States » WestPosted at: Oct 16 2026 10:02PM

Mumbai, Oct 16 (UNI) Maharashtra Pradesh Congress Committee's Economics department chief Vishwas Utagi today opposed the proposed sale of the Centre and Life Insurance Corporation of India (LIC)'s combined 60.72 per cent stake in IDBI Bank to Canada's Fairfax Financial Holdings Limited for Rs 52,283 crore, calling the move "illegal and detrimental to national interests".
Addressing a press conference at party headquarter Tilak Bhavan here, he demanded that the Centre rescind its decision, arguing that the sale of a majority stake in a public sector bank to a foreign company required parliamentary approval.
Utagi said IDBI Bank, established by the Government of India in 1964 as a development financial institution, had significantly improved its performance over the past five years and was earning substantial profits. He also cited the bank's land assets in Mumbai and Hyderabad, valued at around Rs 1 lakh crore, and its network of 2,200 branches across the country.
He questioned the proposed valuation, stating that the estimated sale proceeds had reportedly declined from Rs 1 lakh crore to Rs 82,000 crore, then Rs 72,000 crore, and finally Rs 52,283 crore.
Utagi also raised concerns over LIC's investment in the bank at Rs 61 per share in 2018, claiming that the proposed transaction could adversely affect policyholders' interests.
He further questioned how nearly 61 per cent of a public sector bank could be sold to a foreign investor when foreign investment in private banks was capped at 49 per cent, according to his statement.
Warning that the proposed sale could have implications for other public sector banks, including the State Bank of India, Utagi alleged that the Centre intended to consolidate the country's 12 major public sector banks into three entities. UNI SP SS