New Delhi, October 30, 2026 (Yes Punjab News)
Leader of Opposition in the Lok Sabha Rahul Gandhi has criticised the Centre’s proposed sale of IDBI Bank, accusing the BJP-led government of transferring public institutions built with taxpayers’ money into private hands. He has also expressed support for the bank’s employees opposing the disinvestment.
In a post on X on Friday, Gandhi contrasted the Congress government’s role in establishing institutions to support industry with the current government’s decision to sell them. He said he stood with IDBI Bank employees and their concerns over the proposed transaction.
In a letter to the employees, Gandhi recalled meeting a delegation from the bank at Parliament House in March last year. He said the employees had questioned why the government was selling a bank they had helped turn profitable.
Gandhi said he had raised the issue in the Lok Sabha, seeking an explanation for the proposed sale and assurances about the protection of employees and depositors. He claimed the government had not provided a satisfactory reason and had now decided to sell IDBI Bank to Canadian company Fairfax.
Highlighting the bank’s financial turnaround, Gandhi said IDBI had been loss-making seven years ago but recorded a profit of more than ₹9,000 crore last year. He credited the employees for the recovery.
He also pointed out that the Centre and the Life Insurance Corporation of India (LIC) together hold around 95 per cent of the bank, and said their combined stake would fall to 34 per cent after the proposed sale.
The Congress leader recalled a 2003 assurance to Parliament that the government would retain at least 51 per cent ownership in IDBI Bank. He argued that the proposed disinvestment raised questions about that commitment.
Gandhi further warned that privatisation could have implications for reservation provisions for Scheduled Castes, Scheduled Tribes and Other Backward Classes, as well as employees’ service conditions.
Reiterating the Congress’s position in favour of a strong public sector alongside private enterprise, he described public banks as instruments of nation-building rather than assets for sale. He said the party supported the employees’ legitimate demands and urged them to remain united.
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