India, Oct. 22 -- The All India Trade Union Congress (AITUC) has strongly opposed the Union Cabinet's approval to sell a majority stake in public-owned IDBI Bank to Canada-based Fairfax Financial Holdings Ltd for Rs 52,748 crore.

In a statement issued on Thursday, AITUC General Secretary Amarjeet Kaur termed the decision an "economic folly" and a "betrayal of public interest," accusing the Government of monetizing state assets to serve corporate interests at the expense of national priorities. Expressing severe concern over the unilateral nature of the decision, Kaur highlighted that the transaction was cleared without prior public consultation or parliamentary scrutiny.

"This is undemocratic and a matter of serious public concern," Kau...