IDBI Bank staff plan nationwide strike against Fairfax takeover

The United Forum of IDBI Officers and Employees (UFIOE) has announced a two-day nationwide hunger strike scheduled for November 2 and November 3. The protest, which will span all IDBI Bank branches and offices, is a response to the proposed sale of a majority stake in the bank to Canada-based Fairfax Financial Holdings Group.

The UFIOE, comprising the All India IDBI Officers’ Association and the All India Industrial Development Bank Employees’ Association, is demanding that the government halt the transaction to prevent the dilution of government and Life Insurance Corporation of India (LIC) shareholdings. The forum has called on the government to acquire at least 6 per cent equity to ensure its total shareholding remains at a minimum of 51%, citing 2003 parliamentary assurances regarding majority ownership.

In addition to equity concerns, the union is seeking written statutory assurances to protect existing service conditions, pension benefits, welfare measures, and reservation policies. They have also requested that employees be given the option to transfer to public sector banks with their seniority and salary protected if the sale proceeds. The forum expressed concerns that privatization could negatively impact the bank’s public sector character and affect depositors, farmers, and small borrowers.