New Delhi, Delhi: Employees of IDBI Bank have called for a two-day nationwide strike on November 2 and 3 to protest against the proposed privatisation of the bank. More than 10,000 bank employees are expected to participate in the strike. The employees’ union has demanded that the government withdraw the privatisation process.
The strike has been called by the United Forum of IDBI Officers and Employees, an organisation representing the bank’s officers and employees. The employees argue that the bank is financially strong and should not be privatised under the current circumstances.
Proposal to Sell Stake for ₹52,878 Crore
Canada-based Fairfax Financial Holdings Limited is set to acquire a 60.72% stake in IDBI Bank. The proposed transaction is valued at ₹52,878 crore.
Under the deal, the Central Government plans to sell its 30.48% stake, while the Life Insurance Corporation of India (LIC) will sell its 30.24% stake.
Fairfax Financial Holdings is led by Indian-origin Canadian billionaire Prem Watsa. The proposed transaction has intensified opposition among bank employees.
Employees Demand Withdrawal of Privatisation Plan
The employees’ organisation maintains that the government should reconsider its privatisation decision, given the bank’s current financial position. The union has demanded that IDBI Bank continue operating under its existing ownership structure.
The two-day strike is expected to disrupt regular banking operations at branches across the country. Customers may face difficulties with cash transactions, cheque-related services and other branch-based banking facilities.
The employees’ organisation remains firm in its protest against the proposed privatisation. Attention is now focused on the next steps taken by the government and other stakeholders.
