The bank strike scheduled for March 15-6 against the government's move to privatise public sector banks may affect the working of the State Bank of India (SBI).
The public sector bank said in its exchange filing that it has been "advised by Indian Banks Association (IBA) that United Forum of Bank Unions (UFBU)... has given a call for all India strike by bank employees on 15th & 16th March 2021," Business Today reported.
The report further said that the bank has made all the arrangements to ensure normal functioning in its branches and offices, it is likely that the work in the bank may be impacted by the strike adding that the expected loss because of the strike cannot be quantified now.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions called for a bank strike across the country on March 15 and 16. Finance Minister Nirmala Sitharaman announced in her Union Budget speech privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan.
"Other than IDBI Bank, we propose to take up privatisation of two public sector banks and one general insurance company in the year 2021-22. This would require legislative amendments and I propose to introduce the amendments in this session itself," Sitharaman had said in her speech.
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 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).
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
