IDBI employees and officers held dharna on 8 August to oppose the sale of IDBI Bank to Indian/foreign players

Report by Kamgar Ekta Committee (KEC) correspondent

The United Forum of IDBI Officers and Employees organised a dharna at Janta Mantar, New Delhi on 8 August 2024 to oppose the privatisation of the IDBI Bank.

The Central government, which owns a 45.48 per cent stake in IDBI Bank, and the state-owned Life Insurance Corp of India, 49.24 per cent, together plan to sell 60.7 percent of their holdings in the Bank to a private player.

It is reported that the Reserve Bank of India has given its approval recently for submission of bids one India player (Kotak Mahindra Bank) and two foreign players.

Shri V Koteswara Rao, General Secretary of the All India IDBI Officers’ Association (AIIDBIOA), said, “The wealth created by the Union Government with people’s money over the last 60 years is now being sold off. This is against national interest and compromises social causes. It is a wastage of national assets. If privatisation proceeds, crucial services like education loans, which are currently provided only by public sector banks, will vanish”.

The Press Release issued by the United Forum of IDBI Officers and Employees is given below.