August 18, 2022

Published from Mumbai, Delhi & Bhopal

IDBI Bank sale: Officer’s Association mulls legal recourse

Chennai,  The All India IDBI Officers’ Association (AIIDBIOA) on Monday said it would seek legal and other recourse against the government’s decision to privatise the IDBI Bank.

Opposing the decision of the Cabinet Committee on Economic Affairs (CCEA) AIIDBIOA’s General Secretary Vithal Koteswara Rao A.V. said it will adopt various routes of agitation including but not limited to the legal recourse to derail the Govt motives to divest its stake and transfer of management control in IDBI Bank.

Rao said contrary to Delhi High Court’s judgement, the IDBI Bank management had unilaterally amended the service conditions of Officers to the detriment of their interests.

According to Rao, the Association has valid ground to approach the Delhi High Court challenging the change in service conditions.

He said in case the bank is sold there would not be any regulatory obligation on the Bank for selection and promotion of reserved category candidates to ensure their minimum representation at desired levels.

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