Rahul Gandhi stands with IDBI Bank Employees, Read his Letter!

Rahul Gandhi has written a letter to the employees of IDBI Bank. Read his letter below.

Rahul Gandhi’s Letter

Dear Members of the IDBI Bank family,

In March last year, a group of you came to meet me in Parliament House. You asked me a simple question: why is the government selling a bank that you have made profitable?

I took that question to the Lok Sabha. I asked why a profitable public bank was being sold, and how its employees and depositors would be protected. The government gave no reason. Now it has decided to sell IDBI Bank to Fairfax, a Canadian company.

IDBI began as a pioneering development bank. The journey to a commercial bank has been difficult, but you have faced the challenges. Seven years ago, IDBI was losing money. Last year, it earned a profit of over nine thousand crore rupees. That turnaround is your work.

An institution built with public money belongs to the public. Today, the government and LIC own ninety-five per cent of this bank. After the sale, they will own thirty-four per cent.

In 2003, the government promised Parliament that it would always hold at least fifty-one per cent of IDBI. That promise may not be written into law, but a promise made to Parliament is a promise made to the people of India.

When IDBI is privately owned, reservation for SC, ST and OBC candidates will go with it. Your service conditions, already weakened, will lose their last protection.

The Congress has always believed in a strong public sector working alongside the private sector. Public banks are not assets to be sold off, they are tools to build the nation.

You asked me to stand with you. I stand with you in your fight today, and fully support all your legitimate demands.

Stay together. Stay determined. Jai Hind.