Rahul Gandhi Criticises Centre Over IDBI Bank Sale to Fairfax

Rahul Gandhi, leader of the Indian National Congress, raised concerns in Parliament about the government's plan to divest its 10.5% stake in IDBI Bank to the private equity firm Fairfax. He said the move could jeopardise jobs and questioned the transparency of the transaction. The sale, part of the government's broader strategy to reduce its holdings in public sector banks, has attracted criticism from opposition parties and labour unions. Gandhi added that he stands with the bank's employees, who could face uncertainty amid the restructuring.

The government has defended the deal as a step towards improving the bank's financial health and aligning it with global standards. However, the opposition argues that the sale could lead to layoffs and a shift in the bank's focus away from its original mandate of supporting small businesses and rural development.

The debate comes as the Indian banking sector undergoes significant changes, with several state‑owned banks exploring privatization and partnership models to boost profitability and efficiency.