Rahul Gandhi questions IDBI sale, supports bank staff

Public money should belong to the public. He noted that the government and the Life Insurance Corporation of India (LIC) together own 95% of IDBI Bank and claimed that their combined holding would fall to 34% after the sale

-Rahul Gandhi,

Leader of Opposition in Lok Sabha

metro india news I new delhi

Leader of Opposition in Lok Sabha Rahul Gandhi issued a message to IDBI employees on Thursday, expressing support to their demands amid the proposed sale of IDBI bank to Canadian company Fairfax. He raised concerns over public ownership, employee protection and service conditions and reservation policies.

It may be noted that IDBI bank employees had called on Rahul Gandhi in the month of March last year. The employees have been questioning the need for the government to sell a profitable public sector bank. Rahul Gandhi said that IDBI Bank was losing money seven years ago but earned a profit of more than Rs 9,000 crore last year. He attributed this turnaround to the work of the bank’s employees.

Rahul Gandhi raised concerns about the implications of private ownership and added that once privatised, the reservations for Scheduled Castes (SC), Scheduled Tribes (ST) and Other Backward Classes (OBC) candidates would end.

He described them as instruments for nation-building. He also expressed support for IDBI Bank employees in their ongoing efforts, stating that he stood with them and supported their legitimate demands.