Gandhi also raised concerns about the safety of employees and people who keep their money in the bank.
What Did the Government Decide?
The Union Cabinet approved the sale of a 60.72% share in IDBI Bank to Fairfax Financial Holdings, a company from Canada.
The deal is worth around ₹52,878 crore. It will also give the company control of the bank’s management.
Finance Minister Responds
Finance Minister Nirmala Sitharaman rejected Rahul Gandhi’s criticism. She said all the required steps and rules were followed before taking the decision.
She also accused the Congress of putting pressure on banks in the past to give loans without following proper rules.
Rahul Gandhi Raises Concern About Reservations
Rahul Gandhi also said that employees could lose some protections after the bank becomes privately owned. He raised concerns about reservation benefits for Scheduled Castes (SC), Scheduled Tribes (ST) and Other Backward Classes (OBC).
The government has not given a response to all the concerns raised by Gandhi in the report.
IDBI Bank’s Financial Position
The government said IDBI Bank’s financial condition has improved over the years. Its bad loans, known as NPAs, have come down sharply.
The bank’s gross NPA was 31.78% in September 2018. It fell to 2.32% by March 2026.
The debate over the sale is now focused on the future of the bank, its employees and the people who use its services.
Follow Times of Navi Mumbai for more news and updates.
Leave a Reply