‘Rating IDBI Bank as private is against public interest’

Chennai, March 20 (IANS): The All India Bank Employees’ Association (AIBEA) has demanded the Reserve Bank of India (RBI) to reconsider its decision to categorise IDBI Bank as a private entity.
In a letter to the RBI on Wednesday, AIBEA’s General Secretary C.H. Venkatachalam conveyed the union’s opposition to RBI’s decision.

Due to huge bad loans to the corporates, the Bank has been facing problem of recovery and consequently its financial performance.

According to him, it is ironical that RBI instead of taking action against the private sector corporate borrowers it seeks to protect the bank from Right to Information Act (RTI), Central Vigilance Commission (CVC) and others by recategorising IDBI bank.