IDBI Bank staff on strike against privatisation plan Friday Nov 27,2015

 

Over 30,000 employees of IDBI Bank are on a one-day strike to protest government’s plans to privatise the lender by creating a Axis Bank-like structure for it.

The employees are protesting under the banner of United Forum of IDBI Officers and Employees, supported by All India Bank Officers Association.

At present, the government holds 76.5 % stake in IDBI Bank.

Note

IDBI Bank came into existence, with Parliament passing the IDBI Repeal Act in 2003.

In terms of provisions of the Repeal Act, IDBI has been functioning as a bank in addition to its earlier role of a financial institution