Now Reading: Congress demands JPC probe into IDBI Bank sale to Fairfax
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Congress demands JPC probe into IDBI Bank sale to Fairfax
The Story in Brief
The Congress on Monday, 2 November demanded a Joint Parliamentary Committee (JPC) probe into the proposed sale of IDBI Bank to Canada's Fairfax Financial Holdings, alleging the Modi government was bypassing rules to sell a profitable public sector bank. Congress leaders Jairam Ramesh and Shaktisinh Gohil told a press conference that the bank's cumulative profits from FY21 to FY26 were Rs 30,105 crore and its NPAs were only around 2 per cent. They claimed Fairfax would effectively use IDBI's own money to finance the acquisition.
The Congress also played an old video of former finance minister Jaswant Singh assuring Parliament in 2003 that the government's stake in IDBI would not fall below 51 per cent. The government on 14 October approved the sale of a 60.72 per cent stake for about Rs 53,000 crore. Completion is expected by the end of FY2026-27, subject to RBI clearance.
Indian Opinion Analysis
All three outlets report Congress's allegations against the IDBI Bank sale, but the stance cuts across the coverage. Times Now and New Indian Express lead with Congress's accusation of a ‘scam’ and the party's demand for a JPC probe, while National Herald foregrounds the allegation that Fairfax is a ‘Modi-friendly’ group and that the bank's own money is being used for the acquisition. The two wire-service-style reports essentially reproduce the Congress press conference verbatim without independent scrutiny, giving the party's claims full weight. National Herald adds the detail of Prem Watsa's praise for Modi, a framing absent from the other two. Overall, no outlet counters or questions the Congress allegations, making the coverage across all three sources a straight relay of the opposition's case. The government has approved the sale and completion is expected by the end of FY2026-27, subject to RBI clearance.
Coverage: 3 sources, 2 government-critical, 1 neutral
Sources (3): timesnownews.com (government critical), newindianexpress.com (neutral report), nationalheraldindia.com (government critical)
This brief was synthesised by AI from the 3 sources linked above, so one read covers every framing they carry. Methodology and corrections.
