IDBI Bank strike: What the employees want, what the bank says, what is unclear

What the employees want: withdrawal of the sale and at least 51% government ownership.

What the bank says: UPI, ATMs, Go Mobile+ and internet banking should keep working.

What the sale involves: a 60.72% stake for about Rs 52,878 crore, approved by the Union Cabinet.

What is unclear: how many branches will actually be affected, since a full shutdown is not confirmed.

What is not yet reported: how the strike went, as the reports predate it.

The forum is made up of the All India IDBI Officers’ Association and the All India Industrial Development Bank Employees’ Association, according to The Sunday Guardian.

The strike is against the planned strategic sale of IDBI Bank, and reports say more than 10,000 employees across branches and offices are expected to take part.

IDBI Bank told the stock exchanges on October 31 that it had received the strike notice, according to The Sunday Guardian.

The buyer is a subsidiary of Canada-based Fairfax Financial Holdings, identified in coverage as 10955230 Canada Inc.

The sale covers a 60.72% stake, made up of the combined holdings of the government and LIC, for about Rs 52,878 crore, according to The Sunday Guardian.

Management control would pass to the buyer, and the Union Cabinet has approved the strategic sale, according to the same report.

The forum has demanded that the privatisation and strategic sale be withdrawn.

It has also asked that the government keep at least 51% ownership of the bank.

Other demands include protecting existing service conditions and welfare benefits, safeguarding pension and retirement benefits, and continuing reservation policies and industry-level wage revisions.

The forum also wants protection for contractual and outsourced workers and has asked for written assurances on employee rights if ownership changes.

Reports say the forum has also demanded absorption of around 15,000 outsourced and contractual workers.

IDBI Bank branch, Paravur (file image), Wikimedia Commons, CC BY-SA 3.0