Bank Unions protest against privatization of IDBI Bank

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Members of the United Forum of IDBI Officers and Employees Associations, which represents the staff of IDBI Bank, held a protest and submitted a memorandum to the Department of Investment and Public Asset Management (DIPAM) Secretary. The protest was aimed at opposing the government’s and Life Insurance Corporation of India (LIC)’s plan to sell IDBI Bank shares to private entities.

S Nagarajan, the General Secretary of the All India Bank Officers Association, criticized the government’s decision, pointing out that it contradicted the assurance given by the former finance minister back in December 2003. The assurance had guaranteed that at least 51% ownership would be retained.

Nagarajan highlighted the potential repercussions of reducing the bank’s ownership stake, including adverse effects on the government’s financial inclusion initiatives. He mentioned that this move could lead to reduced access to affordable loans for farmers, agriculturalists, and decreased availability of micro-finance through Mudra loans.

IDBI Bank Limited was categorized as a ‘Private Sector Bank’ for regulatory purposes by Reserve Bank of India with effect from January 21, 2019 consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank.

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