Banking
Big fight brewing at IDBI between employees union and management over strike call
While the United Platform of IDBI Bank Unions have given a call for three-day strike from 28th March, the Bank management issued a circular asking employees to work on 26th March, the declared holiday being fourth Saturday and termed the strike call as illegal
 
Even as IDBI Bank employees' unions are preparing for their four-day countrywide strike from 28th to 31st March 2016 to oppose the government's move to dilute its stake in the bank, the management has issued a circular calling the strike as illegal. According to reports, the bank management has even issued notice to keep all braches open on 26th March, which is fourth Saturday of the month when all banks remain closed.
 
In a regulatory filing, IDBI Bank said, "A section of employees of the Bank have served a Notice of Strike from 28th to 31st March 2016. If the strike materialises, normal banking services may be affected. In order to minimise the inconvenience to customers, the Bank has decided to keep all its offices open on 26 March 2016. Further, on the days of strike, if the same materialises, services through alternate delivery channels viz. ATMs, internet banking, mobile banking etc., will remain available as usual."
 
AV Vitthal Koteshwar Rao, convenor of the United Platform of IDBI Bank unions, and his team are meeting bank employees across the country to make the strike successful. When Rao and his team reached the corporate banking group (CBG) branch to address employees, the Chief General Manager called up the police and also locked his cabin. Later, during the discussion with four officers, he (the CGM) reportedly said he had not done anything illegal (by calling police) and all these things are under the executive director (ED) for human resources (HR). However, this cannot be verified.
 
 
During his talk with employees, Rao told them not to get distracted by the circular (for calling the strike as illegal) as every time the unions have given a call, the management had called it as illegal only. "Our strike for 28th to 31 March 2016 is final and until we receive any communication from our general secretary, we will not roll back the call," Rao said.
 
Some employees fear that if they decide to join the strike, then they may be suspended. But the unions are assuring them that the suspension would be revoked in a few working days. Rao is meeting Jayant Sinha, state minister for finance in a day or two and is likely to discuss the issues of employee suspension and the strike call.
 
The union leaders are also advising employees to follow certain rules during the strike. This includes not obstructing any person from entering or leaving the bank branch, not to demonstrate in branch premises, and not to say anything against the bank to customers. These three points are termed as punishable under Section 36AD of the Banking Regulation Act, 1949.  
 
Last month, Finance Minister Arun Jaitley announced that the government, which holds 80% stake in IDBI, proposes to reduce its equity in IDBI Bank to below 50%. "The process of transformation of IDBI Bank has already started. Government will take it forward and also consider the option of reducing its stake to below 50%," Jaitley told the parliament.
 
In another development, Singapore government owned Temasek Holdings Pvt Ltd and General Insurance Corp of India (GIC) are interested in buying a stake in IDBI, says a report quoting an official from Indian government. Moreover, shareholders of IDBI Bank have given their permission to raise Rs1,500 crore via share issue to Life Insurance Corp of India (LIC), say another report.
 
Meanwhile, according to reports, International Finance Corporation (IFC), a member of the World Bank Group, has completed due diligence of IDBI Bank on Friday. In addition, the Bank Board has approved in-principle, the rupee bond issuance of up to Rs20,000 crore to be borrowed in one or more tranches comprising of Senior / Infrastructure Bonds, Basel III compliant Tier II,  Additional Tier I Bonds by way of private placement or public issue during FY2016-17 or during one year from the date of passing of the special resolution by shareholders at the ensuing annual general meeting (AGM) of the Bank.

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COMMENTS

Suketu Shah

8 months ago

NaMo shd sell this bank off first before all customers leave the bank.

TIHARwale

8 months ago

Employees of IDBI should realise that they are a bunch of fools who didn't protest when corrupt officials were disbursing loans to a KFA when the borrower had already ceased to operate. So at this junction the strike will not gain public sympathy rather only attract derision. Also when all other PSBs are working the strike by IDBI will have no impact staff losing salary for being on strike. So attend to work, Govt will not bring down the stake below 51% as it has not done so far in any other PSB

Ramesh Poapt

8 months ago

crucial matter for all concerned!
ML-pl track the same and update us with the development,as the same will have multiple serious impact!

Brussels attack: CCTV footage, cab driver give clue on suspects
Brussels : A day after two explosions in Brussels airport and one at a metro station left 34 people killed and over 200 injured, authorities were examining surveillance footage to nab suspects in Tuesday's explosions, a media report said.
 
Islamic State (IS) claimed responsibility for the coordinated attacks. Authorities, however, said it was too soon to say for sure whether the terror group was behind the blasts.
 
In images from surveillance footage, a man wearing light-coloured clothes and a hat pushes a baggage cart through the airport, CNN reported on Wednesday.
 
Police so far have released photos of three men they say are suspects in the airport attack, standing side-by-side.
 
Two men, wearing black in surveillance images, are believed to be suicide bombers who died in the explosions in the airport's departure lounge.
 
Investigators believe the one in light-coloured clothing planted a bomb at the airport, then left. Authorities called him a wanted man and sought public help to track him down.
 
"The third man left a bomb in the airport, but it did not explode. And we are now looking for this guy," Belgium Interior Minister Jan Jambon said.
 
A photograph released by investigators shows the three suspects side-by-side.
 
Federal Prosecutor Frederic Van Leeuw said the two men wearing black in the photograph were likely the suicide attackers.
 
A break in the investigation may have come from a taxi driver who took the suspects to the airport.
 
The driver contacted authorities after seeing surveillance footage and gave them the address where he picked the men up, according to two US officials briefed on the investigation.
 
