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Privatisation of IDBI Bank: Officers & Employees Stage Dharna at Jantar Mantar, New Delhi
Opposing the government's plan to privatise IDBI Bank, the United Forum of IDBI Officers & Employees staged a dharna at Jantar Mantar, New Delhi on 8 August 2024.
Author: Abhivad
Published: August 8, 2024
The United Forum of IDBI Officers & Employees organised a dharna at Jantar Mantar, New Delhi, on 8 August 2024, as part of their ongoing agitation against the privatisation of IDBI Bank. The protest is the latest in a series of demonstrations led by the forum, which represents the collective voice of IDBI Bank’s employees and officers who oppose the government's plan to sell the bank to private or foreign entities.
Continued Agitation Against Privatisation
The protest at Jantar Mantar follows a series of similar actions, starting from a dharna at Aazaad Maidan, Mumbai, on 9 December 2022 following the initial rumours regarding the divestment move. Two previous protests were also held at Jantar Mantar, New Delhi on 4 January 2023 and 9 August 2023. Most recently, a gate meeting was held at the IDBI Towers in Colaba, Mumbai, on 3 August 2024. These events reflect the sustained opposition from IDBI Bank’s staff against what they see as an unjust sale of a vital public institution.
(Leaders of the United Forum and other fraternal organisations addressed the dharna.)
Concerns Over National Interest
Speaking to Kanal, Vithal Koteswara Rao, General Secretary of the All India IDBI Officers’ Association (AIIDBIOA), expressed serious concerns about the proposed privatisation. “The wealth created by the Union Government with people’s money over the last 60 years is now being sold off. This is against national interest and compromises social causes. It is a wastage of national assets. If privatisation proceeds, crucial services like education loans, which are currently provided only by public sector banks, will vanish,” he said.
Risks to Job Security and Customer Service
The protestors raised alarms about potential job losses and threats to job security, particularly for women and differently-abled employees. The United Forum highlighted that the shift to private ownership could lead to a “hire and fire” work culture, putting thousands of jobs at risk.
(The protestors observed the dharna at Jantar Mantar, New Delhi from 10 am to 1 pm.)
Moreover, the forum argued that privatisation would negatively impact customer service, particularly for priority lending at affordable rates. They emphasised that IDBI Bank’s role in offering services like education loans, agricultural loans, and small business support would be severely compromised under private ownership, potentially harming the most vulnerable customers.
(A picture of the dias at the dharna venue.)
The United Forum of IDBI Officers & Employees vowed to continue their protests until the government reverses its decision to privatise the bank. With national interest and the welfare of IDBI’s employees and customers at stake, the forum's struggle against the sale of the bank remains steadfast.