IDBI Bank employees plan nationwide hunger strike over proposed sale
IDBI Bank Limited (IDBI) employees will hold a nationwide two-day hunger strike on November 2 and 3 to oppose the proposed sale of a majority stake in the bank to 10955230 Canada Inc., the parent entity of Fairfax Financial Holdings.
The employee forum is seeking a government purchase of at least 6% of IDBI Bank’s shares to keep public ownership at a minimum of 51%. It also wants statutory protection for existing service conditions, welfare benefits, pensions and reservation policies.
The protest will cover branches and offices across India, with the unions warning that longer industrial action, including an indefinite strike, could follow if their demands are not met. The government has approved the sale of a 60.72% stake for ₹52,878 crore, including shares held by the Centre and Life Insurance Corporation of India. IDBI Bank shares were quoted at ₹84.12, up 0.80% on the day.
Key points
- IDBI Bank employees plan a nationwide hunger strike on November 2 and 3.
- The unions oppose the proposed sale of a 60.72% stake to 10955230 Canada Inc.
- The employee forum wants government ownership of at least 51% to be maintained.
- The government approved the transaction for ₹52,878 crore.
- The unions may consider prolonged or indefinite strike action if demands are not met.
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How we writeDisclaimerQuestions and answers
Why are IDBI Bank employees planning a hunger strike?
Employees are protesting the proposed sale of a majority stake in IDBI Bank and seeking government ownership of at least 51%, along with statutory protection for jobs and benefits.
Who is buying the majority stake in IDBI Bank?
10955230 Canada Inc., the parent entity of Fairfax Financial Holdings, has been approved as the strategic buyer for a 60.72% stake in IDBI Bank for ₹52,878 crore.