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Monday, 15 March 2021

Impact on Banking Services:1 million bank employees on strike for 2 days from today in protest of privatization of 2 banks

Impact on Banking Services:1 million bank employees on strike for 2 days from today in protest of privatization of 2 banks, only ATM service will continue

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HDFC, ICICI, Kotak Mahindra and IndusInd Private Banks to remain open

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One million bank employees will be on strike till March 15 and 16 against the privatization of two public sector banks. This will affect check clearance and loan approval service including deposits, withdrawals at bank branches. ATM service will continue. The bank strike was called by the United Forum of Bank Unions (UFBU).

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The country's main private banks will remain open,
which is likely to cause a lot of trouble for the general public. Because the banks were closed on March 13 and 14. However, private sector banks will remain open. These include HDFC, ICICI, Kotak Mahindra and IndusInd Bank. However, the share of these banks in the total bank accounts of the country is about 1/3.

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The government had talked of merging two state-owned banks in the
budget . In the budget, Finance Minister Nirmala Sitharaman announced the merger of two state-owned banks as part of her investment plan. The government wants to raise Rs 1.75 lakh crore through it. Bank employees are going on a 2-day strike in protest. The government has privatized IDBI banks to sell its multiple stake in LIC in 2019. While 14 public sector banks have been merged in the last 4 years.

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The 9 unions involved in the UFBU are
leading the 9 unions in the UFBU organization leading the strike. Members include All India Bank Employees Association (AIBEA), All India Bank Officers Federation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers Association (AIBOA), Bank of India (Bank of India) (INBEF), National Bank of India Officers Congress (INBOC), National Bank of Bank Workers (NOBW) and National Organization of Bank Officers (NOBO).

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