Congress Demands JPC Probe and Halting of IDBI Bank Sale to Fairfax Financial

The Congress party demanded an immediate halt to the proposed sale of IDBI Bank to Canada's Fairfax Financial Holdings and called for a Joint Parliamentary Committee probe into the transaction.

Congress leaders alleged valuation irregularities, stating that the government reduced the valuation from ₹94.42 to ₹75 a share after bids opened and finalized the deal at ₹81 a share.

The opposition party claimed the foreign buyer intends to use IDBI Bank's own resources to finance a portion of the roughly ₹53,000 crore acquisition of the 60.72% stake.