Bank Unions Call For “Intensifying Their Fight” against Privatization Bid

Bank Unions
Source: OTV News

Bank unions across India have voiced again and threaten to hold more strikes against the Union Government’s decision to privatize some Public Sector Banks.

On Sunday, in the general council meeting of the All India Bank Employees Association (AIBEA) members were urged to intensify their fight against the government’s decision.
In a statement the union said, “The general council meeting has called upon all our unions and members all over the country to continue the struggle against bank privatisation, get ready for prolonged strikes and intensify our campaign to defend public sector banking and defeat attempts of privatization.”

Earlier, around ten lakhs employees joined the nationwide protest by the bank unions held on March 15 and 16 to show their solidarity. “The United Forum of Bank Unions (UFBU) having other 9 bank unions under its umbrella– AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO –had called for a strike to protest against the Centre’s decision of privatization two more nationalized banks, reported The Indian Wire.”

While announcing the Union budget 2021-22, Finance minister Nirmala Sitharaman said that the government has decided to privatize two more state-run banks besides IDBI Bank, without specifying details.

Bank unions are staging to engage with the customers and the public-at-large to discuss what they believe are the ill-effects of privatization.

“Public sector banks provide permanent jobs for the educated youth. But we know the plight of the employees working in the new private banks where job security is absent. Fair wages are denied. Trade union rights are non-existent. Thus, privatisation of banks will enslave the young employees into these adverse conditions,” said the statement by the AIBEA.

In March, on the first day of the nationwide strike, clearance of cheques and payment instruments totaling ₹16,500 crore affected the smooth functioning.

“Payment instruments like cheques, demand drafts and pay orders are processed by three large centres in the country. While Chennai handles 5.8 million instruments worth 5,150 crore on a daily basis, Mumbai handles 8.6 million instruments worth 6,500 crore and Delhi processes 5.7 million instruments of 4,850 crore. The strike commenced at about 6 am when service branches dealing in cheque clearances start operations and will end on Tuesday midnight,” reported The Mint on March 15,2021.