Finance Minister Nirmala Sitharaman justified the divestment by noting the bank was previously forced to lend to troubled conglomerates like Kingfisher and Videocon. The defense comes after Congress leader Rahul Gandhi challenged the sale, arguing the lender has successfully turned around after recording over Rs 9,000 crore in profit last year. Gandhi and bank staff forums have also raised serious concerns regarding employee service conditions and affirmative action quotas. The finance ministry affirmed that bidding procedures remained completely intact without any alterations to the reserve price.
Key points
The government maintains that privatizing IDBI Bank is a necessary step following years o…: The government maintains that privatizing IDBI Bank is a necessary step following years of recovery from legacy non-performing assets.
Opposition leaders and an employee forum are demanding a parliamentary review over fears…: Opposition leaders and an employee forum are demanding a parliamentary review over fears regarding job security and affirmative action reservations.
Official authorities confirmed that the transaction followed proper protocol after an ear…: Official authorities confirmed that the transaction followed proper protocol after an earlier bidding round was halted for missing the reserve price.
Sources checked by our analysis pipeline: 1
Her remarks came in response to Congress leader Rahul Gandhi's criticism of the government's decision to sell a majority stake in the public sector lender to Canada’s Fairfax Financial Holdings.
Also Read: IDBI Bank sale row: Finance Ministry defends valuation process, says reserve price was not changed
In a post on X, Sitharaman said IDBI Bank had been forced to lend to large business groups, including Videocon, Winsome, ABG Shipyard and Kingfisher, which subsequently turned into bad loans and caused substantial losses.
She said the bank was now poised for its next phase of growth and that all due process had been followed in its strategic restructuring.
The exchange came a day after the finance ministry issued a clarification defending the valuation and bidding process for the sale, saying the reserve price had neither been increased nor reduced and that the initial bidding round had been closed after offers fell short of the reserve price.
Gandhi, in a letter to IDBI Bank employees dated October 29, questioned why the government was selling a lender that had returned to profitability. He…
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