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Staff seek merger of sick IFCI with IDBI

Both IFCI and IDBI have synergy in businesses, similar loan portfolio, work culture and service conditions, say employees.

Press Trust Of India

Updated:July 18, 2006, 4:16 PM IST
Staff seek merger of sick IFCI with IDBI
Both IFCI and IDBI have synergy in businesses, similar loan portfolio, work culture and service conditions, say employees.

New Delhi: Employees association of the ailing Industrial Finance Corporation of India (IFCI) on Tuesday appealed Reserve Bank to recommend the Government to merge IFCI with IDBI.

In a memorandum to RBI Governor, All India Industrial Finance Corporation Employees' Association said IFCI should be merged with IDBI as both have synergy in business areas, commonalities of loan portfolio, work culture and service conditions.

With wages, advances, welfare schemes, facilities and other service conditions of the staff of IFCI are at par with the staff of IDBI, SIDBI and RBI, the association said IFCI staff could be easily accommodated in one of these entities.

IFCI Employees' Association appealed to RBI to also recommend merger of IFCI with SIDBI or alternative consolidation of domestic financial institutions by merging IFCI, IDBI, IIBI, IDFC and PFC to form a mega institution to face global competition.

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