IDBI Bank staff goes on strike

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 All-India Bank Officers Association and All-India Bank Employees Association have extended support to the agitation, Athalye said.

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

According to Vinod Kumar Pillai, convener of the Kerala unit of the United Forum, demonstrations will be taken out at all district headquarters in Kerala including Thiruvananthapuram and Vishakhapatnam tomorrow as part of the one-day strike.