More than 10,000 IDBI Bank employees working across over 2,000 branches nationwide will observe a two-day strike on 2 and 3 November 2026, demanding cancellation of the Bank’s privatisation process.
The United Forum of IDBI Officers & Employees asserts that IDBI Bank’s remarkable turnaround is the result of substantial public investment and the sustained efforts of its employees. Transferring control of the revived institution to a foreign entity raises serious questions of public accountability and national interest.
IDBI Bank incurred losses during 2016–2020, following the recognition of stressed assets through the Reserve Bank of India's Asset Quality Review initiated under the then Governor, Dr. Raghuram Rajan. The exercise exposed the accumulated bad-loan problem across public sector banks. During this period, the Government of India and the Life Insurance Corporation of India infused more than Rs. 46,000 crore into IDBI Bank.
Employees played a crucial role in retaining customers, sustaining operations and rebuilding confidence during these difficult years. Their collective efforts, supported by taxpayers’ and LIC policyholders’ money, helped restore the Bank’s financial strength.
According to the figures cited by the Forum, the Bank has earned aggregate net profits of Rs. 30,106.43 crore over the past six years, with progressively stronger performance. Its gross NPA ratio, which had reached 31.78% in 2018, has declined to 2.30%, while its net NPA ratio stands at 0.16%. Its capital adequacy ratio is 26.38%, and its provision coverage ratio is 99.31%.
These achievements should provide the foundation for strengthening IDBI Bank’s contribution to national development. Instead, the Government is pursuing the transfer of control to the Canadian Fairfax group at a price the Forum considers grossly inadequate.
The Forum expresses grave concern over the lack of transparency in the sale and valuation process. Recent disclosures have raised serious questions about whether the transaction has been structured to favour the prospective buyer. These concerns require full public disclosure and an independent examination before any further steps are taken.
The Forum maintains that the proposed privatisation violates the spirit of the Constitution and the assurances given to Parliament, and runs contrary to the interests of the Bank, its employees, shareholders and the nation. An institution rebuilt with public resources cannot be treated merely as an asset for disposal. The Government owes an explanation to the people whose money made its revival possible.
In solidarity with the striking IDBI employees, the United Forum of Bank Unions has called upon bank employees across the country to wear badges and participate in protest demonstrations organised by the striking employees.
The United Forum of IDBI Officers & Employees demands that the Government cancel the privatisation process and initiate meaningful dialogue on strengthening the Bank while protecting public investment and employees’ interests.
If the Government fails to respond, the Forum will intensify its agitation.