New Delhi, Nov. 2 -- The Congress on Monday accused the Narendra Modi government of committing a "scam" through the proposed disinvestment of IDBI Bank, alleging that the foreign buyer was using the bank's own funds to acquire it, and demanded an immediate halt to the sale and a Joint Parliamentary Committee (JPC) probe.
Congress general secretary in-charge of communications Jairam Ramesh alleged that a foreign company was acquiring the bank from the government using funds belonging to IDBI itself. He demanded that the entire transaction be investigated and both valuation reports made public.
"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.
Earlier, addressing a press conference, Congress leader Shaktisinh Gohil questioned the rationale behind selling the bank, claiming that it was financially sound and had recorded substantial profits.
Gohil said IDBI Bank had earned a cumulative profit of Rs 30,105 crore between 2021 and 2026, while its non-performing assets stood at just 2 per cent. He also claimed that the bank was among the leading lenders in terms of profit per employee, earning Rs 49.8 lakh per employee.
He questioned why a bank generating such returns was being sold to a foreign entity.
Alleging irregularities in the valuation process, Gohil said IDBI Bank was initially valued at Rs 94.42 per share before bids were invited. However, after the tender was opened, the valuation was allegedly rejected and reduced to Rs 75 per share.
Published by HT Digital Content Services with permission from Millennium Post.