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Business EconomyPosted at: May 10 2021 5:48PM


IDBI Bank officers association expresses concern over decision to privatise IDBI Bank

New Delhi, May 10 (UNI) The All India IDBI Officers' Association (AIIDBIOA) on Monday expressed their concern on the in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd given by the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Shri Narendra Modi on May 05, 2021.
"It is very unfortunate that the Government has taken such a retrograde decision without consideration of the interest of General Public as well as employees of IDBI Bank," the association said in a statement.
As on date, Government of India’s holding in IDBI Bank is at 45.48% and LIC of India’s holding in IDBI Bank is at 49.24% with Promoter status and hence total direct/indirect stake of the Govt. stands at 94.72%; which entails further the very public sector character of IDBI Bank, it said.
Government of India being one of the promoters even today, IDBI Bank is catering aggressively to the needs of common man and general public with entire gamut of Govt of India Schemes viz Financial Inclusion drive, Basic SavingsBank accounts, PMMY, Stand Up India Scheme, PMEGP, PMJJBY, PMSBY and many otherproducts/schemes of Government of India meant for common man and general public.
In case of sale of IDBI Bank to a strategic buyer, the character of Government Bank of IDBI Bank will be at risk and in such case, the private sector entities who will become the owners of the Bank will no longer be interested to cater to the needs of common man, instead maximization of profits will be the sole purpose.
Various products/schemes of Government of India meant for common man and general public cannot be offered through a Bank owned by private entitites. Private Banks are generally profit-oriented and NOT service-oriented. India needs more Government Banks to improve Financial Inclusion parameters/aspects. Reduction in number of Government Banks leads to lesser opportunity and options for Common man and general public, which is totallyagainst the interest of the common man and general public.
As Government’s decision to sell the IDBI Bank will have adverse impact on the Officers and Workmen staff of the Bank, the United Forum of IDBI Officers and Employees have decided to adopt the various steps including but not limited to legal recourse to avert this move of the Govt, it said.
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