Attack on Institutions and Employees’ Rights, AIBOA calls for Action

The All India Bank Officers’ Association (AIBOA) has opposed the proposed disinvestment of IDBI Bank and called upon its state committees and affiliated units to organise demonstrations against the sale.

In a circular dated October 26, 2026, the association raised concerns about foreign ownership in the banking sector, the possible privatisation of public sector banks and issues affecting bank employees. AIBOA also announced support for a two-day hunger strike on November 2 and 3, 2026, against the proposed sale of IDBI Bank.

Read what AIBOA said in its circular

IDBI Bank Privatisation: AIBOA said that the Central Government had announced the finalisation of the IDBI Bank disinvestment process on October 14, 2026. Under the proposed deal, Fairfax Financial Holdings Ltd. will acquire a 60.72% stake in the bank for Rs. 52,858 crore. The transaction includes the government’s 30.48% stake and LIC’s 30.24% stake in IDBI Bank.

AIBOA’s Opposition to IDBI Bank Disinvestment: AIBOA said it had been opposing the proposed disinvestment since January 2025. The association has repeatedly raised concerns about foreign ownership in India’s banking and financial sectors. On March 18, 2025, an AIBOA delegation met the Minister of State for Finance, Pankaj Chaudhary, during the Budget Session and submitted a memorandum highlighting its concerns about the proposed disinvestment and other banking-related issues.

The association also said it had raised the issue during strikes held on January 27 and September 11, 2026. Its 9th National Conference, held in Thiruvananthapuram on August 8 and 9, 2026, also highlighted concerns about the government’s disinvestment policies.

Conciliation Meeting on IDBI Bank Disinvestment: AIBOA participated in conciliation proceedings organised by the Deputy Chief Labour Commissioner (Central), Mumbai, on October 22, 2026, to discuss the IDBI Bank disinvestment issue. The association’s delegation included Vice President Devdas Menon, Deputy General Secretary A.V. Vithal Koteshwara Rao, Chairman V. Viswanathan and General Secretary S. Nagarajan. The Indian Banks’ Association (IBA) was represented by Senior Advisor (HR&IR) Arvind Mishra.

During the meeting, AIBOA insisted that a representative of the Department of Investment and Public Asset Management (DIPAM) should participate in the discussions. The association also raised concerns about a statement attributed to the DIPAM Secretary in the print media suggesting that unions were on board with the IDBI Bank disinvestment process. According to the circular, the next conciliation meeting has been scheduled for November 18, 2026, in Mumbai.

Press Conference on IDBI Bank Disinvestment: AIBOA held a press conference at the Mumbai Press Club on October 22, 2026, before the conciliation proceedings. The press conference was addressed by Deputy General Secretary A.V. Vithal Koteshwara Rao, Chairman V. Viswanathan, Vishwas Utagi, one of the petitioners in the IDBI Bank case, and General Secretary S. Nagarajan. The association used the press conference to highlight its opposition to the proposed disinvestment.

Hunger Strike Against IDBI Bank Sale on November 2 and 3: AIBOA has extended support to a two-day hunger strike scheduled for November 2 and 3, 2026, by its affiliated organisation AIDBOA, along with a workmen’s organisation. The protest is aimed at opposing the proposed sale of IDBI Bank to a foreign investor.

AIBOA has advised all its state committees to coordinate with local IDBI Bank units and organise demonstrations in support of the hunger strike. The association has asked its members to ensure that the protest programme is implemented across the states.

Karnataka Bank Employees’ Strike on November 18: AIBOA has also extended support to a proposed one-day strike by Karnataka Bank employees on November 18, 2026. The strike has been called by the Karnataka Bank Officers’ Organisation (KBOO), along with the workmen’s federation, to oppose the unilateral termination of the existing promotion policy and the proposed change in the salary structure from the IBA scale-based system to the Cost to Company (CTC) pattern.

According to AIBOA, conciliation proceedings were held in Mangaluru on October 23, 2026, but no progress was reported towards an amicable settlement. The association has urged its state committees to extend solidarity to Karnataka Bank employees and participate in demonstrations supporting their demands.

Concerns Over Government Shareholding in Four Public Sector Banks: AIBOA expressed concern over media reports about a possible reduction in government shareholding in four public sector banks: UCO Bank, Indian Overseas Bank (IOB), Central Bank of India (CBI) and Punjab & Sind Bank. The association referred to the reported shareholding issue in connection with the Securities and Exchange Board of India (SEBI).

AIBOA said that developments concerning government shareholding in these banks were part of its wider concerns about changes in the public sector banking system.

Possible Privatisation of Indian Overseas Bank and Central Bank of India: AIBOA also raised concerns over the reported possibility of privatising Indian Overseas Bank and Central Bank of India. The association referred to announcements made in the Union Budget for 2021–22 while highlighting the issue. However, the circular did not announce any final decision on the proposed privatisation of these two banks.

AIBOA Calls for Implementation of Protest Programmes: The association has urged all its state committees and affiliated units to implement the announced protest programmes without exception. It has asked members to participate in demonstrations and extend support to the movements against the proposed IDBI Bank disinvestment and changes affecting bank employees’ service conditions.