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The All-India IDBI Officers' Association (AIIDBIOA) has advised members not to get 'overly scared' over recent developments aimed at clearing the way for sale of stake in IDBI Bank. This comes close on the heels of officers of the bank having been accosted by agents of the Intelligence Bureau (IB) seeking to know their reaction to and agitation plans against the move.
'BRACE FOR ACTION'
Members are also requested 'to be in readiness to plunge into action' as and when the call comes from the United Forum of IDBI Officers and Employees, a circular from the AIIDBIOA said.
They must 'thwart and set at naught' anything that is aimed against the interest of the members, Vithal Koteswara Rao, General Secretary, AIIDBIOA, wrote in the circular. "The Association...is aware of reports...that some developments are reportedly in the offing to make certain things, which are likely going to be detrimental to the interests of the officers."
However, members should not worry too much, Rao said, adding that the AIIDBIOA would endeavour to safeguard their interests under all circumstances. It would initiate appropriate organisational measures under the banner of the United Forum after consulting parent bodies, the All-India Bank Officers’ Association and the All-India Bank Employees’ Association.
MERGER OF WEAK BANKS
The parent bodies had already discussed the matter at a recent meeting convened by the United Forum of Bank Unions, an umbrella organisation. Meanwhile, Rao told BusinessLine that the AIIDBIOA suspects that the Centre might want to proceed with the privatisation of the bank, although there is no concrete information on this.
The AIIDBIOA is duty-bound to thwart any such move by launching an agitation programme under the guidance of the twin parent bodies. Answering a specific question, he said it has not crystallised a plan of action over the purported parallel move to merge IDBI Bank with a few weak public sector banks to stem the rise in bad loans.
As part of this move, at least four state-run banks - Bank of Baroda, IDBI Bank, Oriental Bank of Commerce and Central Bank of India - are proposed to be merged. The merged entity would become the second-largest bank in the country after State Bank of India. The AIIDBIOA would consult the parent bodies to taken an informed view on this, Rao said.
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