IDBI Bank employees call nationwide strike on November 2-3 over proposed sale to Fairfax

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More than 10,000 IDBI Bank employees across the country will observe a two-day nationwide strike on November 2 and 3, 2026, demanding the cancellation of the bank's proposed privatisation process.

The strike has been called by the United Forum of IDBI Officers & Employees, which represents employees across the bank. The union has demanded that the government and IDBI Bank management scrap the proposed privatisation, alleging that the bank's turnaround has been the result of sustained public investment and employee efforts rather than foreign private ownership.

In a press release, the union said the bank's remarkable turnaround was the result of sustained public investment and employee contributions. It also questioned the transfer of control to a foreign entity, raising concerns over public accountability and national interest.

IDBI Bank incurred losses between 2016 and 2020 following the recognition of stressed assets through the Reserve Bank of India's Asset Quality Review, initiated under then RBI Governor Raghuram Rajan. During this period, the government and the Life Insurance Corporation of India (LIC) infused more than Rs 46,000 crore into the bank, the union said.

The employees also played a crucial role in retaining customers, sustaining operations and rebuilding confidence during the difficult years, helping restore the bank's financial position, it added.

Citing figures from the past six years, the forum said IDBI Bank recorded aggregate net profits of Rs 30,106.43 crore, while its gross non-performing asset (NPA) ratio declined from 31.78 per cent in 2018 to 2.30 per cent. The net NPA ratio stood at 0.16 per cent, while the bank's capital adequacy ratio was 26.38 per cent and provision coverage ratio was 99.31 per cent.

Despite the improvement in the bank's financial performance, the government is pursuing the transfer of control to Canada's Fairfax Group. The union has termed the proposed valuation grossly inadequate and raised concerns over transparency in the sale and valuation process.

The forum also questioned whether the transaction had been structured in favour of the prospective buyer, calling for full public disclosure and an independent examination before any further steps are taken.

It further argued that the proposed privatisation was against the interests of the bank, its employees, shareholders and the country, adding that an institution revived using public money should not be treated merely as an asset for disposal.

Meanwhile, the United Forum of Bank Unions has appealed to bank employees across the country to wear badges and participate in protest demonstrations in solidarity with the striking IDBI Bank employees.

The United Forum of IDBI Officers & Employees has urged the government to cancel the privatisation process and initiate meaningful dialogue on strengthening the bank while protecting public investment and employees' interests. It warned that the agitation would be intensified if the government failed to respond.