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IDBI Bank strike from Monday: Unions to protest Arun Jaitley’s stake sale proposal

Mon March 28 2016, 4:01 pm
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    IDBI Bank strike: A section of officers and employees of IDBI Bank are going on strike from Monday to protest against the government's plan to pare its stake in the lender that was announced by FM Arun Jaitley in his Budget 2016. The IDBI Bank has around 17,500 employees. For convenience of customers, IDBI Bank had opened its branches on March 26, which was an official holiday for banks. "We will also try to keep some of our branches open during the strike period to help customers do their transactions," an official said. The bank will continue with its basic treasury operations during the period, he added. (Reuters)

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    IDBI Bank strike: While a group of IDBI Bank employees under the banner of United Forum of IDBI Officers and Employees has given a one-day strike call on March 28, another outfit United Platform of IDBI Bank Unions are on a four-day strike till March 31. (Reuters)

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    IDBI Bank strike: The unions and management had two conciliation meetings with the Mumbai labour commissioner earlier this month but failed to resolve their differences. "We had two meetings with the labour commissioner on March 18 and 21 but both the meetings failed and we are going ahead with the four-day strike," said an office bearer of the United Platform of IDBI Bank Unions. (Reuters)

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    Asian Development Bank and International Finance Corporation, as well as other investors are in talks for state-owned IDBI Bank's Rs 3,771-crore stake sale via qualified institutional placement route.

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    But the unions gave a different picture. "The strike was a grand success. All the offices and branches of the bank remained closed today," UFIOE, which called for a one-day strike, said in a statement. (Reuters)

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