IDBI Bank Employees Call November 2–3 All-India Strike; UFBU Extends Support Against Privatisation

IDBI Bank Employees Announce Nationwide Strike on November 2 and 3

Employees and officers of IDBI Bank have announced a two-day all-India strike on November 2 and 3, 2026, in protest against the proposed sale of the bank to Canada-based Fairfax Financial Holdings.

The United Forum of IDBI Officers and Employees (UFIOE) has called for the nationwide agitation, which is expected to include protests at the bank's branches and offices. The United Forum of Bank Unions (UFBU) has now extended its support to the campaign, broadening the opposition to the proposed transaction within the banking sector.

UFBU Extends Support to the IDBI Bank Employees' Protest

In a circular dated October 22, 2026, UFBU announced its support for the IDBI Bank employees' agitation and urged its affiliated unions and members to participate in solidarity activities.

UFBU said the proposed sale raised wider concerns about the future of public sector banking. It has called on banking unions to support the employees' campaign against the transaction.

The forum's circular outlined a series of solidarity programmes, including participation in a dharna in Mumbai, a social media campaign, demonstrations and badge-wearing in support of the strike.

Why Are IDBI Bank Employees Opposing the Sale?

The main point of disagreement is the proposed transfer of a substantial government and Life Insurance Corporation of India (LIC) stake in IDBI Bank to Fairfax Financial Holdings.

The employees' forum argues that the bank should retain its public sector character and that government ownership should remain at a minimum of 51%. It has also referred to assurances made in Parliament in 2003 regarding government majority ownership.

The unions contend that the proposed sale could have implications for employees, depositors and the bank's broader role in supporting economic development and implementing government-backed financial inclusion initiatives. These are the unions' stated concerns and arguments against the transaction.

Government and LIC Stake Sale: What Is the Proposed Deal?

The proposed transaction involves the sale of a controlling stake in IDBI Bank, with management control expected to pass to the Fairfax group.

According to reports, the Union Cabinet approved the sale of a 60.72% stake in IDBI Bank to a subsidiary of Fairfax Financial Holdings for approximately ₹52,878.08 crore.

The proposed deal involves the government's and LIC's shareholdings. The unions have called for the government to abandon the disinvestment plan and retain majority ownership of the bank.

What Are the Employees' Key Demands?

The United Forum of IDBI Officers and Employees has raised several demands alongside its opposition to the sale.

These include:

• Withdrawal of the proposed sale: The government should stop the planned disinvestment and retain majority ownership of IDBI Bank.

• Minimum 51% government shareholding: The employees' forum has called for the government to maintain at least a 51% stake.

• Protection of service conditions: Employees want written assurances that existing employment terms and welfare provisions will be safeguarded.

• Protection of pension and retirement benefits: The unions have sought assurances regarding pension entitlements and other retirement benefits.

• Continuation of wage revisions: Employees want industry-level wage revision arrangements and pension benefits to continue.

• Transfer options for employees: If the sale proceeds, the forum has sought an option for existing employees to move to public sector banks without losing their service records, pay scales, seniority or retirement benefits.

• Regularisation of outsourced workers: The forum has also called for the absorption of contractual and outsourced workers employed by the bank.

What Solidarity Programmes Has UFBU Announced?

UFBU's circular has outlined several activities in support of the IDBI Bank employees' campaign.

DateProgrammeOctober 23, 2026Participation by union representatives in a dharna at Azad Maidan, Mumbai, from 11 am to 3 pmOctober 25, 2026Participation in a social media campaign on XOctober 30, 2026Participation in demonstration programmesNovember 2, 2026Wearing badges in support of the strike action

The circular urges affiliated unions and their members to extend support to the campaign.

Could the Agitation Continue Beyond November 3?

The employees' forum has warned that the agitation could be intensified if its demands are not addressed. According to reports, the forum has indicated that it may consider extending the protest, potentially including an indefinite strike, without further notice.

The outcome will depend on developments involving the government, the bank's management and the employees' representatives. The unions have said they remain open to discussions while continuing to oppose the proposed sale.

What Could the Strike Mean for IDBI Bank Customers?

The planned action is intended to be nationwide and could affect operations at participating branches and offices. However, the precise impact on customer services has not been established in the available reports.

Customers who expect to carry out urgent branch-based banking transactions around November 2 and 3 may wish to check announcements from IDBI Bank before visiting a branch. The extent of any disruption will depend on participation and operational arrangements.

Key Takeaways

• IDBI Bank employees have called a nationwide strike for November 2 and 3, 2026.

• The agitation is against the proposed sale of a controlling stake in IDBI Bank to Fairfax Financial Holdings.

• UFBU has extended support and called for solidarity programmes through its affiliated unions.

• The proposed transaction involves a reported 60.72% stake sale valued at approximately ₹52,878 crore.

• Employees are demanding continued government majority ownership and safeguards for service conditions, pensions and retirement benefits.

• The employees' forum has warned that the agitation could be intensified if the dispute remains unresolved.

Bottom Line

The proposed IDBI Bank stake sale has triggered opposition from the bank's employee and officer unions, with UFBU's support adding a wider banking-union dimension to the protest. The two-day nationwide strike planned for November 2 and 3, 2026, reflects concerns over ownership, employee protections and the future of IDBI Bank as a public-sector institution.

The next key development will be whether discussions between the relevant stakeholders lead to any change in the proposed transaction or address the unions' demands before the scheduled strike.