New Delhi, Oct. 24 -- Service conditions of IDBI Bank employees will remain unchanged after the proposed sale of the lender to Canada's Fairfax Financial Holdings, a senior government official said on Friday, seeking to allay concerns among staff and pensioners over the strategic disinvestment.

Arunish Chawla, Secretary of the Department of Investment and Public Asset Management (DIPAM), said existing employees and pensioners had "nothing to fear" from the proposed sale of more than 60% of the bank's equity for Rs.52,878 crore.

"As per the share purchase agreement, the service conditions of the existing employees cannot be changed, modified or altered to their disadvantage by the strategic buyer," Chawla told PTI.

His remarks come amid...