Pune: Around 250-300 IDBI Bank employees are holding a two-day protest from Monday against the proposed stake sale of the bank by Life Insurance Corporation of India (LIC). The protest, organised by United Forum of IDBI Officers and Employees (UFIOE), Pune branch, is being held outside the SBI Treasury Office in the Collector’s office compound.The protest is part of the nationwide agitation against the stake sale.Employees are opposing the decision to sell a 60.72% stake in IDBI Bank to a private investor. The employees have raised concerns over the valuation of the bank, which returned to profitability after receiving public funds for its revival when it was facing financial difficulties.“It was the bank employees who engaged with the customers to get deposits at the time when the lender was in financial distress, and the non-performing assets (NPA) were at a record high of 32%. The bank has returned to the black because of the efforts of its employees,” Devidas Tuljapurkar, joint secretary of All India Bank Employees Association, said while addressing the protesting employees.According to employee representatives, the bank has around 22,000 employees. They fear the proposed deal could affect their job security, existing service conditions, pension and retirement benefits.The employees have put forward four key demands, including retaining IDBI Bank’s public sector character or ensuring the govt retains at least 51% ownership. They have also demanded legally binding assurances that existing employees’ salaries, seniority, service conditions, pension and retirement benefits remain protected until retirement.Online banking channels will remain fully operational during the strike, the lender said on the social media platform X.
