IDBI Bank officers to go on hunger strike on 30 March over stake sale

The all-India Officers Association of IDBI Bank has given notice of a one-day nationwide hunger strike on 30 March over its various demands connected with the transfer of majority stake in the state-run bank to Life Insurance Corporation of India (LIC).

The association is seeking deployment of IDBI Bank officers in other state-owned banks since IDBI Bank has now gone private. 
In fact the association has mover the Kerala High Court seeking a directive to the government that they be transferred to state-run banks to fill thousands of vacancies 'without causing heartburn or inconvenience to anyone.'
They say the decision of the centre to dilute its stake below 51 per cent in IDBI Bank goes against the undertaking given by the finance minister to Parliament.
Also, they point out that a majority of IDBI bank officers are over-aged and have little chance of employment in the public sector or reputed firms.
It is against this background and over various other demand that the all-India Officers’ Association has planned a one-day nationwide hunger strike on 30 March.
“The Bank is in receipt of notice of one-day nationwide hunger strike on March 30, 2019 from All India IDBI Officers’ Association (AIIDBIOA) addressed to MD & CEO, IDBI Bank in support of their various demands,” IDBI Bank said in a stock exchange filing.
The Officers’ Association has been protesting over RBI categorising IDBI Bank as a private sector lender with effect from 21 January 2019, pursuant to LIC acquiring 51 per cent controlling stake in the bank.
For December quarter of this fiscal, IDBI Bank reported widening of loss to Rs4,185.48 crore as bad loans surged. The bank’s gross non-performing assets (NPAs) shot up to 29.67 per cent of gross advances as at 31 December 2018, against 24.72 per cent in the year-ago period.