Kejriwal writes to PM Modi: Stop privatisation of IDBIhttps://indianexpress.com/article/india/india-news-india/arvind-kejriwal-writes-to-pm-narendra-modi-stop-privatisation-of-idbi/

Kejriwal writes to PM Modi: Stop privatisation of IDBI

In the letter, Kejriwal said in the last five decades, IDBI has played an important role in the industrial development of the country through its coordination with many financial institutions.

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Prime Minister Narendra Modi and AAP chief Arvind Kejriwal.

Delhi Chief Minister Arvind Kejriwal has written to Prime Minister Narendra Modi, urging him to stop the privatisation of IDBI.

In the letter, Kejriwal said in the last five decades, IDBI has played an important role in the industrial development of the country through its coordination with many financial institutions.

“Now, the government wants to privatise it by reducing its stake, which is 51 per cent. It is a financial institution which helps industrial sectors,” said the chief minister. Kejriwal pointed out that the reason given for IDBI’s proposed privatisation was that the government wanted to earn by selling its share in IDBI.

“If this is the real reason, this step would be so wrong. IDBI is a profit-making bank and has earned a profit of Rs 1,117 crore. Selling a profitable bank is not right. I have been told that government will earn Rs 2,000-3,000 crore as profit after selling its share. IDBI’s NPA is approximately Rs 19,000 crore and net NPA is approximately Rs 9,000 crore. This is the amount that has been loaned to big industrial houses,” said the CM.