IDBI Bank employees plan two-day hunger strike to block Fairfax sale

A coalition of IDBI Bank officers and employees, organized as the United Forum of IDBI Officers and Employees (UFIOE), announced a two-day hunger strike on November 2 and 3 to oppose the planned sale of the bank to Fairfax Financial Holdings Group. The forum demands that the government block the transaction and purchase a minimum of 6% equity, either from Life Insurance Corporation of India or on the open market, to preserve a 51% majority stake as pledged in Parliament in 2003.

It also seeks written assurances that existing employment terms, welfare benefits, pension schemes, and reservation policies will be protected. Additionally, the union wants a pathway for current staff to move to other public-sector banks with their seniority and benefits intact, and for outsourced workers to be absorbed. The protest highlights concerns that privatization could undermine the bank’s public-sector character and affect depositors, farmers, small borrowers, and employees. UFIOE has called on customers, trade unions, and civil-society groups to support the agitation and warned that it could extend to a longer strike if demands are not met.