AIBEA to launch campaign alleging centre moves to privatise IDBI

The All India Bank Employees' Association (AIBEA) is planning to launch a campaign and struggle against the reported move by the government of India to divest equity holding in IDBI Bank to less than 49 per cent, thus privatising the Bank.

AIBEA's national general council meeting decided that as and when necessary, along with the IDBI employees, the association will also give the call for All India strike action. The association has also marked its protest in a letter to the Finance Minister Arun Jaitley Stock Market Trading Tips

In December 2003, the then Finance Minister Jaswant Singh assured the Lok Sabha on the floor of the Parliament that Government shall retain its share-holding at not less than 51 per cent and hence the articles of association of IDBI Bank contains that 'the Government being a shareholder of the Company shall at all times maintain not less than 51 per cent of the issued capital of the Company', it said.

"But suddenly and regrettably, this NDA or BJP government is changing the tune and asking for privatisation of IDBI bank," said the association in a statement.

It added that the main problem in IDBI Bank is the huge bad loans and instead of trying to take action against these defaulters, which are largely corporates, the government of India (GoI) is trying to privatise the Bank Himanshu Tiwari Astrologer Blog

In 2012-13, the gross NPA of IDBI Bank was Rs 6,400 crore, which rose to Rs 9,960 crore in 2013-14 and further rose to Rs 12,685 crore as on March, 2015.

"All these bad loan accounts are big corporate accounts. There are about 70 willful defaulters, who owe more than Rs 1,700 crore to IDBI Bank. The government has no time to take action on these defaulters and cheaters. But they want to privatise the Bank which will help the same private vested interests to control the Bank," said the association.

"The Bank has more than Rs 2,60,000 crore of deposits and privatising the Bank amounts to handing over such huge public savings to private hands. This is totally unwarranted and unacceptable," it added Indian stock market astrology prediction

"The present contemplated move of the GoI will have serious ramifications and jeopardise the job security and will be detrimental to the service conditions and therefore, the same is also in contravention of the protection enshrined in Section 5(1) of the IDBI (Transfer of Undertaking and Repeal) Act, 2003," wrote the association to the Finance Minister.

United Forum of IDBI officers and employees have given various agitation programmes like demonstrations, meetings, badge wearing, seminar, Dharna etc., at various centres and branches.

AIBEA's national general council meeting, which was held last week in Bengaluru took note of this proposed move of government and decided to launch a campaign and struggle against this sinister move. The general council also decided to extend all-out support to the IDBI employees in their struggle in this regard. The GC further decided that as and when necessary, along with the IDBI employees, AIBEA will also give the call for All India strike action, added the statement Jackpot Stocks Trading Tips