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IDBI Bank officers to join nationwide strike on Feb 20-21

New Delhi: Indian state-run lender IDBI Bank Monday said that a section of its officers will participate in the two-day nationwide strike called by bank unions starting February 20 to protest against reforms in the banking industry.

"...a section of the officers of the bank have given a strike notice proposing to participate in two-day nationwide strike called on February 20 and 21, 2013 by all India Federations/Associations of Bank Employees/Officers under the aegis of United Forum of Bank Unions," IDBI Bank said in a filing to the stock exchanges.

United Forum of Bank Unions (UFBU), an umbrella body of nine associations, has given a call for the two-day strike to protest against banking reforms related to proposed issuance of new bank licenses to private sector entities, which will likely lead to privatization of nationalized banks and mergers and acquisitions.

The Parliament in December 2012 passed the Banking Amendment Bill to pave the way for the Reserve Bank of India (RBI) to issue the final guidelines on new banking licenses.

The central bank is expected to release the guidelines very soon, RBI Deputy Governor Anand Sinha had said recently.

Other state-run lenders, including State Bank of India, Indian Bank and Corporation Bank have also said that a section of their employees will participate in the strike.

Copyright Contify.com

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk
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