Nationwide strike of IDBI on August 4

IDBI staff and workmen are demanding an immediate implementation of wage settlement at par and linkage with RBI.

Employees of Industrial Development Bank of India (IDBI) in an effort to press their demands for the immediate implementation of wage settlement and other related issues declared in Mumbai on Wednesday that the association will observe a nationwide strike on August 4.

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The workmen, staff and employees of IDBI are demanding an immediate implementation of wage settlement at par and linkage with Reserve Bank of India (RBI) as per agreement signed with the management on March 17 of this year.

The inordinate delay in implementing the wage settlement by the management has caused lot of justifiable resentment among members of the Association.

The agitation reiterates that its demand for immediate implementation of Wage settlement, which is at par and linkage with RBI apart from being historical for the last 30 years is also legitimate.

IDBI was established under the IDBI Act 1964 as the principal financial institution to function as wholly—owned subsidiary of RBI. It functioned as a department of RBI till 1976 before it was delinked in 1977 by making it a statutory body wholly owned by the Government of India.

However, employees who worked in IDBI as a department in RBI as a subsidiary enjoyed the pay and service conditions in terms of the settlements between RBI Management and 'Employees Federation' in RBI and those who opted for IDBI at the time of de-linking, as also who joined IDBI thereafter continued to enjoy wage and other service conditions on the lines of the position obtaining in RBI.