IDBI Bank’s officers and employees began a two-day nationwide hunger strike on November 2 against the sale of a 60.72% stake, held by the government and LIC, to a subsidiary of Canada’s Fairfax Financial Holdings for about Rs 52,878 crore.

The sale has been approved by the Union Cabinet, and management control would pass to the buyer, which is what makes it a strategic sale and not a minor stake sale.

The employees’ demands show what is at stake for workers in any privatisation: continued service conditions, pensions, reservation policies, and written assurances. They have also asked for at least 51% government ownership to be retained.

Opposition leaders and central trade unions have backed the protest, and the forum has warned of a longer strike if demands are not met.

Management control would pass to the buyer, and the Union Cabinet has approved the strategic sale, according to the same report.

The forum has demanded that the privatisation and strategic sale be withdrawn.

It has also asked that the government keep at least 51% ownership of the bank.

Other demands include protecting existing service conditions and welfare benefits, safeguarding pension and retirement benefits, and continuing reservation policies and industry-level wage revisions.

The forum also wants protection for contractual and outsourced workers and has asked for written assurances on employee rights if ownership changes.

Reports say the forum has also demanded absorption of around 15,000 outsourced and contractual workers.

The forum wants employees to have an option to move to public sector banks while keeping their service records, seniority, pay scales and retirement benefits.

The forum has warned it could intensify its agitation, including a prolonged or indefinite strike, if the demands are not met.

The Joint Platform of Central Trade Unions has urged a halt to the disinvestment and called for an independent investigation and a Parliamentary review, according to reports.

IDBI Bank branch, Paravur (file image), Wikimedia Commons, CC BY-SA 3.0