IDBI Bank employees oppose privatization move

Guwahati, March 22: Officers and employees of IDBI Bank Limited, North East Unit, opposed the proposed steps being taken by the Government of India for privatization of IDBI Bank Limited. They staged protest from Chandmari to Zoo Tiniali in the city recently. They opposed the move for privatization of the Bank by dilution of Government of India’s stake to below 51%, a press release said.  

 Kalpajit Konwar, NE unit president, said in a statement, “The Reserve Bank of India has categorized IDBI Bank Limited under the new Sub Group ‘Other Public Sector Banks vide its letter dated March 15, 2005 issued to IDBI Bank Limited, in view of the assurance given by the then Minister of Fince on December 8, 2003 that Government stake in IDBI Bank Limited will always be above 51%. As the move of Government of India to ‘transform’ IDBI Bank Limited through dilution of its shareholding is a clear violation of the earlier assurances given on the floor of the Parliament, the highest body of democracy and against the aspirations of the Bank’s human capital, we earnestly implore upon the Government of India to rescind its move to forbid IDBI Bank of its status as a ‘Government Owned Bank’ by divesting its equity holding. We earnestly appeal for maintaining status quo and retention of IDBI Bank in the ‘Other Public Sector Banks’ category with an assurance for maintaining a minimum of 51% stake by the Government of India.”

A detailed agitation program has been declared by AIIDBIOA to protest against the government’s move to privatize IDBI bank along with a strike call from March 28 to 31.