India’s largest financial-sector FDI is coming. But what does the public get?

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On 14 October, the Cabinet approved selling nearly 61% of IDBI Bank to the Canadian firm Fairfax for nearly ₹53,000 crore. Once completed, it will be the largest FDI in India’s financial sector. But IDBI was rescued with public money, largely through LIC. Now LIC stands to get back roughly what it put in. The government and LIC who will now hold roughly a third are set to hand over management control to Fairfax. IDBI employees, meanwhile, are planning a hunger strike against the sale. Was ₹81 a…