Two-day bank strike from today, services to take a hit as employees protest privatisation

Punjab & Sind Bank | Representative Image.

Banking operations across the country are likely to get affected on March 15 and 16 as the United Forum of Bank Unions (UFBU), an umbrella body of nine groups, has announced a nationwide strike to protest against the proposed privatisation of two state-owned lenders.

Fearing job losses, the unions want the Centre to withdraw the privatisation plan announced in the Budget. Services such as deposits and withdrawal at branches, cheque clearance and loan approvals could be hit due to the strike.

Maharashtra: The United Forum of Bank Union (UFBU), has called a two-day nationwide strike today and tomorrow, against the privatisation of Public Sector Banks and 'retrograde banking reforms'. Visuals from Mumbai. pic.twitter.com/lmLGJaXNfv

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— ANI (@ANI) March 15, 2021

About 10 lakh bank employees and officers will participate in the strike, UFBU said in a statement.  UFBU members 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 the Bank Employees Confederation of India (BEFI).

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Many public sector lenders, including the State Bank of India (SBI), have informed their customers that their normal working could be affected at the branches and offices.

Banks also said that they were taking necessary steps for the smooth functioning of bank branches and offices.

In the Union Budget presented on February 1, 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.

"Conciliation meetings— before the Additional Chief Labour Commissioner on March 4, 9 and 10—did not yield any positive result, so the strike stands," All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam was quoted as saying by news agency PTI.

Other members of UFBU include 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).