Chandigarh IDBI Bank Employees Protest: – The proposed privatization of IDBI Bank triggered a nationwide wave of protests on Monday, with bank employees across several states joining forces to oppose the move. In Chandigarh, members of the All India IDBI Officers Association (AIIDBIOA) held a strong demonstration at Sector 17C Bank Square, voicing their demands to halt privatization immediately.
Employees from Punjab, Uttar Pradesh, Chhattisgarh, Madhya Pradesh, Rajasthan, Haryana, Bihar, and Jharkhand also participated in the strike, turning it into a united front against the central government’s decision. The protest in Chandigarh began at 9:30 AM, with employees raising slogans and carrying placards denouncing the privatization policy.
The strike had the backing of several prominent banking and insurance employee unions, including AIBEA, AIIEA, GIEAIA, AILICEF, AIBOA, and BEFI. Union leaders stressed that privatization would not only impact employees but also compromise public interest.
Historical Significance of IDBI Bank
Founded in 1964 as a development financial institution, IDBI Bank later transitioned into a commercial bank. Currently, the Government of India holds a 45% stake in the bank, while Life Insurance Corporation of India (LIC) owns 49%. This public ownership ensures sovereign guarantee on deposits, offering depositors a level of security unmatched by private banks.
Concerns Over Deposit Safety
Protesting employees warned that privatization would end the sovereign guarantee. Once privatized, depositors would only be covered under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, which insures deposits up to ₹5 lakh – a drastic drop in security compared to the present arrangement.
Impact on Public Welfare Schemes
Union representatives highlighted that privatization could severely impact priority sectors and social welfare schemes. These include agriculture loans, zero-balance Jan Dhan accounts, and several other government-backed initiatives aimed at financial inclusion. Employees also raised concerns about the future of staff recruited through IBPS examinations, fearing a reduction in benefits and security traditionally associated with public sector employment.
A Call to Protect Public Sector Banking
Speaking at the protest, union leaders demanded that the government withdraw its privatization plan and instead focus on strengthening public sector banks. They emphasized that public sector banks play a vital role in implementing welfare policies, supporting rural development, and safeguarding depositor interests.
As tensions rise, IDBI Bank employees across India have made it clear—they will not remain silent spectators while a public sector institution with decades of service to the nation faces a shift into private hands