The Union of Banking Unions Forum (UFBU), representing nine unions, called for a strike against the privatization of state-owned banks for two days from December 16 to 17. Banks employees and members of United Forum of Bank union stage two days strike to protest against the privatisation at premises of SBI in Lucknow on Thursday.
Read also: Two-day nationwide bank strike begins
Finance Minister Nirmala Sitharaman announced the privatization of two public sector banks (PSBs) as part of the government’s investment cuts program in the federal government’s February budget. Bank unions are enraged by this, and they are pleading with the government to abandon its proposal.
In the last four years, the government has privatised IDBI Bank by selling its controlling ownership in the institution to LIC and combined 14 public sector banks. The Banking Laws (Amendment) Bill, 2021, has been scheduled for introduction and passage during the current Parliamentary session. As a result, the UFBU has chosen to resist the privatisation effort, according to C H Venkatachalam, General Secretary of the All-India Bank Employees Association (AIBEA).
Read also: Danish Crown Princess tests positive for Covid-19
As a result, he added, “we have been resisting the policies of banking reforms that are aimed at undermining public sector banks” for the past 25 years under the banner of UFBU. Public sector banks, notably the State Bank of India (SBI), asked bank unions not to go on strike nationwide on Monday. The banks asked their workers to stay away from the protests during COVID-19 for the sake of their clients’ convenience.
