Two IDBI Bank Unions To Go On Strike From Monday

Posted By:
Subscribe to GoodReturns

A section of officers and employees of IDBI Bank are going on strike from Monday to protest against the government's plan to pare its stake in the lender.

While a group of employees under the banner of United Forum of IDBI Officers and Employees has given a one-day strike call on March 28, another outfit United Platform of IDBI Bank Unions are on a four-day strike till March 31.

Two IDBI Bank Unions To Go On Strike From Today
IDBI Bank: Quotes, News
BSE 60.40BSE Quote0.2 (0.33%)
NSE 60.55NSE Quote0.4 (0.66%)

The unions and management had two conciliation meetings with the Mumbai labour commissioner earlier this month but failed to resolve their differences. "We had two meetings with the labour commissioner on March 18 and 21 but both the meetings failed and we are going ahead with the four-day strike," said an office bearer of the United Platform of IDBI Bank Unions. The bank has around 17,500 employees.

The strike will be nation-wide, except in Karnataka where the High Court has restrained the unions from any kind of protest or strike. Employees are protesting the government proposal to bring down its stake in the bank from around 80 per cent to under 50 per cent. In the Budget, Finance Minister Arun Jaitley had said the government was open to bring down its stake in IDBI Bank to below 50 per cent.

"The process of transformation of IDBI Bank has already started. The government will take it forward and also consider the option of reducing its stake to below 50 per cent," Jaitley had said.

The management has tried persuading the unions to call off the strike. "We have spoken to employees and asked them to call off their strike as it is year-end. We also held town hall meetings with the employees and have spoken to them at length," said a senior bank official.

For convenience of customers, the bank opened its branches on March 26, which was an official holiday for banks. "We will also try to keep some of our branches open during the strike period to help customers do their transactions," the official said. The bank will continue with its basic treasury operations during the period, he added.


Read more about: idbi bank
Story first published: Monday, March 28, 2016, 9:25 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'


Get Latest News alerts from Goodreturns