State-owned banks were on strike yesterday to hit normal banking operations

Mar 01 2017 12:23 PM
State-owned banks were on strike yesterday to hit normal banking operations

Banking operations across the country came to a halt yesterday as 10 lakh bankers staged a strike against the government's "anti-people banking reforms". The strike was called by the United Forum of Bank Unions (UFBU), comprising nine unions.

Most of the banks, including SBI, PNB, and BoB, have already informed their customers that functioning of branches and offices will be impacted if the strike takes off.

All India Bank Officers' Confederation (AIBOC) General Secretary Harvinder Singh said: "Strike is on as there has not been the serious effort from the bank management especially Indian Banks' Association (IBA) to defer it by accepting some of our demands."

Unions are also opposed to the proposed labor reforms of the government and outsourcing of permanent jobs in the banking sector.

Some of the demands include compensation of employees and officers for extra hours of work put in the following demonetization in November and early initiation of a process of next wage revision of bank employees.

They have also demanded adequate recruitment in all cadres, stringent measures to recover bad loans and accountability of top executives. Besides, they have pitched for criminal action against wilful defaulters.

UFBU, which claims membership of nearly 10 lakh people across banks, also requested the government for cost reimbursement for demonetization to banks.

As many as 27 public sector banks control 75% of the total business in the country.

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