Union Minister Rijiju challenges Congress to answer ‘basic questions’ amid row over SIR, CEC

The Congress party has questioned the Modi government's approval of selling a 60.72% stake in IDBI Bank to Canada's Fairfax Financial Holdings for approximately ₹53,000 crore. This sale marks the largest foreign investment in an Indian bank and represents a significant milestone in the country's delayed banking privatization process.

Congress general secretary Jairam Ramesh expressed concerns about transparency and conflicts of interest, asking why such issues arise with every major government deal under the Modi administration.

Ramesh highlighted that IDBI Bank, established in 1964, played a pivotal role in financing the private sector and driving India's industrial development. He also pointed out that the bank has historically contributed to the creation of key institutions such as SIDBI, EXIM Bank, NSE, SEBI, and NSDL. Ramesh questioned the justification for selling such a historic institution, which generated nearly ₹10,000 crore in profit during the last financial year, to a foreign firm like Fairfax.

The controversy deepened when it was revealed that Gurumoorthy Mahalingam, an independent director at LIC, had served on the boards of both LIC and Thomas Cook India, a company controlled by Fairfax, for seven months. During this period, LIC initiated the process of selling its 30.24% stake in IDBI Bank, while Fairfax was among the bidders. Mahalingam's dual role as a member of LIC's Investment Committee further raised concerns about potential conflicts of interest.