Indian Congress Terms IDBI Bank Disinvestment 'Scam', Demands Probe and Halt in Sale to Foreign Company

The Congress on Monday termed the proposed disinvestment of IDBI Bank a "scam", demanding that the sale of the bank to a foreign company be halted and a Joint Parliamentary Committee (JPC) be set up to probe the entire process. Congress general secretary in-charge communications Jairam Ramesh claimed that a foreign company is acquiring IDBI Bank from the government using funds that belong to the bank itself. "This is yet another major scam by the Modi government, which warrants an investigation. We demand that the process of selling IDBI Bank to a foreign company be halted," Ramesh said in a post on X. He also demanded that a Joint Parliamentary Committee (JPC) be constituted to investigate this entire process and the "scam". He further called for both valuation reports to be made public. Earlier, addressing a press conference, Congress leader Shaktisinh Gohil also claimed that the Modi government is selling IDBI Bank to that company which is using IDBI's own money to buy it. "When the country gained independence, our ancestors envisioned providing facilities to the common citizens, and then the government established PSUs. Many tasks were accomplished thanks to these PSUs. It was due to the PSUs that postmen delivered postcards, and telephones and trains reached villages and towns," Gohil said. "After the passing of (Jawaharlal) Nehru Ji, Lal Bahadur Shastri Ji took the helm of the country, and he established the IDBI Bank. The purpose of establishing IDBI was: to provide loans to small business owners, so that they could work effectively and contribute to the nation's progress," he said.