PSU Bank Employees Go On 2-Day Strike

Story Highlights
  • Bank Strike on Dec 16th and 17th.
  • Services at SBI, PNB and other banks will be affected during strike.
  • The protest is against Centre's move to privatize public sector banks.

Services at the State Bank of India, Punjab National Bank and other lenders will be impacted during a 2- day nationwide bank strike this week. To protest against Centre’s proposed move to privatize public sector banks. The United Forum of Bank Unions (UFBU) called a 2-day bank strike on December 16th and 17th. “Privatising PSBs will hurt the priority sectors of the economy and also credit flow to self-help groups and to the rural economy, Sanjay Das, general secretary of All India Bank Officers Confederation (AIBOC) said.

In Budget 2021-22, Finance Minister Nirmala Sitharaman had announced the government’s plan to privatize public sector banks as part of a disinvestment drive to garner R 1.75 lakh crore. The Centre earlier mentioned introducing the Banking Laws (Amendment) Bill, 2021 in the ongoing winter session of Parliament. The bill aims to amend the provision in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which makes it mandatory for the government to hold a 51 per cent stake in public sector banks at all times. The new bill will reduce the government’s minimum shareholding to 26 per cent. Bankers have appealed to the government to withdraw the Banking Laws (Amendment) Bill, 2021.

After State Bank of India (SBI), three more banks, Punjab National Bank, Central Bank of India, and RBL Bank, said that their operations will be affected due to the bank strikes this week. “While Bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our Bank may be impacted by the strike, PNB said in a statement to the stock exchanges. Central Bank of India earlier mentioned that it is taking all necessary steps in terms of the existing guidelines to deal with the strike and for the smooth functioning of its branches and offices.

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