PSU Bank Employees On Massive Strike Against Privatisation On These Dates: How Will It Impact You?

Bank unions announced on Tuesday that they would go on strike for two days starting from March 15 to protest the government’s decision to privatize public sector banks (PSBs).

As part of the government’s disinvestment programme, Sitharaman announced the privatization of two banks in the union budget last week. The transition has been met with opposition from bank unions.

In 2019, the government privatized IDBI Bank by selling a majority stake to LIC, and in the last four years, it has merged 14 public sector banks. 

Canara Bank said in a regulatory filing. “We have been informed by the Indian Banks’ Association (IBA) that the United Forum of Bank Unions (UFBU) has given a call for strike in the banking industry on March 15 and March 16, for issues relating to industry level and not for any bank-level issues,” 

Nirmala Sitharaman on Privatisation

Nirmala Sitharaman, the finance minister, said that the government would communicate with all stakeholders about the privatisation of state-owned enterprises to ensure that their interests, such as pensions, are protected.

Nirmala Sitharaman, the Finance Minister, said on Sunday that the government would work with the Reserve Bank to carry out the bank privatisation programme stated in the budget. Sitharaman also told reporters in the financial capital that the government has no plans to establish a bank investment company to hold government stakes in banks.

 “The details are being worked out. I have made the announcement but we are working together with the RBI,” she said when asked about the proposal.

 Bank unions that have given a call for strike against the proposed privatization

The United Forum of Bank Unions (UFBU), an umbrella group of nine unions, called for the strike. “However, in the event of strike materializing, the functioning of the branches/offices may be impacted,” Canara Bank said in a regulatory filing.

Canara Bank, however, clarified that it was taking necessary steps to ensure smooth functioning of its bank branches and offices.

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), The 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) are some of the union bank that have given a call for strike against the proposed privatization