Nationwide bank strike enters day 2, may go on like farm stir, warn unions

The 2-day nationwide strike referred to as by the United Discussion board of Financial institution Unions (UFBU), an umbrella physique of 9 financial institution unions, to register their protest towards the Centre’s proposed privatisation and disinvestment plan, will enter the second day on Tuesday. The unions have mentioned that the agitation could take a kind much like the farmers’ protests happening since November final yr.

The nationwide strike comes within the backdrop of Union finance minister Nirmala Sitharaman’s announcement in the course of the finances presentation final month that the federal government will privatise two extra public sector banks after it divested the bulk stake in IDBI Financial institution two years in the past.

On the primary day of the protest, scores of financial institution staff took to the streets throughout a number of states and raised slogans, together with ‘save PSBs’, ‘maintain social banking’ and ‘safeguard folks’s financial savings.’ Almost one million financial institution employees joined the protest on Monday, in accordance with union leaders cited by information company PTI. The strike noticed 100% participation from scale I, II, and III financial institution staff, a financial institution official advised PTI. “These are assistant managers, managers and senior managers. At this stage, there may be 100 per cent participation within the strike and 80-90 per cent branches are headed by them,” the official mentioned.

The transfer impacted key companies, together with money withdrawals, deposits, cheque clearances, and remittances, throughout public sector banks (PSBs). PTI reported 2.01 crore cheque devices price 16,500 crore couldn’t be processed on the three nationwide grids in Chennai, Mumbai and Delhi, as per knowledge offered by the financial institution unions.

“Clearing of cheques couldn’t occur since branches usually are not accepting cheques for clearance as branches are closed. On common, about 2 crore cheques/ devices price about 16,500 crores are held up for clearance,” CH Venkatachalam, the final secretary of All India Financial institution Staff Affiliation (AIBEA), advised PTI.

All India Financial institution Officers Affiliation’s (AIBOC’s) common secretary Sowmya Dutta advised PTI that each one financial institution staff, aside from top-level officers, took half within the strike. The federal government’s insurance policies are going to have sick results on the financial system and it will likely be mirrored within the upcoming polls in a number of states, he added. Speaking about their future plan of action, Dutta mentioned if the federal government fails to take heed to them, they may go for a good greater, indefinite strike, on the traces of the continuing farmers’ agitation happening since November final yr.

The strike was referred to as by the United Discussion board of Financial institution Unions (UFBU), an umbrella physique of 9 financial institution unions — AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO.

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