Agitating employees switch on their mobile phone lights as a mark of protest against the Centre’s move to allow 100% FDI in the insurance sector during a joint demonstration by banking and insurance trade unions in Ballari on Thursday.
| Photo Credit: SPECIAL ARRANGEMENT
Nearly 200 employees from the banking and insurance sectors staged a joint demonstration in Ballari on Thursday opposing the Union government’s move to allow 100% Foreign Direct Investment (FDI) in the insurance sector.
The protest was staged in front of the LIC Branch-2 office following a joint call given by nine national trade unions.
Employees affiliated to the All India Insurance Employees Association (AIIEA), All India Bank Employees Association (AIBEA), Bank Employees Federation of India (BEFI), National Confederation of Bank Employees (NCBE), All India Bank Officers Confederation (AIBOC), LIC Class-I Officers Federation and pensioners of the All India Insurance Pensioners Association (AIIPA) participated in the agitation.
Addressing a gathering, D.V. Suryanarayana, who led the protest and coordinated the programme in Ballari, said that the proposed hike in FDI limit from 74% to 100% will seriously undermine the domestic insurance sector.
He said that the move will effectively hand over control of India’s long-term household savings to foreign capital which is against the interests of policyholders and the broader economy.
Quoting the joint appeal issued by the trade unions, Mr. Suryanarayana said that the Insurance Laws (Amendment) Bill 2025, if passed, will allow foreign investors greater control over Indian insurance companies without bringing any tangible benefit to the common public.
“The existing FDI limit of 74% is more than sufficient for capital infusion. Increasing it to 100% will neither deepen insurance penetration nor strengthen public sector insurers like LIC,” he said.
He cautioned that higher foreign control will push insurers to focus on high net-worth clients and profit-driven products, sidelining social security objectives and insurance coverage for the poor, rural population and marginalised sections.
He also expressed concern that foreign partners can exit joint ventures at will, destabilising the sector.
As a symbolic mark of protest, the agitating employees switched on their mobile phone lights expressing strong resentment against what they termed a “retrograde policy decision” of the Centre.
Published – December 18, 2025 08:26 pm IST
