Bhopal: Banker's protest proposed IDBI merger, others lend support

Bhopal (Madhya Pradesh): The employees of Industrial Development Bank of India (IDBI) have registered protest against its merger. The IDBI has 108 branches in Madhya Pradesh and 8 of them are in Bhopal. The merger is likely to take place by January 7. Prateek Vijayvargiya of IDBI said, “There are 108 branches in Madhya Pradesh. Eight branches are in Bhopal. Government is selling out IDBI. At present, LIC has maximum number of shares. Private players are interested in purchasing major share.” VK Sharma, bankers’ association general secretary, said, “We support IDBI employees. We are opposed to merger of any bank.” The government and LIC together are looking to sell a 60.72 per cent stake in IDBI and the last date for submitting an Expression of Interest (EoI) or preliminary bids is January 7, 2023.

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