Lok Sabha Opposition Leader Rahul Gandhi has extended his firm support to IDBI Bank employees opposing the Union Government’s decision to sell a majority 60.72 per cent stake—comprising holdings from both the Centre and the Life Insurance Corporation of India—to Canada-based Fairfax Financial Holdings. In an open letter addressed to bank staff following the Cabinet Committee on Economic Affairs’ approval of the acquisition, Gandhi questioned why a profitable public institution built with public money was being privatized and reminded the government of a 2003 parliamentary commitment to maintain a minimum 51 per cent state equity. Expressing deep concern over the transaction, he warned that transferring controlling ownership to a foreign entity would eliminate reservations for SC, ST, and OBC candidates, weaken employment conditions, and compromise nation-building tools, while noting a broader pattern of growing foreign ownership across domestic banks. In response to ongoing criticism, the Department of Investment and Public Asset Management (DIPAM) clarified that a second “best offer” round of bidding was conducted under procedures set by the Core Group of Secretaries on Disinvestment after initial bids in the 2025–26 financial year ceased to have effect, maintaining that the reserve price remained unchanged throughout the disinvestment process.
