Idbi Bank

Rahul Gandhi attacks govt on IDBI bank sale row; FM Sitharaman hits back

Amid the IDBI bank disinvestment row, Congress leader Rahul Gandhi has expressed solidarity with the employees and questioned the government's decision to sell off the profitable public bank to a Canadian firm. The Leader of Opposition in Lok Sabha asserted that public banks are not assets to be sold off, they are tools to build the nation. Hitting back, Finance Minister Nirmala Sitharaman said the Congress used banks and financial institutions as "personal entities" and pressured bank employees to extend loans at their whim, bypassing prudent lending norms. She also cited several instances from the Congress-led government, including the removal of SBI chairman R K Talwar in 1976 under Indira Gandhi's rule after he allegedly refused to give in to political pressure to relax lending norms for a company linked to Sanjay Gandhi. In a letter addressed to members of the IDBI bank family on Thursday, Gandhi said that in March last year, a group of employees of the bank came to meet him i

Cong used banks as 'personal entities': Sitharaman amid IDBI divestment row

Amid the row over divestment of IDBI Bank, Finance Minister Nirmala Sitharaman on Friday took on the Congress party and the previous UPA government, alleging they used banks and financial institutions as "personal entities" and pressured bank employees to extend loans at their whim, bypassing prudent lending norms. In a post on X, the Finance Minister also cited several instances from the Congress-led government, including the removal of SBI Chairman R K Talwar in 1976 under Indira Gandhi's rule after he allegedly refused to give in to political pressure to relax lending norms for a company linked to Sanjay Gandhi. She was responding to a post on X by senior Congress leader Rahul Gandhi on IDBI Bank. On the remarks made by Rahul Gandhi, Sitharaman said, "IDBI Bank was handed over to us in poor shape, as IDBI itself was forced to lend to large business groups with close connections to @INCIndia leaders such as Videocon, Winsome, ABG Shipyard, and Kingfisher. "These turned into bad .

Rahul Gandhi backs IDBI Bank staff, questions sale to Canada's Fairfax

Amid the IDBI bank disinvestment row, Congress leader Rahul Gandhi has expressed solidarity with the bank employees and questioned the government's decision to sell off the profitable public bank to a Canadian firm. The Leader of Opposition in the Lok Sabha asserted that public banks are not assets to be sold off, they are tools to build the nation. In a letter addressed to members of the IDBI Bank family, Gandhi said that in March last year, a group of IDBI bank employees came to meet him in Parliament House and asked him a simple question as to why the government is selling a bank that they had made profitable. "I took that question to the Lok Sabha. I asked why a profitable public bank was being sold and how its employees and depositors would be protected. The government gave no reason. Now it has decided to sell IDBI Bank to Fairfax, a Canadian company," Gandhi said. Noting that IDBI began as a pioneering development bank, he said the journey to a commercial bank has been ...

Govt defends IDBI Bank valuation, says process added ₹3,917 cr to deal value

The Finance Ministry said the Core Group of Secretaries on Disinvestment had the authority to decide the bidding process, which helped increase the IDBI Bank stake sale value by ₹3,917 crore

Rahul Gandhi backs IDBI Bank staff, questions Fairfax privatisation

In a letter to IDBI Bank employees, Rahul Gandhi questioned the government's decision to sell a majority stake to Fairfax, citing concerns over reservations, service conditions and public ownership

From PCA to Prem Watsa: IDBI Bank's long road to privatisation

Banks in a growing economy need patient, long-term foreign capital with good governance to meet credit demand

IDBI stake sale to push disinvestment receipts past BE for second year

The 30.48 per cent divestment in IDBI Bank is expected to take the government's receipts from stake sales and asset monetisation past the BE of ₹80,000 cr

Prospects of reviving asset sale

The disinvestment journey of the past decade has not been impressive. How it pans out now depends on some key factors

Moody's sees limited impact on Fairfax leverage from IDBI Bank takeover

Global rating agency Moody's on Monday said it expects Fairfax Financial Holdings' proposed acquisition of a majority stake in IDBI Bank to have limited impact on its financial leverage, citing the Canadian investor's funding plans and strong liquidity position. As of June 30, 2026, Fairfax's financial leverage stood at around 34 per cent, which declined to 27 per cent after excluding non-recourse debt at its non-insurance companies, Moody's said in a statement. The rating agency noted that it does not expect a significant increase in Fairfax's financial leverage, given its funding plans for the transaction. Moody's also highlighted Fairfax's policy of maintaining at least USD 1 billion in cash and liquid investments at the holding company at all times, a practice it expects the company to continue after the transaction. As of June 30, 2026, Fairfax had USD 2.3 billion in cash and liquid investments at the holding company, providing it with a liquidity cushion as it pursues the ...

