The four-time MP from Chandigarh, Bansal has been elected from Chandigarh in 1991, 1999, 2004 and 2009.
This time, he is facing three women contenders. These are actress Kirron Kher of the Bharatiya Janata Party (BJP), actress and former Miss India Gul Panag of the Aam Aadmi Party (AAP) and Janat Jahan of the Bahujan Samaj Party (BSP).
However, 66-year-old Bansal has already 'downplayed' their presence by saying that "paratroopers cannot do some overnight magic".
Bansal has been elected from Chandigarh in 1991, 1999, 2004 and 2009.
Bansal defeated BJP's Satya Pal Jain in both 2004 and 2009, by over 45,000 and 58,000 votes, respectively.
Bansal was forced to quit from the ministry in May last year after his nephew, Vijay Singla was arrested by the Central Bureau of Investigation (CBI) in the cash-for-job scam while allegedly accepting a bribe of Rs 90 lakh.
Bansal was not named by the CBI in its chargesheet in the bribery scandal and was made a prosecution witness. However, he had to quit as minister.
On Friday, He expressed hope that he would emerge victorious from the seat.
"People of Chandigarh have full faith in me. They do not believe in whatever was being said about me," the former Union Minister told reporters after his renomination from Chandigarh seat was announced by Congress in New Delhi.
Polling will be held on April 10 in Chandigarh.
(With agency inputs)