IDBI Bank Staff Goes On Strike

New Delhi: Nov 27; Employees of IDBI Bank will observe a nationwide strike on Friday to oppose the Centre's move to dilute its stake in the State-run bank.

The United Forum of IDBI Officers and Employees has given the call to protest the move to privatize the bank by diluting its stake to below 51 percent.

The move is a breach of the Centre's assurances given while repealing the IDBI Act and converting the development banking institution into a universal banking company under the Banking Regulation Act, 1949.

At the end of the September quarter, the Centre held 76.50 percent in the bank. IDBI Bank has over 1,700 branches across the country and has a total strength of more than 16,000 employees.

The United Forum had earlier carried out a nationwide dharna on November 18 in support of the demand.

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