Bank Strike, Day 2: Several PSU Bank Shutters Remain Down As Unions Protest Against Privatisation

Due to the strike, services such as deposits and withdrawal at branches, cheque clearance and loan approvals have been deeply impacted. The strike, however, is expected to end today.

New Delhi: The bank strike in the country continued for the second day on Friday. Lakhs of employees of public sector banks in the country have gone on strike against the privatisation of banks by the government. The strike has impacted bank operations throughout the country, according to media reports.

The strike call was given by the United Forum of Bank Union (UFBU). It is an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

“The strike is against the government’s decision to privatise public sector banks which have been playing a vital role in nation building,” (AIBEA) general secretary C H Venkatachalam said, according to media reports.

Due to the strike, services such as deposits and withdrawal at branches, cheque clearance and loan approvals have been deeply impacted. The strike, however, is expected to end today.

The strike has not, however, impacted the working of private banks in the country. Banks including HDFC Bank and ICICI Bank have been working as usual. Many PSBs, including the State Bank of India, had informed the account holders about the strike, in advance.

According to media reports, AIBOC General Secretary Soumya Dutta said that about 7 lakh across the country are participating in the two-day strike.

The idea of privatisation was first announced by Finance Minister Nirmala Sitharaman in Budget 2021. Two banks were proposed to be privatised by the government. For the same, in the ongoing winter session of the Parliament, the government has listed the Banking Laws (Amendment) Bill, 2021, for introduction and passage.

In a bid to facilitate privatisation, however, the government has already privatised IDBI Bank. It has done so by selling its majority stake in the lender to LIC. The government has merged 14 public sector banks in the past four years.