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Bank Strike Today: Here’s How Banking Services Will Be Hit Across India

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Banking operations across the country may suffer today as the United Forum of Bank Unions (UFBU) has called a nationwide strike to protest against the proposed privatisation of two state-owned lenders. The strike comes about a month after Finance Minister Nirmala Sitharaman, while presenting the Union Budget, announced the privatisation of two public sector banks (PSBs) as part of the government’s disinvestment plan.

Here’s how citizens might face trouble in completing bank-related work:

– Services such as deposits and withdrawal at branches, opening of new accounts, cheque clearance and loan approvals could be affected due to the strike.

However, ATMs may continue to function normally.

– UFBU, an umbrella body of nine unions, in a statement, said about 10 lakh bank employees and officers of the banks will take part in the strike.

– Many public sector lenders, including State Bank of India (SBI), have informed their customers that their normal working could be affected at branches and offices if the strike materialises. SBI has, however, said it has made arrangements for normal functioning at all its branches and offices.

– Banks have also informed that they are taking necessary steps for the smooth functioning of bank branches and offices.

WHY ARE BANK UNIONS PROTESTING?

The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and has merged 14 public sector banks in the last four years. Conciliation meetings – before the Additional Chief Labour Commissioner on March 4, 9 and 10 – did not yield any positive result, so the strike stands, All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam said.

WHO ALL ARE ON STRIKE?

Members of UFBU include All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA) and Bank Employees Confederation of India (BEFI). Others are Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO).

WHAT ABOUT PRIVATE BANKS?

Services of private banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank that account for about one-third of banking services are expected to remain normal.

(With PTI inputs)

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Bank employees go on strike against privatisation

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Public sector bank employees under the banner of the United Forum of Bank Unions, an umbrella organisation of nine trade unions, on Monday struck work to protest against the government’s plan to privatise public sector banks.

In a statement, the All-India Bank Employees Association said nearly 10 lakh employees, officers and managers began a two-day strike on Monday. “In view of the decision announced in the Budget that in addition to IDBI Bank, two public sector banks would be privatised, the UFBU has given the call for agitation and strike for two days on March 15 and 16,” the statement said, adding that talks with the government had failed.

The union said privatisation of banks would lead to loss of employment. “The government says some of the public sector banks are in losses and hence it can no longer take care of them. The fact is that all public sector banks are earning operating profits. Because of provision for bad loans some banks are in net loss. So the priority is to take tough action on defaulters,” it said.

Meanwhile, a joint platform of 10 Central trade unions also observed Monday as “anti-privatisation day,” a statement said.

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As Bank Unions Strike against Privatisation, Here’s How Services May Be Hit on Monday & Tuesday

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Banking operations across the country may suffer on Monday and Tuesday as the United Forum of Bank Unions (UFBU) has called a nationwide strike to protest against the proposed privatisation of two state-owned lenders. The four-day strike (March 13-16) comes about a month after Finance Minister Nirmala Sitharaman, while presenting the Union Budget, announced the privatisation of two public sector banks (PSBs) as part of the government’s disinvestment plan.

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Here’s how citizens might face trouble in completing bank-related work over the next two days.

– Services such as deposits and withdrawal at branches, opening of new accounts, cheque clearance and loan approvals could be affected due to the strike.

However, ATMs may continue to function normally.

– UFBU, an umbrella body of nine unions, in a statement, said about 10 lakh bank employees and officers of the banks will take part in the strike.

– Many public sector lenders, including State Bank of India (SBI), have informed their customers that their normal working could be affected at branches and offices if the strike materialises. SBI has, however, said it has made arrangements for normal functioning at all its branches and offices.

– Banks have also informed that they are taking necessary steps for the smooth functioning of bank branches and offices.

Why Are Bank Unions Protesting?

The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and has merged 14 public sector banks in the last four years. Conciliation meetings – before the Additional Chief Labour Commissioner on March 4, 9 and 10 – did not yield any positive result, so the strike stands, All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam said.

Who All Are on Strike?

Members of UFBU include All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA) and Bank Employees Confederation of India (BEFI). Others are Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO).

What About Private Banks?

Services of private banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank that account for about one-third of banking services are expected to remain normal.

(With PTI inputs)

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READ FULL ARTICLE HERE

Leave a comment Bank Privatisation, bank strike, banking operations, Public sector banks