IDBI Bank's United Forum of IDBI Officers & Employees (UFIOE) is urging the RBI to hit pause on the big plan to sell a 60.72% stake in the bank to 10955230 Canada Inc. the entity linked to Fairfax Financial Holdings Ltd.
They are asking for a full review of how this ₹52,878 crore deal, approved by the Cabinet Committee on Economic Affairs, will work before anything moves forward.
IDBI union seeks Fairfax probe, safeguards
The union is questioning where Fairfax's funding is coming from and wants an investigation into its parent company, 10955230 Canada Inc.
They are also making it clear that IDBI Bank's own deposits or assets should not be used for this buyout.
Plus, they are pushing for strong protections for both depositors and employees, saying public control matters and jobs should not be at risk if ownership changes.