Congress Demands JPC Probe into IDBI Bank Sale, Cites Valuation Irregularities

The Hindu - Business · business

The Congress party has demanded an immediate halt to the proposed sale of IDBI Bank to Canada's Fairfax Financial Holdings, calling for a Joint Parliamentary Committee probe. Party leaders allege the government manipulated the bank's valuation and that the foreign buyer might use the bank's own funds for the acquisition. They highlighted IDBI Bank's significant profits between 2021 and 2026 and low non-performing assets, questioning the rationale for selling a profitable institution. The Congress also pointed to a revision in the bank's share valuation after bids were opened, demanding transparency.