Sitharaman Slams INDIA Alliance Over PSB Mismanagement, Counters Akhilesh on IDBI-Fairfax Deal

Union Finance Minister Nirmala Sitharaman has responded to Samajwadi Party chief Akhilesh Yadav's criticism of the proposed IDBI Bank-Fairfax deal, hitting back at the INDIA alliance over its record on public sector banking.

Sitharaman alleged that the UPA government left banks in a weakened state marked by mounting bad loans and crony capitalism. She defended the Modi administration's approach to banking sector reforms, crediting it with strengthening financial institutions and extending financial services access to economically disadvantaged sections of society.

Akhilesh Yadav had termed the IDBI Bank disinvestment a "Season End Sale," drawing sharp criticism from the Finance Minister. The exchange has reignited political debate over bank privatisation, public sector banking reforms, and the contrasting financial legacies of the UPA and Modi governments.