Congress seeks JPC probe into IDBI Bank sale, alleges valuation irregularities
The Indian National Congress party is demanding a Joint Parliamentary Committee probe into the government's sale of IDBI Bank to Fairfax Financial Holdings. The opposition alleges valuation irregularities and a lack of transparency in the disinvestment process.
Why it matters
This transaction represents the largest foreign direct investment in India's financial sector, making the allegations of corruption a significant political and economic issue.
New Delhi: The Congress on Monday (November 2, 2026) demanded an immediate halt to the proposed sale of IDBI Bank to Canada’s Fairfax Financial Holdings and a Joint Parliamentary Committee (JPC) probe into the transaction, alleging that the government had manipulated the bank’s valuation. https://www.thehindu.com/business/Industry/cabinet-approves-fairfaxs-52878-cr-bid-for-idbi-bank-largest-fdi-ever-in-indias-financial-sector/article71583489.ece The party alleged that the foreign buyer would use the bank’s own funds to finance the acquisition. Rahul Gandhi questions IDBI Bank sale; Nirmala Sitharaman hits back, says Congress treated banks as 'personal entities' Rahul Gandhi questions IDBI Bank sale; Nirmala Sitharaman hits back, says Congress treated banks as 'personal entities' In an open letter to IDBI Bank employees, Rahul Gandhi expressed solidarity with their opposition to the proposed sale, arguing that public banks were not assets to be sold but “tools to build the nation” Rahul Gandhi questions IDBI Bank sale; Nirmala Sitharaman hits back, says Congress treated banks as 'personal entities' storyline 1…
Also covering this story
2 other newsrooms covered this event. We read each version separately.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in