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IDBI Bank employees go on strike after govt dilutes stake

The United Forum of IDBI Officers and Employees has given the call to protest the move to privatize the bank by diluting its stake to below 51%.

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Employees of IDBI Bank will observe a nationwide strike on Friday to oppose the Centre's move to dilute its stake in the state-run bank.

The United Forum of IDBI Officers and Employees has given the call to protest the move to privatize the bank by diluting its stake to below 51%.

The move is a breach of the Centre's assurances given while repealing the IDBI Act and converting the development banking institution into a universal banking company under the Banking Regulation Act, 1949.

At the end of the September quarter, the Centre held 76.50% in the bank. IDBI Bank has over 1,700 branches across the country and has a total strength of more than 16,000 employees.

The All-India Bank Officers Association and All-India Bank Employees Association have extended support to the agitation, said R S Athalye, convener.

The United Forum had earlier carried out a nationwide dharna on November 18 in support of the demand.

According to Vinod Kumar Pillai, convener of the Kerala unit of the United Forum, demonstrations will be taken out at all district headquarters in Kerala including Thiruvananthapuram and Vishakhapatnam on Friday as part of the one-day strike.  

At 1411 hours, the share price of IDBI Bank was trading up Rs 3.55 or 4.27% higher, at Rs 86.80, per piece on BSE.

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