IDBI Bank employees are to go on strike across the country on 2nd and 3rd November against the proposed sale of the bank to Fairfax Financial Holdings. The United Forum of IDBI Officers & Employees has called a strike for the employees of the lender.

Key Highlights

• IDBI Bank employees will hold a nationwide strike on November 2–3 against the proposed sale to Fairfax.
• The employees’ forum cited public investment and staff contributions in the bank’s turnaround while opposing foreign control.

The union said that IDBI Bank's turnaround was due to sustained public investment and its employees' efforts in a press release. It said that the bank has done better due to years of collective effort, and raised concerns about the transfer of control to a foreign entity.

Also Read: IDBI Bank Sale to Fairfax Arm for Rs 52,000 Cr Gets Cabinet Nod

IDBI Bank Union Raises Concerns Over Proposed Sale

The workers' forum has raised concerns about the transfer of ownership from the workers to Fairfax, arguing that it would be giving over the control of the bank to a foreign investor. The union also pointed out the public investment and employee contributions in the lender's recovery process.

The nationwide strike aims to draw attention to the workers' opposition to the proposed transaction and their worries about the future ownership and control of the bank.

The protest is coming after the government's proposed divestment of its IDBI Bank stake which continues to be a critical milestone in the ownership change of the lender.