New Delhi, Oct. 25 -- The Communist Party of India (Marxist) has stepped up its opposition to the privatisation of public sector banks, questioning the union Cabinet's approval for the sale of a 60.72 per cent stake in IDBI Bank to Canada-based Fairfax Financial Holdings and alleging that the proposed transaction raises serious concerns over foreign ownership restrictions, share valuation and the future of public banking in India.
In a statement issued on Sunday, the CPI(M) Polit Bureau urged the government to abandon its plans to divest its stake in public sector banks, warning that privatisation could undermine social sector lending, weaken financial inclusion and adversely affect small depositors. The party also questioned whether the p...