Rahul Gandhi Questions Centre’s Decision to Sell Profitable IDBI Bank to Canada’s Fairfax

Congress leader and Lok Sabha Leader of Opposition Rahul Gandhi has questioned the Union government's decision to sell a majority stake in IDBI Bank to Canada-based Fairfax Financial Holdings. Supporting the bank employees opposing the proposed disinvestment, Rahul asked why the government was selling a public sector bank that had returned to profitability. He pointed out that IDBI Bank, which was facing losses around seven years ago, earned a net profit of more than ₹9,000 crore in the previous financial year. The bank reported a net profit of ₹9,513 crore in FY 2025–26.

The Union Cabinet Committee on Economic Affairs approved Fairfax Financial Holdings as the strategic buyer for a 60.72% stake in IDBI Bank, comprising 30.48% held by the Centre and 30.24% held by the Life Insurance Corporation of India (LIC). The transaction is valued at approximately ₹52,878 crore. Following the proposed sale, the Centre and LIC will retain a combined 34% stake in the bank. Rahul has also raised concerns over the protection of employees' service conditions, reservation policies and depositors' interests.