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CPI(M) challenges IDBI bank sale, flags foreign ownership and valuation concerns

New Delhi, Oct 25 (UNI) The Communist Party of India (Marxist) has stepped up its opposition to the privatisation of public sector banks, questioning the union Cabinet’s approval for the sale of a 60.72 per cent stake in IDBI Bank to Canada-based Fairfax Financial Holdings and alleging that the proposed transaction raises serious concerns over foreign ownership restrictions, share valuation and the future of public banking in India.

#CPI(M) challenges IDBI bank sale # flags foreign ownership and valuation concerns