Privatisation of IDBI Bank: AIBEA approaches Arun Jaitley

The All India Bank Employees Association (AIBEA), representing the banking services industry, has taken up the issue of opposing privatisation of IDBI Bank, with Union Finance Minister Arun Jaitley.

The association expressed its viewpoints and the reasons for opposing the privatisation of IDBI Bank during the meeting with Finance Minister on Wednesday, AIBEA General Secretary C H Venkatachalam said in a statement.

"We pointed out that the main reason for the problems faced by IDBI Bank was huge bad loans in recent years and requested him to go for a thorough probe," he added.

The association also presented a memorandum to Jaitley on the problems faced by the associated banks of public sector State Bank of India (SBI).

"During the meeting we brought to his attention the issues and problems that are confronted within the associate banks (of SBI), bipartite settlement is being violated and SBI service conditions are being unilaterally foisted on employees," he said.

"We conveyed our views to him about the need to delink the associate banks from the clutches of SBI," he said.

Jaitley went through the memorandum and assured them that the issues raised would be addressed, he added.

AIBEA Secretary B S Rambabu, Vice Presidents J P Sharma and N Venugopal and Joint Secretary D D Rustagi were also present during the meeting.