Bank strike today : services to be impacted

Staff members of India’s banks will go on strike today to condemn the government’s decision to privatize public sector banks. On March 15 and 16, nearly ten lakh workers of public sector banks and old generation private banks will go on strike. Nirmala Sitharaman, the Finance Minister, declared the privatizing of public sector banks in her budget speech as part of the govt’s disinvestment initiative to raise Rs 1.75 lakh crore. Before the strike on 15 and 16 March, the bass is expected to close on 13 March – the second Saturday and Sunday. This will mean that the financial facilities will have an effect of four days. ATMs, on the other hand, are expected to work for at least the next four days. Cheque permits, account opening approvals, demand draught issuance, and loan handling are all expected to be impacted on March 17. The State Bank of India announced that all branches and offices will continue to run normally. The protest, though, may have an effect on jobs, according to the statement. Nirmala Sitharaman, the Finance Minister, submitted a proposal to privatize two public sector banks during her Budget speech earlier this month. According to AIBEA, about 10 lakh bank workers and officials are agitating against the government’s plan under the umbrella of the Unified Forum of Unions, which comprises nine unions: AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW, NOBO. Following Friday’s protest, the bank unions intend to hold demonstrations throughout the country over the next 15 days. “On the 10th of March, during the Budget session, we will stage a strike demonstration in front of Parliament,” AIBEA said. Following that, on the 15th and 16th of March 2021, ten lakh bank staff and officers will go on a two-day strike. “We will escalate the protest and go on long-term and unilateral strikes if the government moves forward with its proposals. We recommend that the government rethink its decision “AIBEA went on to say more. According to the union, after India became independent, no private sector bank stepped forward to assist the country’s economic growth, necessitating the nationalization of significant private sector banks in 1969.