IDBIEA staff to strike work on August 4

Members of the Industrial Development Bank of India Employees' Association (IDBIEA) will observe one-day country-wide strike on August 4 as part the ongoing stir demanding implementation of wage settlement.

"IDBI Repeal Bill was amended and the new entity will be deemed to be a banking company. But its prime objective will be to carry on and transact the business of development banking," said Girish Chavda, general secretary of the IDBIEA.

However, the Reserve Bank of India has categorised the new entity as 'other public sector bank' with effect from October 1, 2004, added Chavda.

The then finance minister had assured members of Parliament during a debate on the IDBI Repeal Bill that even after the conversion of IDBI into a corporate banking entity employees will continue to enjoy the same tenure and same remuneration.

"The wage settlement which is effective from November 1, 2002, is yet to be implemented," said Chavda.

Besides, the association had called for a five-day dharna from July 24 to July 28.