IDBI Bank employees to hold nationwide strike on November 2 and 3
The United Forum of IDBI Officers & Employees is demanding the cancellation of the bank's proposed privatisation to Canada's Fairfax Group.
More than 10,000 IDBI Bank employees will observe a two-day nationwide strike on November 2 and 3, 2026. The United Forum of IDBI Officers & Employees called the protest to demand that the government and bank management scrap the proposed privatisation process.
The union alleged that the bank's recovery resulted from employee efforts and sustained public investment rather than foreign private ownership. It questioned transferring control to a foreign entity, citing concerns regarding national interest and public accountability.
According to the union, the government and Life Insurance Corporation of India (LIC) infused more than Rs 46,000 crore into the bank after it incurred losses between 2016 and 2020. The forum stated that employees helped restore the financial position by sustaining operations and retaining customers.
The forum cited financial data from the last six years, noting aggregate net profits of Rs 30,106.43 crore. It stated the gross non-performing asset (NPA) ratio fell from 31.78 per cent in 2018 to 2.30 per cent, while the net NPA ratio was 0.16 per cent.
The union expressed dissatisfaction with the valuation of the sale and questioned the transparency of the process. It also asked whether the transaction was structured to benefit the prospective buyer, Fairfax Group, and called for an independent examination.
The United Forum of Bank Unions has asked employees across the country to wear badges and join protest demonstrations in solidarity. The IDBI union warned that the agitation would intensify if the government does not respond to its demands.