Rahul Gandhi and Nirmala Sitharaman clash over proposed IDBI Bank stake sale

Politics · First reported 30 Oct, 07:13 · Updated 07:48

Image: Wikimedia Commons · Francis Matahum · CC BY-SA 4.0

Rahul Gandhi backed IDBI Bank employees opposing the proposed sale, while Finance Minister Nirmala Sitharaman defended the government’s handling of the transaction.

Rahul Gandhi questioned the sale of IDBI Bank, citing its reported ₹9,000 crore profit last year, and supported employees’ strike.
Sitharaman defended the government’s record, saying it recapitalised the bank by ₹25,000 crore and followed due process.
The dispute was presented as another round in a Rahul Gandhi–Nirmala Sitharaman exchange, following a Tata-related row.

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Key facts

Reported IDBI Bank profit: ₹9,000 crore last year, cited by Gandhi.
Recapitalisation: Sitharaman said the government recapitalised the bank by ₹25,000 crore.
Proceeds stated: Sitharaman said the transaction would generate more than ₹52,000 crore for the Centre and LIC.
Strike dates: IDBI Bank unions called a strike for November 2 and 3.
Buyer named in report: Gandhi said the government had decided to sell IDBI Bank to Fairfax, described in the report as a Canadian company.