The Hindu Business Line : MPs oppose IDBI conversion

EVEN as the Cabinet cleared IDBI's conversion into a bank with strong `development' focus, a group of over 50 Members of Parliament have written to the Prime Minister, Mr Atal Bihari Vajpayee, to reconsider the Government's decision to convert the development financial institution into a banking company. Cutting across party lines, the MPs have said that the "corporatisation (of IDBI) will have devastating effect on the industrialisation of the country and would seriously impact employment generation."

Our Chennai Bureau adds: The IDBI Employees' Association has said that the proposed repeal of the IDBI Act "will negate the very purpose for which it was set up in 1964 in the public sector".

In a press release, the Association has said it has decided "to once again seek the support of the MPs to stall the ill-advised move of the Government".

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