Business Other News 15 Mar 2021 Nationwide strike im ...

Nationwide strike impacts banking services of PSU banks

PTI
Published Mar 15, 2021, 12:42 pm IST
Updated Mar 15, 2021, 12:42 pm IST
Branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they are not part of the strike
Members of Bank Unions hold a protest during their two-day nationwide strike against the privatisation of Public Sector Banks and alleged retrograde banking reforms, in Patiala, Monday, March 15, 2021. (PTI)
 Members of Bank Unions hold a protest during their two-day nationwide strike against the privatisation of Public Sector Banks and alleged retrograde banking reforms, in Patiala, Monday, March 15, 2021. (PTI)

New Delhi: Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions (UFBU) have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.

UFBU, an umbrella body of nine unions, had given a strike call for March 15 and 16, and claimed that about 10 lakh bank employees and officers of the banks will participate in the strike.

 

However, branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they are not part of the strike.

In the Union Budget presented last month, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of the government's disinvestment plan.

The government has already privatised 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.

According to All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam, services at branch level; cheque clearance; and government transactions have been affected.

 

Besides, money markets and stock markets are also going to face problems as payments would be impacted, he 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).

 

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