CNN Central News & Networks / ITDC India ePress / ITDC News /Agencies/ Bhopal: नई दिल्ली। Leader of Opposition in the Lok Sabha Rahul Gandhi has extended support to employees opposing the proposed privatisation of IDBI Bank. In an open letter to bank employees on October 29, he said he stood with them in their fight. Rahul questioned the central government’s decision under which preparations are being made to sell the bank’s majority stake to Canadian investment company Fairfax Financial Holdings.
Rahul Gandhi, in his letter, referred to his meeting in Parliament House in March 2025 with a delegation of IDBI Bank employees. He said the employees had asked him why the government was selling a bank that had been brought out of losses and turned profitable through their hard work. According to Rahul, IDBI Bank earned a profit of more than Rs 9,000 crore in the last financial year. He said an institution built with public money is public property and public sector banks play an important role in the country’s development.
The central government on October 14, 2026, approved the proposal to sell a 60.72 percent stake in IDBI Bank to a Fairfax company. The deal is valued at around Rs 52,878 crore. Under it, the central government will sell its 30.48 percent stake and the Life Insurance Corporation of India (LIC) will sell its 30.24 percent stake. After the deal, the government’s holding will remain at 15 percent and LIC’s at 19 percent.
Rahul Gandhi expressed apprehension that if the bank moves into private ownership, the reservation system for Scheduled Caste, Scheduled Tribe and Other Backward Class candidates could be affected. He also raised concerns about employees’ service conditions, pensions and other benefits. He also referred to the assurance given by the government in Parliament in 2003 to maintain at least a 51 percent stake in IDBI.
IDBI Bank employee organisations have announced a nationwide hunger strike on November 2 and 3 against privatisation. Their demand is that the government buy at least an additional 6 percent stake to retain its majority and ensure protection of employees’ service rights and pension interests.
The government, meanwhile, has said that provisions have been made under the proposed deal to protect the service conditions and pension benefits of existing employees. Differences therefore continue between the government and employee organisations over privatisation.
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