IDBI Bank staff to protest Fairfax takeover with hunger strike

IDBI Bank staff members are set to launch a coordinated protest against the Centre's plan to divest its majority holding in the institution. The nationwide hunger strike is scheduled for November 2-3, with workers demanding the government shelve the proposed transaction with Fairfax and maintain its controlling interest in the bank.

The planned industrial action reflects growing employee concerns over the privatisation initiative. Staff representatives have signalled their opposition to the divestment, citing concerns about job security and the bank's future operational independence under private ownership.

IDBI Bank, a major public sector lender with a substantial presence across India, has faced calls from various quarters regarding its strategic direction. The proposed Fairfax transaction has emerged as a contentious issue, with labour unions and employee groups mobilising against the move.

The two-day strike represents one of the more significant labour actions against the proposed deal. Government and bank officials have not yet issued formal responses to the announced protest, though the action underscores the political and administrative sensitivities surrounding large-scale divestments in the banking sector.