The Joint Platform of Ten Central Trade Unions has strongly opposed the proposed privatisation of IDBI Bank, demanding an immediate suspension of the disinvestment process and an independent investigation into alleged irregularities in the sale procedure. Said the statement issued by joint platforum of 10 trade unions — AITUC, CITU, INTUC, HMS, UTUC, LPF, AIUTUC, AICCTU, SEWA, TUCC.
In a press release issued on Sunday, the platform condemned the Government’s decision to transfer its combined controlling stake with the Life Insurance Corporation (LIC), involving 60.72 per cent of IDBI Bank’s equity, to a foreign-controlled private entity. The unions said IDBI was a strategic public institution that had played a historic role in financing core industries, infrastructure and India’s financial system.
They argued that transferring its control to private capital would weaken public ownership and undermine the country’s economic sovereignty. The platform also raised concerns over the transparency of the disinvestment process, referring to a Businessworld report dated October 29, 2026.
The report allegedly questioned the sequence of bidding and valuation, claiming that the bidder’s financial offer was opened before fresh valuations were commissioned under revised parameters, with the resulting benchmark reportedly falling below the offer.