Officers and staff of IDBI Bank plan to observe a one-day nationwide hunger strike on July 27 to voice opposition to the government’s proposed privatisation of the bank. The United Forum of IDBI Officers and Employees announced the protest action, citing concerns over potential impacts on employment conditions and benefits.
The forum highlighted the bank’s strong performance in recent years, including consistent profits and improvements in key financial and operational areas. Employees worry that privatisation could affect job security, social benefits, and pension arrangements at a time when the institution has achieved stability.
Particular apprehension exists regarding the future of 884 differently-abled staff members. The bank currently employs 3,070 from Scheduled Castes, 1,214 from Scheduled Tribes, 5,604 from Other Backward Classes, and 805 from Economically Weaker Sections. A shift in ownership would remove the bank from public sector reservation policies, potentially affecting principles of social justice in employment opportunities.
Additionally, privatisation would place the bank beyond certain oversight mechanisms, including the Right to Information Act, Central Vigilance Commission scrutiny, and parliamentary committees. This change could reduce transparency and public accountability. The bank serves more than two crore customers through its network of 2,193 branches and maintains deposits exceeding ₹3.47 lakh crore, with ₹1.55 lakh crore in low-cost deposits.
The institution actively supports various government initiatives for financial inclusion, such as opening 18.72 lakh accounts under Pradhan Mantri Jan Dhan Yojana, enrolling 10.86 lakh in Pradhan Mantri Suraksha Bima Yojana, 3.81 lakh in Pradhan Mantri Jeevan Jyoti Bima Yojana, and 5.48 lakh subscribers to Atal Pension Yojana. It also operates 191 Aadhaar enrolment centres and a Rural Self Employment Training Institute, contributing to skill development and broader access to banking services.
Forum leaders fear that a private owner might prioritize commercial gains over the bank’s current role in social banking and developmental objectives. The bank holds valuable real estate assets in more than 21 prime locations, estimated at over ₹30,000 crore.
If the strategic sale proceeds, IDBI Bank would become the first public sector bank transferred to foreign ownership, raising questions about alignment with national self-reliance goals. The forum has appealed to political parties, parliamentarians, trade unions, economists, and citizens to urge reconsideration of the move in the national interest.
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