'Public banks are not assets to be sold off': Rahul Gandhi amid IDBI bank sale row

New Delhi: Leader of Opposition in the Lok Sabha Rahul Gandhi on Friday criticised the Centre's decision to sell IDBI Bank, accusing the BJP-led government of selling institutions built during the Congress regime. He also expressed solidarity with the bank's employees amid the proposed disinvestment.

Taking to social media platform X, Gandhi said, “During Congress's time, IDBI was established to build the nation's industry. During Modi's time, first the bidding was seen, then the price was set. During Congress's time, banks were being created. During Modi's time, they are being sold. I stand with the employees of IDBI Bank.”

In a letter addressed to the employees of IDBI Bank, Gandhi recalled meeting a group of employees at Parliament House in March last year, when they questioned the government's decision to sell a bank that they had helped make profitable.

“You asked me a simple question: why is the government selling a bank that you have made profitable? I took that question to the Lok Sabha. I asked why a profitable public bank was being sold, and how its employees and depositors would be protected. The government gave no reason. Now it has decided to sell IDBI Bank to Fairfax, a Canadian company,” he wrote.

Gandhi acknowledged the bank's transformation from a development bank into a commercial institution, saying its employees had overcome significant challenges.

“Seven years ago, IDBI was losing money. Last year, it earned a profit of over nine thousand crore rupees. That turnaround is your work,” he said.

Questioning the government's decision to reduce its stake, Gandhi said public institutions built with taxpayers' money belonged to the people.

He noted that the government and the Life Insurance Corporation of India (LIC) currently own around 95 per cent of the bank, a shareholding that would fall to 34 per cent following the sale.

The Congress leader also recalled the government's 2003 assurance to Parliament that it would retain at least 51 per cent ownership in IDBI Bank, arguing that the commitment represented a promise to the people.

Gandhi further warned that privatisation could affect reservation provisions for Scheduled Castes, Scheduled Tribes and Other Backward Classes, along with employees' service conditions.

Reiterating the Congress's support for the public sector, he said public banks were instruments of nation-building rather than assets to be sold.

"The Congress has always believed in a strong public sector working alongside the private sector. Public banks are not assets to be sold off, they are tools to build the nation. You asked me to stand with you. I stand with you in your fight today, and fully support all your legitimate demands. Stay together. Stay determined. Jai Hind," he said.

ABOUT THE AUTHOR

IANS

[email protected]