10 Lakh Govt Bank Employees On Strike Against Privatisation; These Operations Will Be Impacted

In response to the Finance Minister’s Union Budget (2021) announcement of privatisation of two more public sector banks, the bank union body United Forum of Bank Unions (UFBU) has called for a two day nationwide strike on March 15 and 16, inviting other bank unions and employees.

The protest held by UFBU will see a participation of about 10 lakh bank employees and officers.

Here is all you need to know about the two-day strike and the banking services hit as a consequence of the same.

Services Affected Due to the Strike

The United Forum of Bank Union (UFBU), an umbrella body of nine bank unions will be conducting a two-day nationwide bank strike on March 15 and 16.

It has invited other bank unions and employees to join the strike too, as nearly 10 lakh bank employees and officers will participate in the strike.

The two day strike will come after a non-working weekend on March 13 and 14, as Saturday was a second-Saturday.

This will lead to a four-day bank break, which will affect the regular banking operations.

Some public sector banks, like SBI have come forward and informed their customers about the normal working to be affected during the two-day strike period.

However, services like deposits and withdrawal at branches, cheque clearance, and loan approvals would be more affected than others during the strike.

It has been informed that the functionality of ATMs will not pose any problem.

Reason Behind the Strike

In her Union Budget speech on February 1, FM Niramala Sitharaman announced the government’s to conduct the privatisation process of two more public sector banks, besides IDBI Bank, along with two insurance companies, in upcoming financial year FY22.

The privatisation process will be a part of the government’s disinvestment drive of Rs 1.75 lakh crore.

We had earlier informed you of the strong disapprovement of bank unions in response to the FM’s decision.

Al the 9 bank 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), 
• National Organisation of Bank Officers (NOBO), and 
• National Organisation of Bank Workers (NOBW) 

will participate in the strike held by the UFBU.