The disagreement intensified after Rahul Gandhi supported employee strikes scheduled for November 2 and 3 while challenging the disposal of a bank that earned Rs 9,000 crore in profit last year. Gandhi also alleged that the lender is being sold directly to Canadian company Fairfax through an improper process. Finance Minister Nirmala Sitharaman countered that proper procedures are guiding the transaction, which will deliver over Rs 52,000 crore to the Centre and LIC. She further maintained that Rs 25,000 crore in recapitalization funds successfully revitalized the bank after years of inherited bad debt.
Key points
Nirmala Sitharaman stated that a Rs 25,000 crore capital infusion helped nurse the troubl…: Nirmala Sitharaman stated that a Rs 25,000 crore capital infusion helped nurse the troubled lender back to financial viability.
The political dispute centers on accusations of bad loan mismanagement under previous adm…: The political dispute centers on accusations of bad loan mismanagement under previous administrations versus the privatization of currently profitable assets.
Rahul Gandhi claimed the government has predetermined the sale of the financial instituti…: Rahul Gandhi claimed the government has predetermined the sale of the financial institution to Canadian firm Fairfax.
Sources checked by our analysis pipeline: 1
Rahul Gandhi and Nirmala Sitharaman trade barbs over IDBI Bank stake sale, as Congress leader backs employees' strike
NEW DELHI: Congress's Rahul Gandhi and finance minister Nirmala Sitharaman sparred on social media over govt's decision to sell its stake in IDBI Bank with the leader of the opposition in Lok Sabha backing protesting employees.A day after he wrote to "members of the IDBI bank family", Rahul accused govt of selling banks in contrast to banks being established during Congress's tenure."During Congress' 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 posted on X. He also questioned the need to sell stake in the bank, which registered a profit of Rs 9,000 crore last year.Responding to him, Sitharaman accused Congress of using banks and financial institutions as "personal entities" and pressurising employees to "extend loans at their whim, bypassing prudent lending norms".She said Modi govt inherited IDBI Bank, which was in poor shape, as Congress politicians forced it to lend money to business houses, such as…
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