AGARTALA, Nov 27 (TIWN): A section of employees of public sector lender IDBI Bank holds strike on Friday to oppose the government's plan to privatise the troubled lender on the lines of Axis Bank. The employees protested under the banner of Tripura Provincial Bank Employees Association and All India Bank officers association on Friday.

Employees of IDBI Bank observed a nationwide strike along with the nation on Friday to oppose the government's move to dilute stake in the state-run bank.

The government has said work is on to reduce its stake in the Mumbai-headquartered bank and that it would consider transforming the bank in a manner similar to the Axis Bank. To protest “the contemplated move of the government to privatise IDBI Bank by diluting its shareholding to below 51%”, United Forum of IDBI Officers and Employees and All India Federation of IDBI Bank Ltd Employees hold a ‘nationwide’ strike on Friday.

All branches of the bank will remain non-functional as officers and employees will be on strike.

It is to be mention here that there are all together 1725 branches of IDBI bank and also there are altogether 34,000 employees working in IDBI bank.

All India Bank Officers’ Association, the second largest organisation of bank officers, and is supporting the strike by IDBI employees against disinvestment of IDBI Bank.

The government is reportedly planning to bring down its holding in the bank below 51% like it did in case of Axis Bank (formerly UTI Bank).

“The entire workforce in IDBI observed an All India strike on Friday. AIBOA extends total solidarity support to the struggling IDBI workforce,” the association said.

IDBI Bank, a Public Sector Bank, having Government equity of 76.5% absorbed the IDBI Bank Ltd., a new generation Bank in 2005 and also another old generation Private Sector United Western Bank in October 2006.

Originally the IDBI Bank was established in 1964 functioning under RBI and subsequently the ownership was transferred to Central Government in 1976.