IDBI Bank employees call two-day hunger strike over proposed sale to Canadian firm
The union demands the government maintain a majority stake and protect employee benefits and the bank's public sector character.
Employees of IDBI Bank will hold a two-day nationwide hunger strike on Nov. 2 and 3, 2026, to protest the proposed sale of the bank to a Canadian financial firm.
The United Forum of IDBI Officers and Employees (UFIOE) issued the strike notice, opposing the sale to 10955230 Canada Inc., the parent entity of Fairfax Financial Holdings.
"We remain hopeful that the bank management and the Centre will intervene constructively to resolve the dispute in the interest of employees, depositors, small borrowers and the nation," the notice said.
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The forum demanded the central government buy a minimum six per cent shareholding of the bank to maintain at least a 51 per cent stake, honouring assurances made in Parliament in December 2003.
It also demanded a written statutory assurance safeguarding existing service conditions, welfare measures, pension and reservation policies.
The union said it will defend the public sector character of employment for all workmen and officers at the bank.
The strike will be observed across all branches and offices throughout the country, UFIOE leaders said.
"In case if the demands are not fulfilled, we may be forced to intensify future agitation programmes with prolonged strike action and may include indefinite strike call without any further notice," the notice added.
The union comprises the All India IDBI Officers’ Association and the All India Industrial Development Bank Employees’ Association.
The notice, dated Oct. 16, 2026, was sent to the bank's managing director and chief executive officer.
It demands the government and the Life Insurance Corporation of India stop the proposed sale of their shares.
The union has sought the signing of a memorandum of understanding with any new management to protect existing employees' service conditions, wage revisions and pension benefits.
It has also demanded the absorption of about 15,000 outsourced and contractual employees.
The forum raised concerns about the future of employees if the bank is privatized, demanding they be given the option to transfer to another public sector bank with their existing benefits protected.
The notice highlights concerns about the impact of privatization on depositors, farmers, small borrowers, students and beneficiaries of government welfare schemes.
It cited IDBI Bank's role in implementing schemes such as the Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Mudra Yojana.
The union argues continued government ownership is important for maintaining these services.
The proposed sale was announced earlier in October.
The Cabinet Committee on Economic Affairs approved Canada Inc. as the strategic buyer for the transaction.
The purchase consideration is 52,878 crore rupees for the acquisition of a 60.72 per cent stake in the bank.
This stake comprises 30.48 per cent equity shareholding held by the central government and 30.24 per cent held by LIC.
A Finance Ministry statement called it the biggest foreign direct investment in India to date.
With files from TradingView and Thekanal