Money & Banking

IDBI Bank officers threaten strike over stake dilution

Vinson Kurian Thiruvananthapuram | Updated on January 20, 2018 Published on March 01, 2016

All-India IDBI Bank Officers Association has threatened to go on an indefinite strike in March against the Union Budget proposal to dilute government stake in the bank to below 50 per cent.

The government directly owns 76.5 per cent stake in the bank as of September 2015. It holds an additional 13.88 per cent through public sector entities such as the LIC of India.

Protest meets

“We strongly condemn Finance Minister Arun Jaitley’s statement in the Budget,” Leby Varghese, assistant secretary of the All India IDBI Bank Officers Association and secretary of its Kerala unit, told Business Line here.

Officers have resolved to hold ‘protest gate meetings’ at branches across the country on Monday evening itself.

“We are planning to serve notice to the management as well as the concerned labour officer stating our intent to proceed on an indefinite strike during March itself,” he said.

An indefinite hunger strike would simultaneously be launched in front of Parliament.

“We will not allow sell national assets worth ₹50,000 crore to private parties at a discounted rate just like that,” Varghese said referring to the planned stake sale.

Employees had several rounds of strikes/demonstration during the last year to protest what they described as an ill-advised move of the government.

Published on March 01, 2016
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