In a letter to bank staff, Rahul Gandhi opposed the decision to transfer the state's stake to Fairfax Holdings, evoking the lender's origins under a Congress administration. The government defended the move as a strategic restructuring that secured clearance from a panel of secretaries and the Cabinet Committee on Economic Affairs. Officials had previously paused the disinvestment earlier this year after initial offers failed to meet the reserve price. To finalize the deal, authorities solicited fresh bids from two contenders and utilized two distinct valuation methods.
Key points
Rahul Gandhi backed protesting IDBI Bank employees while opposing the central government'…: Rahul Gandhi backed protesting IDBI Bank employees while opposing the central government's disinvestment process.
The Centre justified the sale as a strategic restructuring that followed internal indicat…: The Centre justified the sale as a strategic restructuring that followed internal indicative guidelines rather than rigid frameworks.
Disinvestment procedures were designed to provide the flexibility necessary to finish com…: Disinvestment procedures were designed to provide the flexibility necessary to finish complex transactions without wasting valuable resources.
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Rahul Gandhi backs IDBI Bank employees amid protests over Centre's stake sale
NEW DELHI: Leader of opposition in Lok Sabha Rahul Gandhi on Friday extended support to IDBI Bank employees amid protests by bank unions and political parties against the Centre's decision to sell its stake in the lender.The Congress leader shared a letter addressed to the IDBI Bank family on X, criticising the government's move and contrasting it with the establishment of the bank during the Congress regime."During Congress's time, IDBI was established—to build the nation's industry. During Modi's time, first the bidding was seen, then the price was set," he said.
"During Congress's time, banks were being created. During Modi's time, they are being sold. I stand with the employees of IDBI Bank," Rahul added.The Centre had asserted a day earlier that the sale of its stake in IDBI Bank was part of a "strategic restructuring". It said the process followed the provisions laid down in the request for proposal (RFP) and was undertaken after approval by a panel of secretaries and the Cabinet Committee on Economic Affairs.
Iranian military forces reported multiple commercial vessels suffered explosions in restricted maritime corridors, directly challenging recent American assertions that the strategic waterway had been made safe for transit. Tehran has enforced strict limits on regional shipping traffic since hostilities commenced in late February, triggering an American port blockade and naval escort operations. The maritime developments further escalate hazards for commercial vessels navigating unapproved routes across the vital o…
Israeli forces and local merchants face accusations of deliberately starving the local population by permitting commercial shipments of junk food while blocking crucial staples. This practice has severely damaged public health and fueled internal division across the besieged enclave. The restrictions compound an existing emergency where the vast majority of residents already endure acute food insecurity.
Security forces cracked down on illicit monetary channels operating in south Kashmir to disrupt local support networks aiding militants. Authorities uncovered operations where non-combatant affiliates actively facilitated operations through crucial material aid. The targeted action aims to dismantle the infrastructure that sustains regional extremist activity.