Stories
Nirmala Sitharaman Slams Akhilesh Yadav Over UPA Banking Record and IDBI Stake Sale
- •Finance Minister Nirmala Sitharaman strongly criticized Samajwadi Party chief Akhilesh Yadav for his comments on the IDBI Bank stake sale.
- •Sitharaman accused the SP and its INDI Alliance partners of remaining silent while the UPA government ruined public sector banks through phone banking and crony capitalism.
- •The Union Cabinet recently approved the sale of a 60.72 percent stake in IDBI Bank to Canada-based Fairfax for Rs 52,878 crore.
- •The Finance Minister highlighted that the NDA government successfully revitalized the banking sector and IDBI Bank through capital infusion and transparent policies after inheriting heavy NPAs from the UPA era.
Key Questions Answered
Finance Minister Nirmala Sitharaman criticized Akhilesh Yadav over his criticism of the IDBI Bank stake sale. She accused his party of supporting the UPA government, which she claimed ruined public sector banks through phone banking and crony capitalism.
The Union Cabinet approved selling a 60.72 percent stake in IDBI Bank for Rs 52,878 crore to Canada's Fairfax. Fairfax won the bid at Rs 81 per share, with the transfer including a 30.48 percent government holding and a 30.24 percent stake held by LIC.
Nirmala Sitharaman stated that Prime Minister Narendra Modi's NDA government revitalized IDBI Bank and the wider banking system through transparent policies and capital infusion. She noted that the banking sector is now in a strong position following years of struggle with heavy NPAs.
