IDBI Bank Strike on Friday to Oppose Privatisation Plans

Mumbai: A section of employees of public sector lender IDBI Bank will strike work on Friday to oppose the government's plan to privatise the troubled lender on the lines of Axis Bank.

The employees are protesting under the banner of United Forum of IDBI Officers and Employees, which is supported by All India Bank Officers' Association.

"The government, to achieve its disinvestment target of Rs 69,500 crore, is in the process of selling the family silver to private high networth individuals," a press release issued by the union said. 

At present, the government owns 76.5 per cent in the infra-lender-turned commercial bank which is grappling with high bad loans and other legacy issues.

Earlier, Finance Minister Arun Jaitley and Minister of State for Finance Jayant Sinha had spoken about the government's plan to privatise the lender. 

"We will consider transforming IDBI Bank in a manner similar to the way Axis Bank was done," Sinha had told reporters last month.