INSUBCONTINENT EXCLUSIVE:
The bank's gross NPAs shot up to 29.67% of gross advances as on December 31, 2018.The employees of IDBI Bank have opposed the bank's
categorisation as a private lender and are seeking the option to switch to any other nationalised bank with protection of pay and
service."The All India IDBI Officers' Association (AIIDBIOA) proposes to go on a one-day hunger strike on March 30 seeking options to be
given to all officers as on date to switch over to any nationalised bank with protection to pay/salary and service," AIIDBIOA Secretary A.V
Vithal Koteswara Rao said in a letter addressed to Banking Secretary Rajeev Kumar, the Regional Labour Commissioner (Central) and the Chief
Labour Commissioner (Central).Expressing concern over the recent re-categorisation of IDBI Bank as a private sector lender by the Reserve
Bank of India (RBI), AIIDBIOA demanded a memorandum of understanding (MoU) to be signed between the government, the IDBI Bank and itself
confirming that the existing service conditions and welfare measures for the officers as on date will be protected till the time of their
Bank."IDBI Bank has been categorised as a 'private sector bank' for regulatory purposes by the Reserve Bank of India with effect from
January 21, 2019 consequent upon LIC acquiring 51 per cent of the total paid-up equity share capital of the bank," the RBI said in a recent
statement.The employees' association also demanded a bilateral transfer policy between the IDBI Bank and the AIIDBIOA to be signed keeping
corrective action (PCA) framework of the RBI that restricts it from corporate lending, branch expansions, salary hikes and other regular
For the December quarter of the present fiscal, IDBI Bank reported widening of loss to Rs 4,185.48 crore as bad loans mounted.Get the latest
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