Banking services in the country could be affected on Monday and Tuesday amid a nationwide strike of bank unions against the proposed privatization of two state-owned lenders. The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has claimed that about 10 lakh bank employees and officers of the banks will participate in the strike.
WHAT COULD BE AFFECTED
- Many public sector lenders, including the State Bank of India (SBI), have informed their customers that their normal working could be affected at the branches and offices if the strike materializes.
- Banks have also informed that they are taking necessary steps for the smooth functioning of bank branches and offices.
- Services such as deposits and withdrawal at branches, cheque clearance, and loan approvals would be affected due to the strike.
- 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 C H Venkatachalam said.
- 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 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).
- Finance Minister Nirmala Sitharaman, presenting the Union Budget last month, had announced the privatization of two public sector banks (PSBs) as part of the government's disinvestment plan.
- The government has already privatized 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.