Hyderabad: BRS working president and former minister KTR questioned the Centre over the proposed IDBI Bank privatisation, alleging that the bank’s value could be understated during the sale process. He said public sector undertakings and government-owned banks were national assets that everyone had a responsibility to protect.
KTR issued a statement on social media platform X, formerly Twitter, raising concerns over the Centre’s attempts to privatise IDBI Bank. He said reports about the bank’s alleged undervaluation had caused serious concern.
He questioned why the government had considered changing bidding conditions and valuation procedures after offers fell below the reserve price. KTR sought an explanation for the changes and their implications for the proposed sale.
IDBI Bank privatisation raises questions over property valuation
KTR also drew attention to IDBI Bank’s extensive real estate holdings. He pointed out that the bank owned valuable properties in major cities, including prime land in Hyderabad.
He questioned whether authorities had properly assessed the value of these assets. Alternatively, he asked whether the valuation process had deliberately placed a lower figure on the properties.
The BRS leader also criticised the Centre for not addressing concerns raised by IDBI Bank employees. He said the employees had raised legitimate questions and expressed concerns about the proposed transaction.
KTR argued that the government owed the public clear answers before transferring a major, established public sector bank into private hands. He insisted that the Centre should explain the valuation process and address the objections surrounding the sale.
He also questioned the urgency behind the IDBI Bank privatisation process. KTR demanded that the Centre clarify why it was pressing ahead with the proposed sale.