Tag: UFBU

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

Banking & Finance

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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).



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

Banking & Finance

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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.



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