Important StoriesJio Platforms IPO: Issue opens on October 21, anchor bidding on October 19CCEA approves IDBI Bank stake sale to Fairfax for ₹52,878 crore; govt, LIC to receive proceedsNetflix to cut 1,000 jobs in biggest layoff round since 2022India plans BS-VII emission norms for new cars and SUVs from April 2029Delhi SIR case: SC agrees to ‘take care of’ ECI move to restore deleted voters as fresh votersFollow UsFOLLOW US ON WHATSAPPHomeGO BACK TO HOME THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. Review Govt’s decision to sell majority stake in IDBI Bank: Employees’ union The Forum seeks suspension of further steps towards transferring ownership and management control of IDBI Bank to the foreign entity By BL Mumbai Bureau Updated - October 14, 2026 at 09:46 PM.×ShareWhatsAppXFacebookLinkedInMessengerRedditMailhttps://www.thehindubusinessline.com/money-and-banking/review-govtsdecision-to-sell-majority-stake-in-idbi-bank-employees-union/article71584952.eceCopy The United Forum of IDBI Officers & Employees has demanded a review of the Government’s decision to sell majority stake in IDBI Bank to Fairfax Financial Holdings Ltd (FFHL)-backed “10955230 Canada Inc”. | Photo Credit: ADNAN ABIDI

The United Forum of IDBI Officers & Employees has demanded a review of the Government’s decision to sell majority stake in IDBI Bank to Fairfax Financial Holdings Ltd (FFHL)-backed “10955230 Canada Inc” through parliamentary scrutiny and meaningful stakeholder consultation.

The Forum also sought suspension of further steps towards transferring ownership and management control of IDBI Bank to the foreign entity.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved “10955230 Canada Inc.” as the strategic buyer in the restructuring of IDBI Bank. The transaction, involving the acquisition of a 60.72 per cent stake in IDBI Bank, comprising 30.48 per cent held by the Government of India and 30.24 per cent held by LIC, will be executed for a purchase consideration of Rs 52,878 crore.

The Forum, in a statement, said it is deeply contradictory that while the Government is proclaiming its commitment to Atmanirbhar Bharat, it is transferring control of such an institution, which has played a pivotal role in India’s industrialisation, to a foreign entity.

“Financial self-reliance requires the capacity to direct credit towards national development and social priorities. Surrendering control over an institution with IDBI’s legacy undermines that objective.

“The Forum considers the present decision ill-timed and inadequately justified. Volatile market conditions demand caution, transparent valuation and wider public deliberation,” said Forum Convener Devidas Tuljapurkar and Joint Convener Vithal Koteswara Rao AV.

The Forum wants the Government to disclose the valuation, transaction terms and purchaser due-diligence findings; protect employees’ service conditions, reservation safeguards, customers’ interests and minority shareholders’ rights; and retain IDBI’s public sector character and strengthen its role in national development.

Tuljapurkar and Rao said the Forum will mobilise employees and the wider public through democratic action on the streets and will approach the judiciary for appropriate relief.

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