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Business EconomyPosted at: Mar 20 2019 10:49AM


AIBEA expresses strong opposition against Recategorisation of IDBI Bank as a private bank

Hyderabad, Mar 20 (UNI) All India Bank Employees Association
(AIBEA) has expressed its strong opposition and protest against
re-categorisation and re-classication of IDBI bank as a private
bank.
''We demand reconsideration of the decision by RBI and
reverting the Bank as ‘Other Public Sector Bank as
hitherto'' AIBEA General Secretary Ch Venkatachalam
said in a letter to RBI Governor Shaktikanta Das on
Tuesday.
The RBI had issued a notification re-categorising IDBI Bank
as a Private Bank w.e.f. January 21, 2019 that upon LIC
acquiring 51% of the equity capital of the Bank.
From AIBEA, Mr Venkatachalam said we would like to convey
our strong opposition and protest against this re-categorisation
and reclassification of the Bank as a private Bank.
IDBI Bank have been created to be Banks under public sector.
Due to huge bad loans to the corporates, the Bank has been
facing problem of recovery and consequently its financial
performance, he said, adding Private sector is
solely responsible for the huge bad loans of IDBI Bank and
it is strange and ironical that RBI is making the Bank as
private Bank instead of taking tough action on the private
corporates who owe huge sums of loans to the Bank.
By re-categorising the Bank as a private bank, it is obvious
that the RBI wants to shield the skeletons of the Bank from
public glare under RTI and CVC.
The AIBEA General Secretary said even though the
Government’s stake has come below 51%, LIC, which is the
main share-holder is also a 100% Government’s corporation and
hence, the re-categorisation is unwarranted and motivated against
public interest.
UNI CS 1044
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