Investigators found a nail bomb, chemical products and an IS flag during a house search in the Brussels neighbourhood of Schaerbeek, Belgium's federal prosecutor said in a statement.
 
Hours later, they were still combing through the building for evidence.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Belgium’s Deadly Circles of Terror
Coordinated bombings in Brussels may have been in the works for some time, aided by an underworld where crime and extremism blur together
 
This story was co-produced with Frontline.
 
Over the past several months, Belgian counterterror officials told me they were working nonstop to prevent an attack and that the danger had never been so high. Today, their worst fears came true when coordinated bombings struck the airport and a subway stop in Brussels.
As part of my work on a forthcoming ProPublica/Frontline documentary about the terrorism threat in Europe, I traveled recently to Belgium to investigate the nation’s central role as a staging ground for the Paris attacks four months ago. 
 
“It is just a matter of time before terrorists will succeed in attacking Belgium,” federal prosecutor Eric Van der Sypt told me weeks ago in Brussels.
 
The concerns of Van der Sypt and other officials were driven by events as well as surveillance of suspects in Belgium and Syria. In December, Belgian police prevented two alleged plots, one by the remnants of the Belgian-led group that hit Paris in November and another by a radicalized motorcycle gang, the Kamikaze Riders. In the ensuing months police pursued fugitives linked to the Paris attacks and intercepted menacing phone chatter and WhatsApp chats filled with photos of jihadis posing with guns, camels and corpses in Islamic State’s dominions in Syria.
 
In one intercepted phone call to Brussels, a Belgian militant in Syria discussed his friend Bilal Hadfi, a Belgian suicide bomber who died in Paris in November, according to counterterror officials. The militant’s mother warned him not to do bad things like his friend Bilal or she would pray for him to go to hell. The militant asked what the friends were saying about Bilal back in the “sector,” the tough Molenbeek suburb of Brussels where many of the Paris attackers grew up.
 
“Are they talking about him? Are they praising him? Are they saying he was a lion?” the militant said. “For them, the jihad is all about recognition on the street, in the neighborhood, the glory,” a counterterror official told me.
 
The Islamic State claimed responsibility for the Brussels attacks. Investigators are trying to determine whether the perpetrators were part of the group of Belgians who provided support for the Paris plot. At least two suspected Paris plotters had remained on the run after the arrests Friday of Abdeslam and another suspect. 
 
“We think there was a bomb maker who survived, someone who had put together the vests in Belgium, and we don’t think it was one of those who died in Paris,” a senior French counterterror official told me before the Brussels attacks. “Usually they don’t want to lose someone with those kinds of skills in an attack.”
 
It is also possible a separate cell carried out the attack in Brussels. A Belgian counterterror official cited intelligence reports that 180 European operatives were trained by the Islamic State and deployed back to their home countries during the past year. Some of those operatives, including at least three of the Paris attackers, used fraudulent passports to pose as Syrians and concealed themselves in the chaotic flow of refugees and migrants across the European Union’s borders.
 
Officials describe the threat in Belgium as concentric circles: Hundreds of hard-core terrorists intent on striking Europe after express training by the Islamic State in what a captured French suspect described to interrogators last year as a “factory of terrorists” in Syria. Extremists willing to fight and die without leaving home. Gangsters who drink and gamble, yet support the Islamist cause with guns, cash, cars and documents. And loose networks of petty criminals and associates willing to shelter notorious fugitives like Salah Abdeslam, the suspected Paris attacker arrested last week in his native Molenbeek.
 
The size, volatility and street gang-like mentality of that underworld help explain how Abdeslam dodged authorities for four months – and how bombers eluded security forces on high alert and struck the Brussels airport and a subway stop near the European Union headquarters today. The estimated casualty count so far: more than 30 dead and 230 wounded. The convergence of crime and extremism in has reached dangerous levels in Belgium but reflects a larger European security challenge. 
 
“You have so many people who are adrift, who are involved in common crime and decide terrorism is a shortcut to paradise,” said Dolores Delgado, a chief counterterror prosecutor in Spain. “It gives them a chance to get revenge on society. It is a virtual army of people who follow a demented ideology whether they go to Syria or remain here. A large number of people who are ready to help an attack.” 
 
France and Belgium are the top targets because they have sent so many fighters to Syria, where they train with thousands of French-speaking jihadis from Tunisia and Morocco. The Belgian counterterror official said: “When the recruits arrive in Syria, they are asked, ‘Do you want to fight here or go back home to Europe to be a martyr?’ If they want to go back to Europe, they are given express training, a week of arms and explosives, then sent back. It’s as quick as possible.”
 
The coordinated attacks on the airport and the subway appear to have been in the making for some time, officials said Tuesday. The timing, however, may have been driven by fears that the arrests last week would expose other militants operating underground in Belgium, especially if Abdeslam and the other suspect cooperated with investigators.
 
“I don’t think the attack was organized quickly as revenge for (Abdeslam’s) arrest,” said Delgado, the Spanish prosecutor. “The alert has been at a high level ever since the Paris attacks. It could be that they sped up a plot because they thought Abdeslam might collaborate. But their overall goal is to spread terror and chaos.”
 
The fugitive Paris suspects and Tuesday’s bombers benefited from the support of an underworld where crime and extremism increasingly blur together, making the threat even harder to identify. The phenomenon exists also in France, Denmark and other nations with sizeable populations of working-class, alienated children and grandchildren of Muslim immigrants. But it has reached dangerous extremes in Belgium. An increasing number of recruits and supporters of the Islamic State are violent criminals who radicalize rapidly, yet don’t necessarily adhere to a fundamentalist lifestyle. Continue Reading… 
 

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