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“We Oppose Privatisation”: IDBI Fraternity To Intensify Struggle After Demonstration at Headquarters
Following the gate meeting held on 3 August 2024 at IDBI Towers, the bank's headquarters in Colaba, Mumbai, the United Forum has announced plans for a dharna on 8 August 2024 at Jantar Mantar, New Delhi, to further oppose the privatisation move.
Author: Abhivad
Published: August 5, 2024
The agitation against the privatisation of IDBI Bank continues as employees and officers organised a gate meeting and demonstration on 3 August 2024 at IDBI Towers, the bank's headquarters in Colaba, Mumbai.
On Saturday, the United Forum of IDBI Officers and Employees held a demonstration during lunch hours. Participants carried placards with slogans such as “We Oppose Selling of IDBI Bank”, “Save IDBI Bank”, and “Protect Service Conditions”. The protest aimed to voice their opposition to the government's decision to privatise the bank.
(A picture from the gate meeting organised at the IDBI towers, Colaba, Mumbai.)
Vithal Koteswara Rao, the General Secretary of All India IDBI Officers’ Association (AIIDBIOA), spoke to Kanal, refuting media reports that suggested assurances had been given to IDBI staff regarding the protection of their service conditions. “No official communication in this regard has been issued. We still don’t know who the successful bidder will be to buy the majority shares from the Life Insurance Corporation of India(LIC). How can we predict the terms and conditions of the deal?” Koteswara Rao stated.
The United Forum has also announced plans for a dharna on 8 August 2024 at Jantar Mantar, New Delhi, to further oppose the privatisation move.
(Employees and Officers under the banner of United Forum, gathered with placards and flags at the IDBI headquarters.)
Staff Concerns
IDBI Bank employs over 18,000 personnel, including officers and employees, with officers forming the vast majority at around 17,000. Among the staff are over 400 differently abled personnel. Historically, as a public sector institution, IDBI Bank has employed physically challenged and visually impaired candidates, promoting an inclusive approach.
Koteswara Rao expressed concern over the future of these employees under private ownership. “As the private takeover looms large, these families are under direct threat. Profit-driven private parties will try to reduce their salaries or expel them, citing lack of productivity,” he noted.
(United Forum leaders address the gathering at IDBI headquarters.)
Struggle for National Interest
Koteswara Rao emphasised that the struggle against privatisation is not only in the interest of IDBI Bank’s officers and employees but also aligns with national interests. “Our struggle against privatisation is also aligned with the national interest, not to throw away the national asset into the hands of private players,” he added.
The ongoing protests by IDBI Bank employees and officers reflect deep-seated concerns about the potential impact of privatisation on their jobs, service conditions, and the inclusive policies of the bank. With more demonstrations planned, the opposition to the sale of majority shares remains strong.