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IDBI Bank Workers Mass Dharna at Jantar Mantar Resisting Privatisation Plot
United Forum of IDBI Officers and Employees stages Dharna at Jantar Mantar, New Delhi against IDBI Bank privatisation, citing profit record, social role, and violation of parliamentary assurance on public ownership.
Author: Neha Bodke
Published: July 28, 2025
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The voice of resistance echoed from Jantar Mantar, New Delhi as the United Forum of IDBI Officers and Employees (UFIOE) staged a powerful protest against the Centre’s push to privatise IDBI Bank. The dharna saw the participation of over 250 bank officers and employees from various places, raising their voice against the government’s disinvestment plan. The demonstration coincided with the Parliament’s Monsoon Session on July 26, 2025, marking a strategic attempt to demand accountability from the very lawmakers who once promised to keep IDBI in public hands.
Once a Development Finance Institution(DFI) that built the pillars of India’s financial infrastructure, IDBI is now being handed over to foreign capital despite making record profits.
‘Profits Up, People Sold Out’
In the last five years, IDBI Bank’s profits have only grown:
₹1,359 Cr (2020–21)
₹2,439 Cr (2021–22)
₹3,645 Cr (2022–23)
₹5,634 Cr (2023–24)
₹7,515 Cr (2024–25)
Gross NPAs have dropped drastically from ₹55,588 crore (27.95%) to just ₹6,692 crore (2.98%), reflecting one of the strongest financial recoveries in the sector.
Read more here for the FY24-25 results of the bank - IDBI Bank Clocks ₹7,515 Cr Profit in FY25, Surpasses ₹5 Trillion Business Mark
According to the Union, the government is pushing for a strategic sale of 60.72% stake, 30.48% from the Government and 30.24% from LIC to private bidders, including foreign entities like Emirates NBD (Dubai) and Fairfax Financial Holdings (Canada).
Read more here to know about the bidders - IDBI Privatisation Sparks Concerns: The Role of Development Financial Institutions in National Planning and Development Goals
The questions that arise here are: For whom is this privatisation? Who gains when a profit-making, socially committed bank is sold off?
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Parliament’s Promise Broken?
According to the protesters, in December 2003, then Finance Minister Jaswant Singh had assured both Houses of Parliament that the Government would retain at least 51% stake in IDBI Bank. That assurance was officially recorded in the Committee on Assurances.
Today, with 45.48% held by the Government and 49.24% by LIC, 94.72% of the bank is already publicly held. Instead of reclaiming the remaining 6% to secure public control, the Centre is selling it off to private, possibly foreign hands. A promise to Parliament, to the people, is now under threat.
These concerns were further validated in the February 10, 2025 reply by the Hon’ble Minister of State for Finance, Shri Pankaj Chaudhary, to Unstarred Question No. 954 raised by MP Dr. T. Sumathy alias Thamizhachi, confirming the government’s continued move toward privatisation.
Built for the Nation, Not for Sale
According to the statement by the protesting forum, from 1964 to 2004, IDBI operated as a Development Financial Institution funding India’s industrial growth. Institutions like SEBI, NSE, NSDL, SIDBI, EXIM Bank, and the Entrepreneurship Development Institute all trace their roots to IDBI support.
Today, with 2 crore depositors, 2,108 branches, and 18.72 lakh Jan Dhan accounts, the bank plays a crucial role in financial inclusion. Employees built this confidence, not foreign corporations.
Real Motive? Lending or Land?
Workers allege that foreign bidders are more interested in IDBI’s massive real estate assets, such as 50 acres in Hyderabad, than banking itself. Once sold, what stops these corporations from liquidating these properties and abandoning social banking altogether?
The bankers say “Privatisation means profit over people.”
Representation at Risk
As of March 31, 2025, IDBI employs following reserved categories:
- SC: 2,923
- ST: 1,156
- OBC: 5,415
- EWS: 675
- Women: 6,911
- Differently-abled: 884
According to the United Forum, privatisation threatens these marginalised sections, erodes reservation protections, and puts service conditions including pensions and superannuation under attack, as guaranteed under Section 5(1) of the IDBI Repeal Act, 2003.
Protest Backed by Political Outreach
UFIOE met over 40 Members of Parliament across party lines — INC, BJP, NCP, SP, DMK, AAP, TDP, SS, CPI(M), AIADMK, before the protest. Among them were:
- Rahul Gandhi
- Supriya Sule
- Dr. Thamizhachi
- Dr. Amol Kolhe
- Sanjay Dina Patil
- Bhartruhari Mahtab
- K.C. Venugopal
- Gaurav Gogoi, and many others.
Memorandums were submitted urging MPs to halt this disinvestment drive and stand with workers and depositors.
UFIOE’s Demands
1. Regain 6% equity to ensure the Government holds 51% as promised.
2. RBI must treat IDBI as a Public Sector Bank as Govt + LIC owns over 94%.
3. Restore IDBI’s development banking mandate, not reduce it to a private profit machine.
The United Forum seeks a meeting with the Prime Minister and Finance Minister to discuss concerns, stressing that this is not just about workers but about 3 crore customers, national assets, and economic sovereignty.
The move, according to the Forum, is an attack on fiscal justice, economic sovereignty, and the very ideals of Atmanirbhar Bharat that the government claims to uphold.
To further intensify the agitation, the United Forum has announced a nationwide strike on August 11, 2025, calling upon all IDBI staff to oppose the proposed stake sale resolutely.
The protest was presided over by:
Saurav Kumar, President of All India IDBI Officers Association,
Devidas Tuljapurkar, General Secretary, MSBEF (Convenor, UFIOE),
Vithal Koteswara Rao A.V., General Secretary, AIIDBIOA (Joint Convenor),
Ratnakar Wankhade, General Secretary, AIIDBEA (Joint Convenor).
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