More Than 10 Lakh Employees To Join 2-Day Nationwide Bank Strike From Today

Highlights:

• 2 Day pan India level bank strike begins from today
• It is speculated that over 10 lakh employees will join the strike
• Key banking services could take a hit due to the bank strike

The umbrella body of 9 bank union, the United Forum of Bank Union (UFBU) has called for a two-day nationwide strike starting from the 15^th of March against the privatisation of the Public Sector Undertaking Banks and the retrograde banking reforms.

It is speculated that more than 10 lakh banking employees and officers will join the bank strike starting today.

The nine bank unions, which are as follows:

• 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)
• National Organisation of Bank Workers (NOBW)

These 9 banking unions will be taking part in the strike called by the UFBU.

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Here are some of the core banking services which are likely to be hit due to the 2-Day Nationwide Bank Stike

1. deposits and withdrawal at branches
2. cheque clearance
3. loan approvals

Having said that, the Automated Teller Machines (ATMs) are likely to remain functional.

The banks in India were already closed on the 13^th of March which was a second Saturday and the 14^th of March which was a Sunday, and the 2-Day strike has led to a 4 day break in the regular banking operations.

Major banking services are expected to be hit and cause distress to the general public as well as the business in the country owing to the bank strike.

Devidas Tuljapukar, who is the convenor of the United Forums of Banks Unions (UFBU) in Maharashtra said, “In Maharashtra, close to 50,000 bank employees & officers spread out in more than ten thousand bank branches are expected to join the strike”.

The strike has been called after Nirmala Sitharaman, the Union Finance Minister, announced the Budget wherein she announced the privatisation of two public sector banks (apart from IDBI Bank) as part of the government’s disinvestment drive to generate ₹ 1.75 lakh crore.

Apart from the strike from the bank unions over the 15^th and 16^th of March, all the unions of four General Insurance Companies will go on strike on the 17^th of March.

All the unions in the Life Insurance Corporation (LIC) of India will be on strike on the 18^th if March, while unions of four insurance companies have called for a strike against the privatisation of public companies.