Important Stories‘Cockroach’ movement founder arrested after detention, media reports sayBrent crude hits $110 a barrel for first time since May as supply concerns mountStarlink says it is ready to offer high-speed internet in India, cites government approvalsISRO completes Gaganyaan separation tests ahead of first uncrewed mission in 2026Sitharaman pitches rupee mechanism to bridge global forex crunch, trade disruptionsFollow 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. IDBI Bank sale: Legitimate employee concerns addressed, says MoS, Finance United Forum of IDBI Officers and Employees expresses shock over DIPAM’s claims that it had discussed disinvestment with employee associations By Vinson Kurian Updated - October 17, 2026 at 11:02 AM.×ShareWhatsAppXFacebookLinkedInMessengerRedditMailhttps://www.thehindubusinessline.com/money-and-banking/idbi-bank-sale-legitimate-employee-concerns-addressed-says-mos-finance/article71595475.eceCopy Legitimate concerns of the existing employees and other stakeholders of IDBI Bank have been suitably addressed through appropriate provisions made in the Share Purchase Agreement, according to Pankaj Chaudhary, Minister of State for Finance.

In a reply to an un-starred question in the Lok Sabha by Thamizhachi Thangapandian, the minister said Preliminary Information Memorandum for inviting Expression of Interest (EoI) from potential bidders was published on October 7, 2022. In response, multiple EOIs were received, due diligence of which is being undertaken after security clearance by Ministry of Home Affairs and ‘fit and proper ‘evaluation by the Reserve Bank of India.

The original question in the House pertained to current status of privatisation; whether specific assessments were done by Government to evaluate potential impact on officers of the bank; whether Government has any plans to discuss implications of the proposed privatisation with employees and their representatives.

Meanwhile, the United Forum of IDBI Officers and Employees expressed shock over the statement by Arunish Chawla, Secretary, Department of Investment and Public Asset Management (DIPAM), that it had discussed the disinvestment with employee associations. “We condemn the statement that DIPAM discussed the matter with representatives of the United Forum, the largest employee forum with 11,900 officers and 400 workmen employees as members. The United Forum was never consulted while preparing or finalising the draft of Share Purchase Agreement nor was its draft shared. The statement of Secretary, DIPAM, is a big lie,” it said

“We sat in dharna at Jantar Mantar, Delhi, on seven occasions opposing the proposed sale of the bank to private/foreign players. A memorandum was submitted to Secretary, DIPAM, opposing the proposed sale that went against interests of the nation as well as employees,” said Devidas Tuljapurkar, Convenor and Vithal Koteswara Rao and Ratnakar Wankhade, Joint Convenors, of the United Forum.

A one day nation-wide strike was observed on August 11, 2025. Several conciliation meetings were conducted before Assistant Labour Commissioner (Central), Mumbai, and Deputy Chief Labour Commissioner (Central), Mumbai, in 2025 and 2026. “DIPAM officials never discussed the matter with us; rather replied every time to Labour Commissioners that the strategic disinvestment is a policy decision of Government of India and is a confidential process,” they said.

Earlier last month, a senior DIPAM official wrote to Assistant Labour Commissioner-C (III), Mumbai, that the “strategic disinvestment is a confidential process, and contains price sensitive information akin to any sale and purchase transaction of a listed company that is required by regulation to be kept confidential. Any disclosure of terms of disinvestment would not only vitiate transparency and confidentiality of the bidding process but also be a breach by Government of confidentiality regulations and jeopardise disinvestment process altogether.“

The DIPAM observed that invoking of conciliation process amounts to no more than case of ‘forum-shopping,’ with the Supreme Court yet to decide on a similar plea and another one pending with Mumbai High Court.

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