Public banks are nation-building tools, not assets for sale: Rahul

Congress leader Rahul Gandhi has challenged the government's move to privatize IDBI Bank, asserting that public sector banks are instruments for national development rather than commodities to be sold off. Speaking on the contentious bank sale, Gandhi highlighted that he had raised the matter in the Lok Sabha, demanding clarification on why a profitable financial institution was being divested.

Gandhi questioned the government's reasoning for the transaction, noting that no satisfactory explanation was provided in Parliament. He emphasized concerns regarding the fate of the bank's employees and the security of depositors in the wake of the proposed sale.

The sale of IDBI Bank to Fairfax Group, a Canadian investment firm, has drawn criticism from opposition parties who contend that strategic public sector financial institutions should remain under government ownership. The transaction represents one of the government's significant divestment moves in recent times.

The Congress leader's remarks underscore the ongoing debate over privatization of public sector undertakings in India, with critics arguing that such institutions play a crucial role in financial inclusion and economic stability. The government, however, has framed divestment as part of its broader economic strategy.