IDBI Bank employees to strike work on November 27

Employees of IDBI Bank have decided to go on a nationwide strike on November 27, to oppose the government's move to dilute stake in the state-run bank.

Written by Mithun Dasgupta

October 28, 2015 00:26 IST

Employees of IDBI Bank have decided to go on a nationwide strike on November 27, to oppose the government’s move to dilute stake in the state-run bank.

The one-day strike has been called by the United Forum of IDBI Officers and Employees to protest “the contemplated move of the government of India to privatise IDBI Bank by diluting its shareholding to below 51%”. At the end of September quarter, the government held 76.50% stake in the Mumbai-based bank.

The lender has over 1,700 branches across the country. As on March 31, 2015, it had a total staff complement of 16,555. The United Forum of IDBI Officer and Employees have chalked out ways to protest and agitate the government’s move, after finance minister Arun Jaitley last month said the government was considering giving more operational freedom to state-run banks and that IDBI Bank was a possible test case to follow the “Axis Bank model”.

Minister of state for finance Jayant Sinha has also said work is on to reduce government’s stake in IDBI Bank .

This article was first uploaded on October twenty-eight, twenty fifteen, at twenty-six minutes past twelve in the am.