Banking operations more likely to be impacted as we speak and 16 March as financial institution unions name for strike

Read Time:1 Minute, 54 Second


The United Discussion board of Financial institution Unions, an umbrella physique of 9 unions, has referred to as for the nationwide strike to protest in opposition to the proposed privatisation of two state-owned lenders

Banking operations likely to be impacted today and 16 March as bank unions call for strike

Representational picture. Reuters

New Delhi: Banking operations throughout the nation could possibly be impacted on Monday and Tuesday as United Discussion board of Financial institution Unions (UFBU) has given a name for a nationwide strike to protest in opposition to the proposed privatisation of two state-owned lenders.

Companies reminiscent of deposits and withdrawal at branches, cheque clearance and mortgage approvals could be affected as a result of strike.

UFBU, an umbrella physique of 9 unions, in an announcement claimed that about 10 lakh financial institution workers and officers of the banks will take part within the strike.

Many public sector lenders, together with State Financial institution of India (SBI) have knowledgeable their clients that their regular working could possibly be affected on the branches and workplaces if the strike materialises.

Banks have additionally knowledgeable that they’re taking mandatory steps for the sleek functioning of financial institution branches and workplaces.

Within the Union Finances introduced final month, Finance Minister Nirmala Sitharaman had introduced the privatisation of two public sector banks (PSBs) as a part of the federal government’s disinvestment plan.

The federal government has already privatised IDBI Financial institution by promoting its majority stake within the lender to LIC in 2019 and has merged 14 public sector banks within the final 4 years.

Conciliation conferences — earlier than the Extra Chief Labour Commissioner on 4, 9, and 10 March — didn’t yield any constructive outcome, so the strike stands, All India Financial institution Staff Affiliation (AIBEA) common secretary CH Venkatachalam mentioned.

Members of UFBU embody All India Financial institution Staff Affiliation (AIBEA), All India Financial institution Officers’ Confederation (AIBOC), Nationwide Confederation of Financial institution Staff (NCBE), All India Financial institution Officers’ Affiliation (AIBOA) and Financial institution Staff Confederation of India (BEFI).

Others are Indian Nationwide Financial institution Staff Federation (INBEF), Indian Nationwide Financial institution Officers Congress (INBOC), Nationwide Organisation of Financial institution Employees (NOBW) and Nationwide Organisation of Financial institution Officers (NOBO).

Subscribe to Moneycontrol Professional at ₹499 for the primary yr. Use code PRO499. Restricted interval supply. *T&C apply



Supply hyperlink

Leave a Comment