Indian government under Modi sold a bank – Fact Check
Question asked:
“The Indian government under Prime Minister Narendra Modi recently sold a bank.”
Summary
The Indian government, led by Prime Minister Narendra Modi, has approved and completed the sale of a majority stake in IDBI Bank to Fairfax for about ₹52,878 crore. This transaction, finalized in 2026, represents a recent privatization move by the Modi administration.
Sources 56 searched
- The Story of IDBI: How India Let Go of Its Own Bank | Countercurrents
Policyholders’ savings propped up a weak bank, raising questions at the time. The sale took five years. The government first approved it in 2021, and the first round of bids in January 2026 failed.
- IDBI Bank - Wikipedia
As of March 2018, the total Non Performing Assets (NPA) rose to ₹55,588 crore (equivalent to ₹810 billion or US$8.4 billion in 2026) and were about 28 percent of its total loans. This was the highest among Indian banks. The Union government intervened, with Life Insurance Corporation bailing ...
- Privatisation of public sector undertakings in India - Wikipedia
NSDL, In 2025 SUUTI (Specified ... of the Government of India, along with that PSBs such as IDBI Bank, Union Bank of India and State Bank of India sold their stakes partially through IPO. Ferro Scrap Nigam Limited was privatized and taken over by Konoike Transport Co. Ltd., Japan in 2025. Dugda Coal Washery, Bokaro of Bharat Coking Coal was handed over to JSW Steel in 2026. Indian Medicines ...
- Nirav Modi - Wikipedia
The Union Bank of India sued Modi in a Hong Kong court. Union Bank claimed in a writ filed at the High Court on 26 September 2018 that Modi guaranteed two loans made to Firestone Trading Private and Firestar Diamond in 2011.
- IDBI Bank sale tests India’s privatisation strategy | Policy Circle
The ₹52,878 crore sale of IDBI Bank to Fairfax could encourage more foreign investment in Indian banking, but the difficulties of valuation and regulation remain. ... The Union Cabinet’s approval of the sale of a 60.72% stake in IDBI Bank ...
- IDBI Sale: Modi Government Seals ₹52,878 Crore Deal
The Narendra Modi government’s approval of the ₹52,878 crore sale of IDBI Bank has emerged as a major milestone in
- What are the details of the government’s sale of IDBI | Explained - The Hindu
IDBI Bank’s sale to Fairfax marks India’s largest FDI in financial services, detailing deal contours, regulatory shifts, and future implications.
- What is PNB Scam | PNB Fraud Case | Nirav Modi Case
The Punjab National Bank scam relates to fraudulent letter of undertaking worth Rs 10,000 crore issued by the bank. The key accused in the case were jeweller and designer Nirav Modi, his maternal uncle Mehul Choksi, and other relatives and some PNB employees.
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