IDBI Bank customers beware! Nationwide strike for two days from today; Will banking services be affected?

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  • Employees on strike for two days against privatization of IDBI Bank
  • More than 10 thousand employees will participate
  • Opposition to the process of privatization of IDBI Bank

Pune/IDBI: To oppose the process of privatization of IDBI Bank (Business) employees will go on a two-day nationwide strike. The organization United Forum of IDBI Officers and Employees informed through a press release that more than 10 thousand employees working in more than two thousand branches across the country will participate in this strike.

The position of the employees' association is that the future of IDBI Bank, which was built with public money, should be decided in terms of public interest. The main demand behind the strike is that the bank privatization process should be cancelled. The bank's revival has been made possible by massive public investment and the consistent efforts of its employees. In such a situation, the decision to hand over the control of the bank to a foreign entity is not right in terms of public accountability and national interest, the organization says.

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The then Governor of Reserve Bank Dr. The asset quality review launched during Raghuram Rajan's tenure had clarified the state of overdue loans in the bank. After that, the bank suffered losses during the period 2016 to 2020. During this period, the Central Government and the Life Insurance Corporation of India (LIC) invested over Rs 46,000 crore in the bank. During these difficult times, the employees tried their best to keep the bank's services running smoothly while maintaining the trust of the customers.

According to the data provided by the association, the bank has earned a net profit of Rs 30 thousand 106.43 crore in the last six years. The gross non-performing assets (NPA) ratio has come down to 2.30 percent from 31.78 percent in 2018. The association explained that the net NPA ratio is 0.16 percent, capital adequacy ratio is 26.38 percent and provision protection ratio is 99.31 percent. The employees have demanded that the decision of privatization should not be taken when the financial condition of the bank has improved.

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The revival of the bank has been through public investment and hard work of employees. Therefore, the future of the bank should not be decided only on the criteria of financial profit. The employees union has demanded that the interest of the customers and depositors should be maintained by maintaining the nature of the public sector bank. The second day of the strike is on Tuesday (November 3), and the employees have maintained their demand to withdraw the privatization decision.

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