Rahul Gandhi Critiques IDBI Bank Sale, Supports Employees
Rahul Gandhi's Opposition to IDBI Bank Disinvestment
File image of Congress leader Rahul Gandhi(Photo: X)
New Delhi, Oct 30: Rahul Gandhi, the Leader of Opposition in the Lok Sabha, has voiced strong criticism against the government's plan to privatize IDBI Bank, accusing the BJP-led administration of dismantling institutions established during the Congress era. He expressed his support for the bank's employees amidst the impending disinvestment.
In a post on social media platform X, Gandhi remarked, “IDBI was founded during Congress's tenure to foster industrial growth in the country. Under Modi's leadership, we have witnessed the bidding process followed by price determination. While Congress was focused on establishing banks, the current government is engaged in selling them. I stand in solidarity with IDBI Bank's employees.”
In a letter to IDBI Bank employees, Gandhi reflected on a previous meeting with them at Parliament House in March of the previous year, where they raised concerns about the government's decision to sell a bank they had helped to make profitable.
“You posed a straightforward question: why is the government selling a bank that you have made successful? I brought that question to the Lok Sabha, inquiring why a profitable public bank was being sold and how the interests of its employees and depositors would be safeguarded. The government failed to provide an explanation. Now, it has opted to sell IDBI Bank to Fairfax, a Canadian firm,” he stated.
Gandhi acknowledged the bank's evolution from a development-focused institution to a commercial entity, commending the employees for overcoming numerous obstacles.
“Seven years ago, IDBI was incurring losses. Last year, it reported profits exceeding nine thousand crore rupees. That turnaround is a testament to your efforts,” he emphasized.
He challenged the government's decision to decrease its stake, asserting that public institutions funded by taxpayers belong to the populace.
Gandhi pointed out that the government and the Life Insurance Corporation of India (LIC) currently hold approximately 95 percent of the bank, a figure that would drop to 34 percent post-sale.
He also recalled the government's 2003 commitment to Parliament to maintain at least 51 percent ownership in IDBI Bank, arguing that this pledge was a promise to the citizens.
Gandhi cautioned that privatization could jeopardize reservation provisions for Scheduled Castes, Scheduled Tribes, and Other Backward Classes, as well as the service conditions of employees.
Reaffirming the Congress party's commitment to the public sector, he stated that public banks serve as instruments for national development rather than commodities to be sold.
"The Congress has always advocated for a robust public sector that operates alongside the private sector. Public banks are not mere assets to be liquidated; they are essential tools for nation-building. You have asked me to support you, and I stand with you in your struggle today, fully endorsing all your rightful demands. Remain united. Stay resolute. Jai Hind," he concluded.