IDBI Bank staff plan hunger strike over privatisation and Fairfax sale
In short
IDBI Bank staff are planning a hunger strike on November 2-3 over the proposed privatisation and Fairfax sale. They want the government to stop the disinvestment and buy at least a 6% stake in the bank instead.
The union has warned of bigger protest action, including an indefinite strike, if its demands are ignored. The reporting does not say how the bank, government or Fairfax will respond.
What the reporting says
IDBI Bank staff will hold a hunger strike on November 2-3 against the proposed privatisation and Fairfax sale, according to publisher summaries. The United Forum of IDBI Officers and Employees also urged the government to drop the disinvestment and buy at least a 6% stake in the bank instead, either from LIC or in the open market. The reporting says employees may escalate to an indefinite strike if demands are not met.
Why it matters
The United Forum of IDBI Officers and Employees is planning protest action on November 2-3 against IDBI Bank privatisation and the proposed Fairfax sale. The group wants the government to abandon disinvestment and acquire at least a 6% stake, either from LIC or through the market. The reporting also says the union may escalate to an indefinite strike, but no response is stated.