AIBOC Slams Government's Plan to Privatise IDBI Bank

The All-India Bank Officers' Confederation (AIBOC) criticizes the government's decision to privatize IDBI Bank, arguing it contradicts past parliamentary assurances and risks weakening public banking. AIBOC urges withdrawal of the privatization proposal, highlighting the importance of public sector banks for nation-building over profit-driven private institutions.

The All-India Bank Officers' Confederation (AIBOC) has voiced strong opposition against the proposed privatization of IDBI Bank, labeling it a breach of parliamentary promises made during its transformation in 2003. They argue this decision undermines the integrity of India's public banking network.

In 2003, assurances were given by the Finance Minister to retain a government shareholding of at least 51% in IDBI. However, recent developments suggest a significant stake sale, with 60.72% of IDBI Bank's shares earmarked for disinvestment. This move is seen by AIBOC as jeopardizing public savings for profit motives.

AIBOC calls for the government to retract the privatization plan, advocating instead for enhancing governance, financial infusion through public entities, digital modernization, and an expanded developmental mandate for IDBI Bank.

(With inputs from agencies.)