IDBI Bank Staff Announce Nationwide Hunger Strike
\n\nThe IDBI Bank officials have announced a two-day nationwide hunger strike against the bank's stake sale to Canada's Faifax, a decision approved by the Cabinet last week. The strike will be observed across the bank’s branches and offices nationwide.
\n\nThe two-day nationwide hunger strike will be held on November 2 and November 3 to protest the proposed sale of IDBI Bank to Canada-based Fairfax Financial Holdings Group.
\n\nThe United Forum of IDBI Officers and Employees (UFIOE), comprising the All India IDBI Officers’ Association and the All India Industrial Development Bank Employees’ Association, has issued a strike notice to the bank’s management under the Industrial Relations Code, 2020.
\n\nThe forum has demanded that the government halt the proposed sale and acquire at least 6 per cent equity in IDBI Bank, either from Life Insurance Corporation of India (LIC) or through the market, to maintain its shareholding at a minimum of 51 per cent.
\n\nIt has said that this would honour assurances made in Parliament in December 2003 that the government would maintain majority ownership of the bank.
\n\nFurther, the forum also sought written statutory assurances that existing service conditions, welfare measures, pension benefits and…
Original source: https://www.timesnownews.com/business-economy
