UFBU urges Bank Staff to Wear Badges on 2nd November in Support of IDBI Bank Employees’ Strike

The United Forum of Bank Unions (UFBU) has called on bank employees to wear badges on November 2, 2026, in support of IDBI Bank employees and officers protesting against the proposed privatisation of the bank. IDBI Bank employees have called for an all-India strike on November 2 and 3, 2026, against the proposed sale of the bank to a foreign investor.

IDBI Bank Employees Protest Against Proposed Sale

The Cabinet Committee on Economic Affairs has decided to sell 60% of IDBI Bank’s share capital, currently held by the Government of India and the Life Insurance Corporation of India (LIC), to Canadian investor Fairfax Financial Holding.

UFBU stated that the government and LIC currently hold a combined 94% stake in IDBI Bank. The union said that selling 60% of the bank’s share capital to Fairfax would effectively turn it into a foreign bank. IDBI Bank employees and officers are protesting against the decision and have called for a strike on November 2 and 3, 2026.

UFBU Recalls Government’s Earlier Assurance

UFBU also referred to a parliamentary discussion in December 2003, when a bill to repeal the IDBI Act and convert IDBI into a deemed banking company was discussed. According to UFBU, the then Finance Minister, Jaswant Singh of the BJP, had assured Parliament that the government would always retain at least a 51% stake in IDBI.

The union said this assurance was now being disregarded in view of the proposed sale. It described the decision as a step backwards and called on bank employees to support the protest against privatisation.

Also Read: Get Ready for Struggle: AIBEA warns of Future Privatisation of PSU Banks

Bank Employees to Wear Badges on November 2

UFBU said it had already expressed support for the struggle of IDBI Bank employees and officers. As part of its solidarity programme, the forum has asked all its member unions and employees to participate in a badge-wearing programme on November 2, 2026, coinciding with the first day of the IDBI Bank strike.

The circular was signed by representatives of seven bank employee organisations: C. H. Venkatachalam of AIBEA, Rupam Roy of AIBOC, L. Chandrasekhar of NCBE, Sanjay Khan of AIBOA, Debasish Basu Choudhary of BEFI, Prem Makker of INBOC and O. P. Sharma of INBEF.

UFBU has urged bank employees to participate in the programme to demonstrate their support for IDBI Bank employees and their opposition to the proposed privatisation.

Also Read: AIPNBOA raises the issue of Suspension of Bank Managers