contact.paisamarket@gmail.comThe United Forum of IDBI Officers and Employees has strongly opposed the Centre’s proposed strategic disinvestment of its controlling stake in IDBI Bank to Fairfax Financial Holdings, pending regulatory approvals. The Forum argues that the move is not just a commercial transaction but a matter of constitutional governance, economic sovereignty, parliamentary accountability, and national interest.
The Forum highlighted IDBI Bank’s historic role in financing industrial and infrastructure development and noted that the bank was revived using public funds and employee efforts. Now that the bank has returned to sustained profitability, selling it to a foreign entity is seen as contrary to the government’s Atmanirbhar Bharat vision and a threat to India’s financial sovereignty.
It also raised concerns that the sale could undermine the Directive Principles of the Constitution, particularly Articles 38 and 39(b), which emphasize public welfare and equitable control of national resources. The unions warned against a policy of reviving public institutions with taxpayer money only to transfer them to private ownership after they become profitable.
The Forum has urged the government to make the sale proposal public, review the decision in the national interest, honour assurances made during IDBI’s restructuring, hold a parliamentary debate before any final decision, protect employees, depositors and customers, and retain public ownership of strategically important banks.
Calling for a broader national discussion, the Forum appealed to lawmakers, economists, trade unions, banking experts, and citizens to examine the long-term impact of the proposed sale on India’s financial system, economic sovereignty, and public interest before the deal moves forward.
