Prominent parliamentarian Tapan Sen has requested Finance Minister Arun Jaitley to reconsider and reverse the reported move of the Centre to dilute its stake in IDBI Bank.

Sen is a member of the Standing Committee on Labour, Consultative Committee for Ministry of Steel, and Committee on Public Undertakings.

EMPLOYEE OPPOSITION

"I believe such reported move is not in the interest of ensuring the role of IDBI Bank, and development banking in particular, in accordance with national priorities," Sen wrote to the Finance Minister.

The entire trade union movement in the country and the employees movement in the banking sector including that in the IDBI Bank are opposed to privatisation of the bank.

They have conveyed their opposition to the government through various means, Sen reminded Jaitley.

The issue of the bank's role in the banking sector as well as in the national economy has also been dealt several times by Parliament. The matter has also been closely examined and scrutinised by the Parliamentary Standing Committee on Finance.

The Standing Committee has recommended that the government's shareholding in IDBI Bank should not be diluted below 51 per cent and also that the bank must prioritise on its functioning as a development banker.

STANDING COMMITTEE

It may also be noted that the recommendation of the Standing Committee on Finance represented by MPs from all political parties, including the BJP, was unanimous.

And not only that, the then Finance Minister had assured both houses of Parliament on December 8 and 15, 2003, that the Government shall retain its shareholding in the institution at not less than 51 per cent.

All these happened during the rule of the NDA regime at the Centre. All these matters are on record, Sen recalled.

"In this context, I urge you to please reconsider whether the present move to dilute government stake in IDBI Bank, that too by an executive order, is justified or proper," Sen said in his letter.

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