IDBI staff urge government to pause Fairfax Financial sale
Business
IDBI Bank staff are urging the government to pause its plan to sell a majority stake in the bank to Fairfax Financial.
Their main worries? They want Parliament to review the deal, pointing out shaky market conditions and unclear asset values.
Employees also question whether the government is sticking to its promise of keeping a big share in IDBI.
Devidas Tuljapurkar calls for valuation transparency
The employees' forum, led by Devidas Tuljapurkar, is calling for more openness about how the bank's value was calculated.
He said regulatory approval alone could not replace public accountability in the transfer of control of a major Indian bank.
The group also fears this sale could hurt job security and reduce financial services for people who need them most.