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Supriya Sule, an MP from the NCP (Secular Progressive Alliance) party, raised concerns over the fate of 20,000 IDBI Bank employees during Zero Hour in the Lok Sabha. She expressed worry over the government’s move to privatize the bank, which would result in a significant loss of public ownership and potentially harm employees’ jobs. Sule cited a promise made by former Finance Minister Jaswant Singh in 2016 that 51% of the bank would remain with the government, but now, 61% of the bank is at risk of being sold to private hands.
The government has invited bids for the sale of 60.72% stake in IDBI Bank, which includes 30.48% from the government and 30.24% from Life Insurance Corporation (LIC). The sale, which could fetch a premium over the current market price, is expected to be the second-largest corporate deal in India’s corporate history. However, employees and opposition parties have raised concerns over the potential implications of privatization, including job losses, exploitation of low-wage workers, and potential mismanagement.
As of now, 6,000-8,000 employees from SC/ST communities, 4,000 from Other Backward Classes, and 485 physically challenged staff members are part of IDBI Bank’s workforce. Previous Delhi Chief Minister Arvind Kejriwal and some other BJP MPs have also opposed the sale, with the All India IDBI Officers’ Association conducting protests against the move. Sule’s speech highlights the opposition’s commitment to the issue, which may not fade away easily in the coming months. The government has not revealed its expected returns from the sale, leaving many questions unanswered.