The proposed sale of IDBI Bank to Canada’s Fairfax Financial Holdings will not alter existing employees’ service conditions or affect pension commitments, a senior government official said on October 23, seeking to allay concerns among staff protesting against the transaction.
Arunish Chawla, secretary of the Department of Investment and Public Asset Management (DIPAM), said the Rs 52,878-crore deal involving the sale of more than 60% stake in the lender would protect the interests of existing employees and pensioners, PTI reported.
