Indian Bank staff go on strike against IPO | india | Hindustan Times
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Indian Bank staff go on strike against IPO

INDIAN BANK employees went on strike on Monday to protest against the initial public offering (IPO) issued on Monday by the bank.

india Updated: Feb 06, 2007 14:42 IST

INDIAN BANK employees went on strike on Monday to protest against the initial public offering (IPO) issued on Monday by the  bank.

Responding to the nationwide strike, all nine branches of the bank in the State remained closed. Over 21,302 bank employees and officials took part in the one-day strike. The strike affected business transaction of about Rs 75,000 crore in its 1,402 branches in the country.

Under the aegis of MP Bank Employees Association (MPBEA) and MP Bank Officers Association (MPBOA), bank employees and union members gathered in front of bank’s MP Nagar branch, held a demonstration and shouted slogans.

AIBEA joint secretary VK Sharma, AIBOA deputy general secretary DK Poddar, Gunshekharan, Deepak Ratna Sharma, Jai Shankar and several others addressed a meeting.

Sharma said the government’s stake in the bank would get reduced to 80% due to the IPO, an indication of privatisation move. He said the government should try to reduce the huge non-performing assets (NPAs) in banks through strict recovery measures instead of diluting its share in public sector banks.

“Indian Bank in the last three years had written off Rs 1,000 crore out of its NPA,” added Sharma. During the meeting, the unions announced that there would be nationwide strike in the Central Bank of India from February 22, which would be attended by 40,000 employees and officers, to protest against the bank management’s ‘attack’ on union rights.