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Nationwide bank strike enters day 2; unions warn of stir similar to farmers’

Nationwide bank strike enters day 2; unions warn of stir similar to farmers’
Image Source : PTI

Employees of Allahabad Bank stage a protest throughout a two-day nationwide banks strike in opposition to the privatisation of Public Sector Banks and retrograde banking reforms in Patna on Monday.

The two-day bank strike led by 9 unions of public sector banks (PSBs) within the nation has severely affected the banking operations. Customers are dealing with inconvenience in components of the nation due to the strike referred to as in opposition to the Centre’s coverage to privatise the lenders. 

The strike has affected companies like money withdrawals, deposits, cheque clearances, remittance companies. Government transactions associated to treasury in addition to enterprise transactions have additionally been impacted. 

The nationwide strike referred to as by the United Forum of Bank Unions (UFBU) stated that the strike might take a kind similar to the farmers’ protests in opposition to the agri reforms since November final yr. The UFBU had given a strike name for March 15 and 16. Members of UFBU embrace 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 the 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).

Unions on Monday stated practically 10 lakh staffers throughout the nation have participated within the strike, terming it a “success”.

READ MORE: Bank Strike: Nationwide strike impacts banking services of PSU banks on day 1

The nationwide strike comes within the backdrop of Finance Minister Nirmala Sitharaman’s announcement in her Budget 2021-22 speech that the federal government will privatise two extra public sector banks. The authorities has already privatised IDBI Bank by promoting its majority stake within the lender to LIC in 2019, and has merged 14 public sector banks within the final 4 years. 

“As per the call, employees and officers joined the strike and the strike was a total success. Normal banking services were affected because of the strike,” CH Venkatachalam, General Secretary, AIBEA stated. 

“Today (Tuesday) too, as per reports received by us from our unions in various states, the strike has been successful. Overwhelming majority of the bank branches remain closed and shutters are down,” he added.

He stated the younger workers have been within the forefront within the protest demonstrations which signifies that they’ve understood the risks of privatisation. They have joined the banks after a really powerful competitors. They deserve job safety which will probably be affected if banks are privatised. He stated banks are in revenue and there’s no want to privatise them. All the general public sector banks are operating properly and are incomes working income, he famous.

READ MORE: Bank of Baroda cuts home loan interest rate to 6.75%, car loan interest rate to 7%

READ MORE: Cheques worth Rs 16,500 crore stuck amid 2-day bank strike by unions

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