IDBI Bank employees to go on hunger strike in November
What's the story
IDBI Bank employees have announced a two-day nationwide hunger strike on November 2 and 3. The protest comes in response to the recent Cabinet decision to sell a majority stake in the bank to Canada's Fairfax Financial Holdings. The strike will be observed across all branches and offices of IDBI Bank across India.
Protest leadership
Strike notice served to IDBI Bank management
The protest is being led by the United Forum of IDBI Officers and Employees (UFIOE), which includes the All India IDBI Officers' Association and the All India Industrial Development Bank Employees' Association.
The forum has served a strike notice to IDBI Bank management under the Industrial Relations Code, 2020, demanding an end to the proposed sale.
Stake demands
Government should acquire 6% equity in IDBI Bank: UFIOE
The UFIOE has demanded that the government stop the sale and acquire at least 6% equity in IDBI Bank, either from LIC or through market purchases.
The forum wants this move to ensure the government's shareholding remains at a minimum of 51%, honoring assurances made in Parliament in December 2003 that the government would maintain majority ownership of the bank.
Assurance
Other demands by UFIOE
Along with the stake demands, the UFIOE has also sought written statutory assurances that existing service conditions, welfare measures, pension benefits, and reservation policies will be protected.
It has also asked for an option for current employees/officers to transfer to public sector banks while retaining their service, scale seniority, salary, and superannuation benefits.
Sale concerns
Concerns raised about impact on depositors, farmers, small borrowers
The UFIOE has opposed the proposed sale, saying it would impact the bank's public sector character despite its financial turnaround.
The forum has raised concerns about how privatization could affect depositors, farmers, small borrowers, and employees.
It also highlighted IDBI Bank's role in supporting industrial development and implementing government welfare schemes related to financial inclusion and social security.