IDBI or Industrial Development Bank of India was established in 1964 to provide industrial credit.
Hyderabad: After the government’s decision to allow insurance giant LIC to acquire IDBI Bank, the employees of the public sector lender announced a two-day strike to register their protest. IDBI Bank employees would not work on August 9 and 10 demanding the Narendra Modi government to reverse its decision.
“We strongly oppose any such move taken by the government. It goes against the solemn assurance given by Atal Behari Vajpayee-led BJP government on Parliament in 2003 to maintain at least 51 per cent stake in IDBI Bank,” said J.V.S. Chandramouli, president, All India IDBI Officers Association, Telangana unit.
Following the statement by the Vajpayee government in Parliament, he said IDBI Bank was incorporated with Clause 4 of IDBI Bank’s Articles of Association specifically stating that the Central shall at all times maintain not less than 51 per cent of the issued capital of the company.
IDBI or Industrial Development Bank of India was established in 1964 to provide industrial credit. It had diversified into commercial banking based on the recommendations of a RBI committee and merged its both industrial and commercial units in 2005.Based the 2003 assurance, however, RBI has categorized IDBI Bank as other public sector bank.
Mr Chandramouli said IDBI Bank would lose the PSB tag after it was acquired by LIC. It would also lead to several changes in our service conditions, etc., he said.
Blaming the government and its inefficient officials for the delay, Mr Chandramouli blamed businessmen and top officials in the bank for the mounting bad loans which resulted in the bank being an acquisition target.
“The NPAs are nothing but an end result of “corporate loot”.
Due to some wrong decisions taken at top level, employees of IDBI Bank are bound to suffer and their job is on stake. But by diluting its stake, the government would be protecting the interest of corporates and culprits in the bank as they would now be out of the purview of CVC and CBI.
Towns in the USA and Trinidad named after Golconda by their residents.
I brought up the issue in the Assembly many times, but the party did not provide any support, said T Raja Singh Lodh
Rahul Gandhi said defeating Prime Minister Narendra Modi in 2019 Lok Sabha election is his partys objective.
Right wing cadre stage protest at Collectorate
New tool can make literally perfect edits to genes.
Why no escalation of land rates when project cost was hiked, they asked
Work to the tune of ₹238 crore in progress: TRS legislator
Students have to download the allotment order, joining letter, challan form for payment of tuition fee if applicable.
Referring to Gandhi's criticism of TRS govt, K T Rama Rao said it was during Emergency in 1975 that freedom of expression was stifled.
However in both the ads, the women in a red- cream saree and a child is the same but different husbands.
While issuing notices to the respondents, the bench granted three weeks time to them to file their counter-affidavits.
Apart from Special Category Status for the state, the closed-door meeting discussed the impact of demonetisation, GST and the industrial policy.