Tag: strike

Bank unions threaten two-day nationwide strike against proposed privatisation of PSBs, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from December 16 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan.

The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the past four years.

The government has listed the Banking Laws (Amendment) Bill, 2021, for introduction and passage during the current session of Parliament.

In view of this, UFBU has decided to oppose the move for privatisation, All India Bank Employees Association (AIBEA) General Secretary C H Venkatachalam said in a statement.

Strike notice for December 16 and December 17, 2021, has been served by UFBU on the IBA, he said.

In a developing country like India, where banks deal with huge public savings and they have to play a leading role to ensure broad-based economic development, public sector banking with social orientation is the most appropriate and imperative need, he said.

Hence, he said, for the past 25 years, under the banner of UFBU “we have been opposing the policies of banking reforms which are aimed at weakening public sector banks”.

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).



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

2 crore cheques stuck for clearance, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Finance Minister Nirmala Sitharaman while presenting Budget 2021-22 had announced the privatisation of Public Sector Banks (PSBs) as part of a disinvestment drive to garner Rs 1.75 lakh crore.

The United Forum of Bank Union (UFBU), an umbrella body of nine bank unions, called for a two-day nationwide strike starting today against the privatisation of Public Sector Banks and retrograde banking reforms.

C.H. Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA) said to IANS, “On an average, about 2 crore cheques/instruments worth about Rs 16,500 crore are held up for clearance. Government treasury operations and all normal banking transactions have been affected.”

He added, “About 10 lakh bank employees struck work signalling their negation of the government’s decision to privatise its banks. As per reports reaching us from various states, banking operations have been affected and paralysed in all centres. Most of the Branches could not be opened. Clearing of cheques could happen since branches are not accepting cheques for clearance as branches are closed.”

Venkatachalam said, “the strike would continue on Tuesday to save the banks from being taken over by private vested interests. The strike to save the savings of our people. The strike is to ensure more loans to priority and weaker sections.”

He said the banks are making operational profits and they are showing net loss owing to provisions because the corporate borrower’s defaults, during 2019-20 the operating profits of government banks were Rs 1,74,336 crore, provision for doubtful debts Rs 2,00,352 crore and the net loss stood at Rs 26,016 crore.

(With Inputs from IANS)



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Banking services to be hit as over 10 lakh employees to go on strike on March 15, 16, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The United Forum of Bank Union (UFBU), an umbrella body of nine bank unions, has called for a two-day nationwide strike on March 15 and 16 against the privatisation of Public Sector Banks and retrograde banking reforms.

Over 10 lakh bank employees and officers will participate in the strike.

All nine banks unions – All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Confederation (AIBOC), Bank Employees Federation of India (BEFI), Indian National Bank Employees Federation (INBEF), Indian National Bank Officers’ Congress (INBOC) and National Organisation of Bank Officers (NOBO) and the National Organisation of Bank Workers (NOBW) will take part in the strike called by the UFBU.

Services such as deposits and withdrawal at branches, cheque clearance, and loan approvals would be affected due to the strike. However, ATMs are likely to remain functional.

Banks were already closed on March 13 (second Saturday) and March 14 (Sunday), leading to a four-day break in regular banking operations. Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike.

The strike comes after Union Finance Minister Nirmala Sitharaman‘s Budget announcement where she announced the privatisation of two public sector banks (apart from IDBI Bank) as part of the government’s disinvestment drive to generate Rs 1.75 lakh crore.

Apart from bank unions, all the unions in four General Insurance Companies will be on strike on March 17. All the unions in LIC are on strike on March 18, while unions of four insurance companies have called for a strike against the privatisation of public companies.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Bank employees strike on March 15, 16

Banking & Finance

[ad_1]

Read More/Less


Banking operations could grind to a halt in public sector banks (PSBs), old generation private sector banks and regional rural banks across the country on March 15 and March 16.

About 10 lakh employees of these banks are expected to participate in a strike to protest the Government’s decision to privatise two PSBs.

The two-day strike has been called by the United Forum of Bank Unions (UFBU), the umbrella body of nine bank unions.

With the strike coming on the heels of a two-day (weekend) bank holiday, ATM operations too could be impacted as bank branches supplying cash to cash logistics companies may not function. This may affect the replenishment of cash in ATMs.

“Public Sector Banks are nation building instruments. They have to be preserved, protected and promoted,” four officers’ unions, which are constituents of UFBU, said in a recent joint statement.

CH Venkatachalam, General Secretary, All India Bank Employees’ Association, observed that privatisation of PSBs is a negative step in a developing economy like India.

“PSBs protect the hard-earned savings of the people. Privatisation of banks would risk their savings as many private banks in the past have collapsed and people lost their savings.

“Private banks’ only aim to earn more profits. Service charges are more in private banks and the public will be affected. Rural branches may be closed in the name of non-viability,” he said.

Sanjay A Manjrekar, Adviser, All India Nationalised Bank Officers’ Federation, said, “If PSBs are privatised, will the new promoter/ management make good any shortfall in pension? They will not. So, the issue of serving as well as retired employees is involved in this.”

Referring to the public perception that privatisation of PSBs is only going to affect Bank employees, Nilesh Pawar, State Secretary (Maharashtra), All India Bank Officers’ Confederation, emphasised that customers too will be affected as banking services may become unaffordable.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,