Hyderabad: Raising strong objections to the proposed privatisation of IDBI Bank, Bharat Rashtra Samithi (BRS) working president KT Rama Rao (KTR) demanded that the Union government explain the urgency behind selling a reputed public sector bank to a private entity amid growing allegations of asset undervaluation.
Emphasising the vital role of Public Sector Undertakings (PSUs) and public sector banks as core national assets, Rama Rao questioned the transparency of the transaction. "Before selling off a reputed public sector bank to a private player, the Union government owes the country some straight answers. What’s the hurry?" Rama Rao wrote in a post on X.
He highlighted that IDBI Bank holds significant real estate assets, including valuable land parcels in Hyderabad, and questioned whether these holdings were accurately assessed and accounted for in the sale valuation. "Reports about undervaluation of IDBI Bank are really concerning. Why were the rules and valuation methodology changed when bids fell below the reserve price? Why are the concerns raised by the IDBI employees not being addressed?" he asked.
In tandem with his statements, the All India IDBI Officers Association—which has consistently opposed the privatisation move—appealed to the BRS leader to intervene and push for a formal review. The association reiterated that IDBI Bank has posted strong financial recoveries and consistent profit growth in recent years, making a sale at a reduced valuation detrimental to public interest, employee job security, reservation safeguards, and the wider economic ecosystem supporting MSMEs and agriculture.
