IDBI Bank Employees Announce Two-Day Hunger Strike On November 2-3 Against Fairfax Deal

IDBI Bank employees and officers have announced a two-day nationwide hunger strike on November 2 and 3 to oppose the proposed sale of the lender to Canada-based Fairfax Financial Holdings Group.

The United Forum of IDBI Officers and Employees (UFIOE) has issued a formal strike notice to the bank's management under the Industrial Relations Code, 2020.

The forum comprises the All India IDBI Officers' Association and the All India Industrial Development Bank Employees' Association. The protest will cover IDBI Bank branches and offices across the country.

Bank Unions Demand Govt Retain 51% Stake

The UFIOE has urged the Central Government to abandon the proposed privatisation and retain majority ownership of IDBI Bank.

It has demanded that the government acquire at least 6% additional equity, either from Life Insurance Corporation of India (LIC) or through market purchases, to maintain a minimum 51% shareholding.

The forum cited assurances made in Parliament in December 2003 regarding continued government majority ownership.

The proposed transaction involves reducing the government's and LIC's stakes and transferring management control to the Fairfax group.

The unions argue that privatisation could undermine IDBI Bank's public sector character despite its financial recovery.

They also expressed concerns about potential consequences for depositors, farmers, small borrowers and employees.

Employees Seek Pension Protection, Job Security

The forum has demanded legally binding written assurances protecting existing service conditions, employee welfare measures, pensions and reservation policies.

It also wants industry-level wage revisions and pension arrangements to continue.

If the sale proceeds, the unions have sought an option for existing employees and officers to move to public sector banks without losing seniority, salary, service benefits or retirement entitlements.

They have additionally demanded the absorption of outsourced and contractual workers.

The forum highlighted IDBI Bank's contribution to industrial development, financial inclusion and government welfare programmes.

It has appealed to employees, customers, depositors, trade unions and civil society organisations to support the agitation.

While expressing willingness to negotiate with the government and bank management, the forum warned that unresolved demands could trigger prolonged protests, including an indefinite strike.