New Delhi, 31 October (H.S.): The United Forum of IDBI Officers and Employees has strongly opposed the proposed sale of a majority stake in IDBI Bank to Canada-based Fairfax Financial Holdings, demanding an immediate suspension of the process and a comprehensive review under parliamentary scrutiny.

The employees’ forum reiterated its opposition to the Centre’s decision to sell a 60.72 per cent stake in the bank to the Canadian company for approximately Rs. 53,000 crore. It has called for the transaction process to be halted immediately and subjected to a thorough parliamentary review.

The bank employees’ organisations believe the decision has been taken at an inappropriate time and lacks adequate justification. They have also stressed the need for caution in view of volatile market conditions, transparent valuation procedures and wider public consultation before proceeding with the transaction.

Surav Kumar, president of the IDBI Bank Officers Association, said, There is no reason to sell our bank, particularly to a foreign company.

In protest against the proposed sale of the 60.72 per cent stake, the joint forum comprising the All India IDBI Officers’ Association and the All India Industrial Development Bank Employees’ Association has announced a nationwide hunger strike on November 2 and 3, 2026.

The forum’s convener, Devidas Tuljapurkar, has also demanded an immediate halt to the process and a comprehensive review of the transaction under parliamentary oversight.

Earlier, Leader of the Opposition in the Lok Sabha Rahul Gandhi had extended his support to the bank employees and questioned the government's decision to sell a profitable bank. The government, however, has maintained that the bank's valuation was carried out by independent professional agencies. Union Finance Minister Nirmala Sitharaman had also hit back at Gandhi over his criticism of the proposed sale.

It may be recalled that the Union government approved the transaction on October 14, 2026. The proposed sale involves the government's 30.48 per cent stake, valued at approximately Rs. 26,620 crore, and LIC's 30.24 per cent stake, worth around Rs. 26,440 crore. Together, the two entities are divesting a 60.72 per cent stake for approximately Rs. 52,878 crore.

The transaction is expected to be completed by the end of the current financial year 2026-27, subject to approval from the Reserve Bank of India (RBI).

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Hindusthan Samachar / Jun Sarkar