AIBEA opposes CCEA decision to sell IDBI bank to private corporate company

Hyderabad: All India Bank Employees’ Association (AIBEA) tonight strongly opposed the decision taken by the Cabinet Committee on Economic Affairs (CCEA) earlier in the day to give-in principle approval for strategic disinvestment and transferring the management control of IDBI Bank, thus paving way for the sale of this important bank to a private corporate company.

‘‘The decision to privatise IDBI Bank and selling it to corporate houses is retrograde, Government should control minimum 51% of Share Capital of the Bank and recover bad loans due by corporate houses to IDBI Bank and not sell to them,’’ AIBEA General Secretary Ch Venkatachalam said in a release.

He said our attention has been drawn to the decision taken today in the Cabinet Committee on Economic Affairs on approval for strategic disinvestment and transferring the management control of IDBI Bank thus paving the way for the sale of this important bank to a private corporate company.

As on date, Government and LIC, put together have 96% of the share capital of IDBI Bank and the decision to hand over these shares and their control means the outright sale of IDBI Bank, obviously to a private corporate company, Mr Venkatachalam said. (UNI)