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PROPOSED MOVE TO PRIVATISE IDBI BANK – Protest action

UFIDBI Officers and Employees protest against privatisation of IDBI Bank

UFIDBI Officers and Employees protests the proposed move to privatise IDBI Bank.

ALL INDIA BANK OFFICERS’ ASSOCIATION

Circular Letter NO.9/VI/2015

October 15, 2015

To:

ALL UNITS / STATE COMMITTEES

Dear comrades,

PROPOSED MOVE TO PRIVATISE IDBI BANK LTD.,

PROTEST ACTIONS UNLEASHED BY UFIDBI OFFICERS AND EMPLOYEES.

The Hon’ble Finance Minister had stated in the print as well as in the electronic media that IDBI will be converted in AXIS Bank model-erstwhile UTI Bank. The implied expression is nothing but dilution of Government equity from the present 76.5%

IDBI was established in 1964 and functioned as an extended arm of RBI till 1976. In 1977, it was delinked from RBI and established as a statutory body, wholly owned by the Government. The share holding was 58.5%.

IDBI was converted into IDBI Ltd., deemed Banking Company w.e.f. 10.10.2004 and renamed as IDBI Ltd., w.e.f. 01.04.2005. IDBI Bank, a new generation private sector Bank was amalgamated with IDBI Ltd., Further, the erstwhile United Western Bank Ltd., an old generation Private Sector having its headquarters at Satara, Maharashtra was merged into IDBI Ltd., w.e.f. 03.10.2006. As on date the present IDBI Bank Ltd., has evolved as a Bank through merger and amalgamation exercise, retaining the Public ownership of new entity.

Our Organisation has already written to Hon’ble Finance Minister not to dilute the Government equity and honour the assurances given by the then Shri Jaswant Singh, Hon’ble Finance Minister on the floor of the Parliament on 08.12.2003.

Keeping the various developments taking place in the Banking Sector aiming to give up ownership of the Government based on the P.J.Nayak Committee recommendations in a slow pace, the present expressions of the representatives of the Government should not be taken lightly at any cost. Prevention is better than cure. Going by the adage, a joint meeting of the AIIDBIOA and AIIDBEA was held on 4th and 5th October 2015 at Mumbai. They have formed a united forum under the convenorship of Com.R.S.Athalye, who is also the Joint Secretary, AIBOA.

The United Forum in IDBI, has decided to observe a series of programmes to halt the move of Privatisation culminating a day’s strike, which will be announced later.

Gate Meeting / Demonstrations at HOs/ZOs 16.10.2015
Badge Wearing 02.11.2015 to 05.11.2015
Dharna November 2015

We advise the State Committees and affiliated Units to coordinate with the State level representatives in all their protest actions, upholding the trade union principle of ONE FOR ALL and ALL FOR ONE, thereby converging the collective energies of the IDBI workforce in toto.

Onward March to raise Coordinated resistance action programmes.

Yours comradely,

/S.NAGARAJAN/

GENERAL SECRETARY

Tab to view from All India Bank Officers Association web site.

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