In the IDBI’s financial corridors and huddles, voices are rising, asking to shield the small and safeguard the many!
AIIDBIOA Urges IDBI Bank Merger to Protect Depositors, MSMEs, and Employees
In a written letter to Finance Minister Nirmala Sitharaman, the All India IDBI Officers’ Association is requesting the IDBI Bank to be merged with the public sector bank instead of selling it off.
Citing the reason of protecting the interests of depositors, small borrowers, and employees, the association has requested not to proceed with the proposed sale to private or foreign investors.
In their letter, the association emphasised that the interests of depositors, borrowers—especially in the MSME segment—and more than 20,000 employees must not be compromised.
The AIIDBIOA has urged Finance Minister Nirmala Sitharaman to “stand by national interest” and suggested that the sale of the entity by the Government of India and LIC of India to private or foreign entities would be against the interests of depositors, small and medium enterprises (SMEs), MSME borrowers, and over 20,000 employees of the bank, and rather consider a merger of the bank with any Public Sector Bank.
AIIDBIOA Reiterates Opposition to IDBI Privatization, Demands Job Security
As per the General Secretary of AIIDBIOA, Vithal Koteswara, similar requests were previously made to the Managing Director and CEO of IDBI Bank and the Secretary, Department of Financial Services in the Finance Ministry.
The All India IDBI Officers’ Association (AIIDBIOA) staged protests demonstrating their opposition to the proposed privatization of IDBI Bank and demanding better job security and service conditions.
Summary
The All India IDBI Officers’ Association (AIIDBIOA) has written a letter to the Finance Minister Nirmala Sitharaman seeking the IDBI Bank to be merged with a public sector bank instead of selling it to private or foreign investors. Emphasizing national interest and job security, the association has protested to protect depositors, MSME borrowers, and over 20,000 employees after appealing to IDBI and Finance Ministry officials previously.