IDBI Bank staff to hold two-day hunger strike against proposed Fairfax sale

Employees will stage a nationwide hunger strike on November 2-3, demanding that the government halt the proposed sale to Fairfax and retain majority ownership of IDBI Bank

IDBI Bank Q2 profit falls 39% to ₹2,205 crore on high base of NSDL gains

IDBI Bank's Q2FY27 net profit declined 39% to ₹2,205 crore due to a high base from an NSDL stake sale gain. Excluding the one-off, profit rose 14%

IDBI Bank sale to Fairfax: FinMin cites 2003 law, Delhi HC judgment

The finance ministry on Saturday said the legislative history of the IDBI (Repeal) Act, 2003, a Delhi High Court judgement and successive Union Budget speeches reflect the evolution of its policy towards the strategic disinvestment of IDBI Bank. The Cabinet earlier this week approved strategic disinvestment of IDBI Bank by selling 60.72 per cent stake to Canada's Fairfax Financial Holdings for about Rs 53,000 crore (USD 5.5 billion). The deal is the largest foreign investment in India's financial sector so far and a major milestone in the country's banking privatisation drive. In a clarification on the legislative developments regarding reduction in government holding in IDBI Bank, the ministry said the Delhi High Court on December 17, 2018, held that the IDBI (Repeal) Act, 2003, contained no prohibition against reducing the government's stake in IDBI Bank Ltd. It may be recalled that during the Union Budget, 2003, discussions and the parliamentary debate on the IDBI (Repeal) Act, .

Q2 results today: HDFC Bank, ICICI Bank, Axis Bank among 18 firms on Oct 17

Q2FY27 company results: Firms including IDBI Bank, Central Bank of India, Punjab & Sind Bank, India Cements, and Ixigo are also to release their July-September earnings today

Fairfax Financial to retain Sharma as IDBI CEO, names Kannan chairman

Fairfax proposes N S Kannan as IDBI Bank chairman, retains Rakesh Sharma as CEO and expects to close its $5.6 billion acquisition as early as the first quarter of 2027

IDBI Bank sale likely to close by fiscal end after RBI nod: Dipam secy

The strategic transaction of IDBI Bank is expected to be completed by the end of the current financial year, subject to regulatory clearance from the Reserve Bank of India (RBI), DIPAM Secretary Arunish Chawla has said. The successful bidder will submit its technical papers to the RBI and present its credentials, including details required to meet additional compliance and regulatory requirements, he told PTI. After the RBI clears the successful bidder, he said, the share purchase agreement will be signed, paving the way for the transaction to be completed before the end of the current financial year. Addressing concerns over the interests of minority and retail shareholders, the Department of Investment and Public Asset Management (DIPAM) Secretary assured that their interests would be fully protected as part of the transaction. After the share purchase agreement is signed, the strategic buyer will be required to make an open offer to minority shareholders, providing them an ...

Fairfax Financial plans to merge Digit, IIFL Capital with IDBI Bank

Fairfax plans to combine IDBI Bank, Digit Insurance and IIFL Capital Services into an integrated financial services entity, subject to regulatory approvals

Exit strategy

Govt must push its disinvestment agenda aggressively

Why was IDBI Bank sold at ₹81 a share? Understanding the valuation

The government used an independent valuation benchmark of ₹75.99 per share after rejecting an earlier bid of ₹75 that fell short of the ₹94.42 reserve price

IDBI Bank-Fairfax deal: What RBI rules say on foreign ownership and control

While India allows substantial FDI in private sector banks, the RBI regulates who can own them, how much voting power shareholders can exercise and how much equity promoters can retain over time

IDBI Bank ownership change: Should customers worry about their deposits?

IDBI Bank privatisation: Will FD rates, EMIs or banking services change?