CM opposes Centre’s move to privatise IDBI

Delhi Chief Minister Arvind Kejriwal on Friday opposed the proposed privatisation of the Industrial Development Bank of India (IDBI) and supported its continuation in the public sector.

Kejriwal’s support on the issue came after a delegation of IDBI Officers Association met him here on Friday and expressed their opposition to the Centre’s reported move to dilute its stake in the bank to less than 50 percent.

“Kejriwal opposed the proposal to privatise the IDBI, which will adversely affect around 20,000 bank officers across the country. He assured the delegation that he will write to the prime minister to seek withdrawal of the proposed move,” a Delhi government official said. The delegation said Arun Jaitley said in his Budget speech in the Lok Sabha on February 29 that the Centre had no obligation to hold a minimum 51 percent stake in the IDBI, thereby effectively announcing the government intention to privatise it.