The two-day nationwide strike by the United Forum of IDBI Officers and Employees against the proposed sale of a majority stake in the lender to Canada-based Fairfax Financial Holdings concluded on Tuesday, 3 November 2026, with the union set to meet on 10 November to decide its next course of action.
More than 10,000 IDBI Bank employees observed the two-day strike on 2 and 3 November. Branch operations faced temporary disruptions during the agitation, while digital banking channels remained active.
United Forum of IDBI Officers and Employees convener Devidas Tuljapurkar described the response as significant. “The strike got a massive response from employees and officers across the country. We will decide the future course of action in our core committee meeting post Diwali on November 10 on the way to intensify struggle,” Tuljapurkar said in the union’s statement at the end of the strike.
The union said it would approach the United Forum of Bank Unions (UFBU) to seek support, including a possible nationwide strike call. IDBI Bank has 19,108 employees on its rolls, including 9,500 employees from SC, ST and OBC categories. The central government and Life Insurance Corporation of India (LIC) hold 45.48% and 49.24% equity in the bank, respectively.
Fairfax Financial Holdings won the bid in October to acquire a 60.72% stake in IDBI Bank, a transaction valued at around $5.5 billion. The union is demanding that the government “cancel the privatisation process” and instead focus on strengthening the bank while protecting public investment and employees’ interests.
The strategic transaction of IDBI Bank is expected to be completed by the end of the current financial year, subject to regulatory clearance from the Reserve Bank of India (RBI). The union has also pointed to more than ₹46,000 crore in capital infusion by the central government and LIC during the bank’s recovery phase, arguing that the revival was publicly funded.
