Banks to remain closed for two days due to strike, services to be hit

Banking services across the country will be affected on Monday and Tuesday due to the nationwide strike of employee organizations to protest against the proposed privatization of public sector banks. Services like deposit and withdrawal, check clearance and loan clearance are likely to be affected due to the strike.

The United Forum of Banking Unions (UFBU), an organization of 9 bank unions, has claimed that about 10 lakh employees and officers of banks will participate in the strike.

Several state-run banks, including the State Bank of India (SBI), have informed their customers that if there is a strike, their normal functioning may have an impact on the functioning of branches and offices.

Banks also informed that they are taking necessary steps to ensure the normal functioning of bank branches and offices.

Announcement of privatization in the budget (PSBs privatisation)

In the Union Budget 2021 presented last month, Finance Minister Nirmala Sitharaman announced the privatization of two public sector banks in the next financial year as part of the government's disinvestment program.

The meeting was inconclusive

All India Bank Employees Association-AIBEA general secretary CH Venkatachalam said that the meetings with the Additional Chief Labor Commissioner on March 4, 9 and 10 were inconclusive and hence the strike would take place.

These unions will join the 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 (BECI) etc. Huh.

Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organization of Bank Workers (NOBW) and Nation Organization of Bank Officers (NOBO) are also involved in the strike.

14 banks have been merged

The central government has sold IDBI Bank's stake in LIC in the year 2019 itself. With this, it has merged 14 public banks in the last 4 years. At present, there are 12 government banks in the country. After that their number will be reduced to 10. Privatization of two banks is proposed this year.