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'Rating IDBI Bank as private is against public interest'
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IANS | 20 Mar, 2019
The All India Bank Employees'
Association (AIBEA) has demanded the Reserve Bank of India (RBI) to
reconsider its decision to categorise IDBI Bank as a private entity.
In
a letter to the RBI on Wednesday, AIBEA's General Secretary C.H.
Venkatachalam conveyed the union's opposition to RBI's decision.
"IDBI
and IDBI Bank have been created to be Banks under public sector. Due to
huge bad loans to the corporates, the Bank has been facing problem of
recovery and consequently its financial performance," Venkatachalam
said.
According to him, it is ironical that RBI instead of taking
action against the private sector corporate borrowers it seeks to
protect the bank from Right to Information Act (RTI), Central Vigilance
Commission (CVC) and others by recategorising IDBI bank.
"Even
though Government's stake has come below 51 per cent, LIC, which is the
main share-holder is also a 100 per cent Government's corporation and
hence, the re-categorisation is unwarranted and motivated against public
interest," the letter notes.
The RBI recently classified IDBI Bank as private sector bank.
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