IDBI employees plan nationwide strike to protest sale to Fairfax
Business
IDBI Bank staff are planning a nationwide strike on November 2 and 3. They are protesting the government's move to sell a 60% stake in the bank, currently held by the government and LIC, to Canada's Fairfax Financial Holdings.
The United Forum of Bank Unions (UFBU) has rallied behind IDBI employees and appealed to its members to participate in this action.
UFBU says sale breaches 51% pledge
The unions say selling most of IDBI Bank to a foreign company threatens public ownership and breaks an old government promise to keep at least 51% control.
They also argue it goes against India's push for self-reliance, with the UFBU urging that the sale raises concerns about public ownership and the government's stated commitment to self-reliance, or Atmanirbhar Bharat.