KTR questions proposed sale of IDBI Bank, asks if its valuable real estate assets were factored in valuation
BRS working president sought to know why the concerns raised by IDBI Bank employees over the proposed disinvestment were not being addressed
Bharat Rashtra Samithi (BRS) working president K.T. Rama Rao has raised questions about the proposed sale of IDBI Bank to a private entity, expressing concerns over the valuation and the treatment of the bank's valuable real estate assets. The Bharatiya Janata Party (BJP) led Union government approved Fairfax's 52,878 crore rupee bid for the largest foreign direct investment (FDI) ever in India's financial sector.
Public sector undertakings (PSUs) and public sector banks are national assets that must be protected, according to KTR. He questioned why the rules and valuation methodology were altered after the bids fell short of the reserve price. The government's strategic restructuring does not impact IDBI Bank's regulation or customer-facing duties, as per sources in the Ministry of Finance.
IDBI Bank will continue to provide government financial inclusion, social security, and pension schemes. KTR also inquired whether the bank's prime land holdings, including in Hyderabad, were adequately considered in the valuation. He raised doubts about the government's urgency in selling the reputed public sector bank and asked what the rush was about before the disinvestment.
Written by urgent.news from The Hindu's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
