In an online petition to the President of India asking for her intervention in larger national interest, Devidas Tuljapurkar, Convenor; and Ratnakar Wankhade and Vithal Koteswara Rao, joint chairmen, narrated business line.
The representatives are seeking broader support
All political parties are being contacted separately to apprise them of the issue and seek support to convince the Center to abandon the proposal ‘in the interest of the nation and people at large’.
The forum will hold a dharna at Jantar Mantar in New Delhi on February 13, followed by a one-day protest strike on March 9.
The forum noted that the Center has made a financial offer for sale of its stake in the bank along with that of LIC.
If this move materializes, it will amount to the privatization of India’s first public sector bank, a decision with far-reaching consequences for the banking system, the economy and the country as a whole.
Capital injection
In 2015-16 and subsequent years, the Center had justified its intervention in the bank on the grounds of persistent losses, necessitating a capital injection through budget support.
This, it was argued, was essential to protect the interests of savers and maintain financial stability. “This no longer holds water.
For the past five consecutive fiscal years, the bank has reported impressive profits and paid dividends. It is a stable and competitive institution thanks to the efforts of its employees and the trust of its customers,” the forum said.
Sustained gains
The bank currently has a network of approximately 2,136 branches; deposit base of about ₹3 lakh crore, of which low-cost deposits are ₹1.36 lakh crore; and a loan book of approximately ₹2.39 lakh crore.
It serves an account base of nearly two million customers. It also owns land and buildings in 21 prime locations across the country, assets whose fair market value constitutes a veritable goldmine.
Clean balance
The Center and LIC have together injected capital worth ₹0.50 lakh crore over the years. Today, with a clean balance sheet, improved asset quality, strong capital adequacy and sound operating fundamentals, the bank is well positioned for further growth.
In this backdrop, the move to sell such a precious national asset is inexplicable, unjustifiable and contrary to public interest, the forum said.
Published on February 2, 2026
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