Bank employees’ strike successful on day one, of two-day strike

Public sector banks wore a deserted look today and banking operations were grossly affected, as over 10 lakh employees of these banks began their two-day strike to protest against the Union Government’s “retrograde banking reforms”.

The strike is primarily to protest against the government’s move to privatise some public sector banks. Union Finance Minister Nirmala Sitharaman in the Budget 2021 speech had announced the central government’s plan to privatise two public sector banks (PSBs). The central government’s plan was to generate Rs 1.75 lakh crore through a disinvestment plan. Apart from merging 14 public sector banks, the Central government had already sold the majority stake of IDBI Bank to LIC.

The strike has been called by All India Bank Employees Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers' Association (AIBOA) and Bank Employees Confederation of India (BEFI). Others are the Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO), among other organisations, all these organisations have come together under the umbrella organisation United Forum of Bank Unions (UFBU).