EAS Sarma urges President to review IDBI Bank sale
In short
Former civil servant EAS Sarma has asked the President to review the proposed sale of IDBI Bank to Fairfax. He wants an independent inquiry and says the process is not transparent.
This matters because the bank is a public sector company and the sale could affect its future role. The report does not say what the government will do next.
What the reporting says
Former civil servant EAS Sarma urged the President to reconsider the proposed IDBI Bank sale to Fairfax and seek an independent inquiry. In letters cited by publisher summaries, he argued the process lacks transparency, could undervalue public assets, and may affect the bank’s development and welfare role as a CPSE. The immediate consequence is renewed scrutiny of the disinvestment process, while the final government response is not stated.
Why it matters
Former civil servant EAS Sarma urged the President to reconsider the proposed IDBI Bank sale to Fairfax and to order an independent inquiry. According to the publisher summaries, he said the process may lack transparency, could undervalue public assets, and might affect the lender’s development and welfare responsibilities as a CPSE. The immediate issue is heightened scrutiny of the privatisation plan, but the government’s response is not stated.