AIBOA strongly opposes privatisation of IDBI Bank
By MYBRANDBOOK
The Centre’s move to sell IDBI Bank to private players is not in the “right direction” and will be opposed “tooth and nail” by the All India Bank Officers’ Association (AIBOA) according to its General Secretary, S Nagarajan. He said the need of the hour is not privatisation; it is to strengthen the bank further, along with an exercise to recover sticky loans from wilful defaulters.
Earlier Finance Minister Nirmala Sitaraman had announced in the Budget speech that LIC would be directed to withdraw its 51 per cent stake in IDBI Bank in one go and the Government of India will also divest its 46 per cent stake.
The merger and consolidation of public sector banks is shrinking their “well-managed” customer space which is mainly engaged in the service of the common people and the poor, Nagarajan said, adding, “Private sector banks are gradually taking over the market space being vacated by public sector banks without any valid reason. Over 5,000 public sector bank branches have been closed due to mergers in the last three years.’‘
Neither banks not the government has carried out any study on the ill-effects of the merger of public sector banks on the financial system.
The other demands of the AIBOA and associations supporting its two-day bandh call are implementation of the five-day week for banks, upgradation of the pension scheme, facility of child care leave, restoration of the old pension scheme, and removal of the anomaly in dearness allowance (DA) between LIC and bank employees. AIBOA has also extended its solidarity to central trade unions and other independent federations in opposing the privatisation of PSUs and sale of their assets, among others.
The representatives of AIBOA are scheduled to meet government officials today to discuss their demands ahead of the strike. If the talks are not conclusive, over three lakh bank employees will strike work on March 28 and 29, 2022, which could paralyse the banking system.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
Icons Of India : MADHABI PURI BUCH
Madhabi Puri Buch is the first-female chairperson of India’s markets...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...