The United Forum representing IDBI officers and employees has approached Parliament’s finance standing committee, seeking fuller disclosure of the disinvestment plan. Its leaders, including Devidas Tuljapurkar, want the government to explain the transaction before any irreversible decision.

The requested disclosures cover the bank’s legislative history, support received from the government and LIC, and the method used to determine its value. The forum also wants answers on employment reservations, access to banking for poorer customers, and the future of the bank’s extensive land holdings.

According to information given to the Lok Sabha, the proposed transaction covers a 60.72% stake: 30.48% held by the government and 30.24% held by LIC. Their remaining holdings would be 15% and 19%, respectively. RBI has been assessing prospective buyers’ suitability under its fit-and-proper checks.

The staff body argues that public funding and employees’ efforts helped restore profitability, making the timing of privatisation questionable. It has also raised concerns about foreign ownership and its compatibility with India’s self-reliance goals. The forum wants the final handover withheld until Parliament receives the White Paper; the report does not state whether the committee has accepted this request.