Opposition to IDBI Privatisation Move Continues: Bankers to Hold Dharna at Jantar Mantar

IDBI Bank employees are set to intensify their protests against the government’s divestment plan, with a dharna scheduled for 02 April 2025 at Jantar Mantar, New Delhi. The United Forum of IDBI Unions is leading the demonstration, demanding that the government withdraw its decision to privatise the bank. Employees argue that the sale would jeopardise job security, weaken financial inclusion, and compromise reservation policies.

(A poster released by United Forum of IDBI Officers and Employees as part of the campaign for the dharna.)

Concerns Over Privatisation and Financial Stability
The protest comes amid growing concerns regarding the financial implications of the privatisation move. According to reports, IDBI Bank’s top four willful defaulters owe the institution approximately ₹6609 crore. The total debt of 373 defaulters of the bank was ₹26,562.05 as per October 2024. Critics argue that instead of selling the bank, efforts should be made to recover these outstanding debts and strengthen public sector banking.

Furthermore, there have been concerns over the ownership structure of prospective bidders. The possible acquisition of IDBI Bank by private or foreign players has raised questions about financial stability and regulatory oversight, particularly in light of past controversies surrounding banking acquisitions.

(Another poster released by United Forum of IDBI Unions.) 

AIBOA Raises IDBI Privatisation Concern in Meeting with Finance Ministry

Vithal Koteshwara Rao, President of All India IDBI Officers’ Association (AIIDBIOA) told Kanal that the concerns regarding the privatisation of IDBI bank was discussed in a meeting with Minister of State for Finance, Pankaj Choudhary, on 18 March 2025. He was part of a delegation of the All India Bank Officers’ Association (AIBOA) that met the minister. Along with other major issues concerning the banking sector, the delegation urged the government to retain IDBI bank in the public sector and highlighted workforce-related challenges.

Impact on Employees and Work Culture
Employee unions have consistently opposed the privatisation, citing risks such as job losses and deterioration of working conditions. Officers have raised alarms over the toxic work culture within the bank, which they claim has worsened in recent months. The stress caused by extended work hours and an alleged lack of accountability in management decisions has further fuelled discontent among staff.

Threat to Inclusivity and Reservation Policies
Another major concern is the potential dilution of reservation policies that ensure representation for marginalised communities in public sector undertakings. IDBI Bank employees fear that privatisation will lead to reduced opportunities for SC/ST, OBC, and differently-abled individuals, as private owners may not follow the existing reservation norms.

Previous Protests and Future Actions
The upcoming dharna follows a series of demonstrations against the divestment move, including protests held at the IDBI Bank headquarters. Employee representatives have engaged with Members of Parliament across party lines, seeking legislative intervention to halt the sale of the bank. The unions are expected to escalate their agitation if their demands are not met.

As the government moves forward with its plan to privatise IDBI Bank, employees remain firm in their opposition. The upcoming dharna at Jantar Mantar is expected to witness significant participation from staff and trade unions, reinforcing their demand to retain IDBI Bank within the public sector.