Bank Strike: All you need to know about the 2-day strike by bank employees
On Monday and Tuesday, banks unions will be on a nationwide strike for 2 days which will affect banking operations across the country. The strike is against the proposed privatisation of two state-owned lenders.
The umbrella body of nine bank unions, the United Forum of Bank Union (UFBU) called for a strike across the nation for two continuous days – March 15 and 16.
Who will be participating in the strike?
Over 10 lakh bank employees and officers will participate in the strike.
All nine banks unions will take part in the strike called by the UFBU. The unions includes, All India Bank Officers’ Confederation, All India Bank Employees Association, National Confederation of Bank Employees, All India Bank Officers’ Confederation, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers’ Congress and National Organisation of Bank Officers and the National Organisation of Bank Workers.
In Delhi, Tripura and Patna, bank employees raised slogans in support of the strike.
Why are they on a strike?
The unions are on a strike against the privatisation of Public Sector Banks and retrograde banking reforms. Workers are opposing the privatisation move as it could put their jobs at risk.
On February 1, 2021, Finance Minister Nirmala Sitharaman had announced in the budget that privatisation of two public sector banks will be done as a part of the government’s disinvestment plan to generate Rs 1.75 lakh crore. Sitharaman did not mention the names shortlisted for privatisation.
A conciliation meeting was held between the bank unions and the Union Finance Ministry on March 4, 9 and 10. The conciliation meeting did not yield any positive result. The unions said they would reconsider their strike call if the government agrees to reconsider their decision to privatise public sector banks.
What will be affected due to the strike?
Banking services such as deposits and withdrawal at branches, applying for loans, issue of demand drafts, cheque clearance, and loan approvals would be affected due to the strike.
Private Banks like Axis Bank, HDFC Bank, ICICI Bank, etc will not participate in this strike and thus their working hours will not be hit.
ATMs are likely to remain functional across India.