IDBI Bank strike on November 2-3: Branches, UPI, ATMs and what customers should do
IDBI Bank officers and employees began a two-day nationwide hunger strike on November 2 against the sale of a 60.72% stake to a Fairfax subsidiary, with UPI, ATMs and online banking expected to keep working.
Branch services may be disrupted, but a full shutdown is not confirmed.
UPI, Go Mobile+, internet banking and IDBI Bank ATMs are expected to work.
Free cash withdrawals from other banks’ ATMs are offered on November 2 and 3.
Finish counter services such as cheques and cash deposits early if possible.
Check with your local branch.
IDBI Bank told the stock exchanges on October 31 that it had received the strike notice, according to The Sunday Guardian.
The buyer is a subsidiary of Canada-based Fairfax Financial Holdings, identified in coverage as 10955230 Canada Inc.
The sale covers a 60.72% stake, made up of the combined holdings of the government and LIC, for about Rs 52,878 crore, according to The Sunday Guardian.
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The forum has demanded that the privatisation and strategic sale be withdrawn.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
Reporting for Hindustan Hunt on news and stories from across India.
