The United Forum of IDBI Officers and Employees began a two-day hunger strike on November 2, 2026, against the sale of a 60.72% stake to a Fairfax Financial Holdings subsidiary for about Rs 52,878 crore, according to The Sunday Guardian and other reports.
The forum demands withdrawal of the sale, at least 51% government ownership and written assurances on employee rights, and has warned of a longer strike.
IDBI Bank says UPI, ATMs and internet banking should keep working, but the impact on branches is not confirmed.
The reports predate the strike, so its actual scale is unverified.
Other demands include protecting existing service conditions and welfare benefits, safeguarding pension and retirement benefits, and continuing reservation policies and industry-level wage revisions.
The forum also wants protection for contractual and outsourced workers and has asked for written assurances on employee rights if ownership changes.
Reports say the forum has also demanded absorption of around 15,000 outsourced and contractual workers.
The forum wants employees to have an option to move to public sector banks while keeping their service records, seniority, pay scales and retirement benefits.
The forum has warned it could intensify its agitation, including a prolonged or indefinite strike, if the demands are not met.
The Joint Platform of Central Trade Unions has urged a halt to the disinvestment and called for an independent investigation and a Parliamentary review, according to reports.
Congress leader Rahul Gandhi has opposed the sale, arguing that privatisation could cost Scheduled Caste, Scheduled Tribe and Other Backward Classes candidates their reservations, according to Business Standard.
Another opposition leader, K T Rama Rao, has questioned the Centre’s urgency and raised concerns about valuation, according to The Daily Pioneer.
The forum had earlier held a one-day nationwide hunger strike on July 27, 2026, according to reports.
Branch-based services may be disrupted depending on how many employees take part at each branch, and a complete shutdown of every branch has not been confirmed, according to The Sunday Guardian.
IDBI Bank branch, Paravur (file image), Wikimedia Commons, CC BY-SA 3.0
