Finance Minister Nirmala Sitharaman on Friday hit back at Leader of Opposition Rahul Gandhi over the proposed sale of IDBI Bank, accusing successive Congress governments of using public sector banks to extend loans to politically connected businesses. She argued that the Narendra Modi government had revived the lender through recapitalisation and professional management.
The response came a day after Rahul Gandhi opposed the government’s decision to sell IDBI Bank to Canadian company Fairfax and expressed support for the bank’s employees.
Gandhi, in a post on X on Thursday, said the Congress had established IDBI to support the country’s industrial development, while the Modi government was now selling banks. Earlier reporting noted: Rahul Gandhi backs IDBI Bank staff, questions sale to Canadian firm Leader of Opposition (LoP) in the Lok Sabha Rahul Gandhi on Friday expressed solidarity with IDBI Bank employees as he questioned the government’s decision to sell its majority stake in the lender and transfer management control to a Canadian company. “During Congress’s time, banks were being created. “Being the Leader of the Opposition, I suggest you refrain from politicising every issue. “Tata is being criminally destroyed, and no business leader dares say a word. How long will you stay silent? Now, are you trying to incite our business leaders to join you in spreading distrust and toxicity? I asked why a profitable public bank was being sold and how its employees and depositors would be protected. The government gave no reason.
She said the NDA government had revived the bank through professional management, prudent lending practices and recapitalisation of more than Rs 25,000 crore.
Responding to Gandhi’s criticism in a post on X, Sitharaman said IDBI Bank had been handed over to the NDA government in poor condition after being forced to lend to large business groups with close links to Congress leaders. During Modi’s time, they are being sold,” he said. Also, casually labelling commercial and legal matters as criminal is unacceptable,” the Finance Minister said in a post on X. Gandhi had alleged that Indian businesses were being treated as the “plaything” of Prime Minister Narendra Modi and Home Minister Amit Shah. Until they own you?” the Congress leader had said. In her riposte, the Finance Minister said, “You have repeatedly decried the successes of Indian industry and our entrepreneurs. Earlier reporting noted: In a letter posted on X, the Congress leader said a group of IDBI Bank employees had met him in the Parliament complex in March last year and asked why the “government is selling a bank that they had made profitable”. Now it has decided to sell IDBI Bank to Fairfax, a Canadian company,” Gandhi said.
Earlier reporting noted: “I took that question to the Lok Sabha.
