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The United Forum of Bank Unions (UFBU) has announced its support for the two-day All India Strike called by the United Forum of IDBI Officers and Employees on November 2 and 3, 2026. The strike has been called to protest against the government’s decision to sell a 60% stake in IDBI Bank to Canadian investor Fairfax Financial Holdings.
UFBU has described the proposed sale of IDBI Bank as the beginning of a wider process of bank privatisation. The organisation expressed concern that the government may take further steps towards privatising public sector banks.
The Cabinet Committee on Economic Affairs has decided to sell 60% of the shares held by the Government of India and Life Insurance Corporation of India (LIC) in IDBI Bank to Fairfax Financial Holdings, a Canadian investor.
UFBU has opposed the decision, arguing that the sale of IDBI Bank is not merely privatisation but also involves transferring ownership to a foreign investor. The organisation said that the government promotes the idea of Atmanirbhar Bharat, but an important bank holding large public deposits is being sold to a foreign investor.
UFBU Recalls Government’s Earlier Assurance
UFBU referred to a parliamentary discussion in December 2003, when the then Finance Minister, Jaswant Singh, reportedly assured Parliament that the government would always retain a minimum 51% stake in IDBI.
According to UFBU, the bank’s licence was granted directly by the government rather than by the Reserve Bank of India (RBI). The union also stated that the assurance regarding government ownership was recorded in Parliament and confirmed to the Committee on Assurances.
In 2005, IDBI’s subsidiary, IDBI Bank Ltd., was merged with IDBI. The institution’s name was subsequently changed to IDBI Bank in 2008.
UFBU Highlights IDBI Bank’s Profits and Deposits
UFBU has argued that IDBI Bank has overcome various challenges and is now consistently earning substantial profits. The organisation questioned the decision to sell a bank that it considers financially successful.
According to the circular, the bank has public deposits of approximately Rs. 3.5 lakh crore. Its reported net profits over the last three years are as follows:
| Financial Performance | Amount |
|---|---|
| Public Deposits | Approximately Rs. 3,50,000 crore |
| Net Profit in the First Year | Rs. 5,600 crore |
| Net Profit in the Second Year | Rs. 7,500 crore |
| Net Profit in the Third Year | Rs. 9,500 crore |
UFBU stated that selling a profitable bank with substantial public deposits was a matter of concern. These figures have been reproduced from the union’s circular.
Strike in IDBI Bank
The United Forum of IDBI Officers and Employees has announced various agitation programmes culminating in the two-day strike on November 2 and 3, 2026. It has sought support from UFBU, which has decided to extend full solidarity.
UFBU has asked its affiliated unions and members to participate in the following programmes:
| Date | Programme |
|---|---|
| October 23, 2026 | Participation by union leaders and representatives in the dharna at Azad Maidan, Mumbai, from 11 AM to 3 PM. |
| October 25, 2026 | Participation in the Twitter/X campaign. |
| October 30, 2026 | Participation in demonstration programmes. |
| November 2, 2026 | Wearing badges in support of the strike action. |
| November 2–3, 2026 | Two-day All India Strike by IDBI Bank officers and employees. |
