IDBI Bank employees to strike on November 2 and 3
More than 10,000 staff members will hold a two-day nationwide strike to protest the proposed privatisation of the lender.
More than 10,000 IDBI Bank employees will observe a two-day nationwide strike on November 2 and 3 to protest the proposed privatisation of the bank, according to The Hawk.
The United Forum of IDBI Officers & Employees called the strike to oppose the government's plan to transfer control of the lender.
The union stated that the bank's recovery resulted from the commitment of its staff and financial backing from the government and LIC, rather than private ownership.
The forum noted that the government and Life Insurance Corporation of India provided more than Rs 46,000 crore to support the bank between 2016 and 2020.
The employees' body highlighted that the bank's gross non-performing asset ratio fell from 31.78 per cent in 2018 to 2.30 per cent, with a net NPA ratio of 0.16 per cent.
The union has questioned the transparency of the sale and described the proposed valuation of the bank as inadequate as the government moves to transfer control to Canada's Fairfax Group.