Proposed privatization of PSBs

The proposed privatization of PSBs. A two-day strike was declared on 15 March by the United Forum of Banks Unions (UFBU), an umbrella group of nine syndicates, to proceed against the planned privatization of 2 government lenders.

The Union budget presented last month declared the privatizations of two banks in the public sector (PSBs) as part of its disinvestment programmed by Minister of Finance Nirmala Sitharaman.

By selling its controlling stake in the creditor to LIC in 2019, the government has already privatized IDBI Bank, combining in four years 14 public sector banks.

The conciliation meetings – which took place on 4, 9 and 10 March, before the additional Chief Labor Commissioner – resulted in no meaningful outcome, said General Secretary C H Venkatachalam of the All India Bank Employees Association (AIBEA).

“Therefore on 15 and 16 March 2021 it was agreed to continue the strike for 2 continuing days. The strike will include about 10 lakh bank workers and bank officers,” he said.

The majority of banks, including the State Bank of India (SBI), have been advising their customers of the repercussions of the strike.

Banks have also told them that appropriate measures are being taken on the days of the planned strike for the smooth running of bank branches and offices.

UFBU members include the All India Bank Employees Association (AIBEA), the All India Bank Officers’ Confederation (AIBOC), NCBE, All Indian Bank Officers’ Association and the Confederation of Indian Banking Employees (BEFI).

Others include the Indian National Bank Employees Federation (INBEF), the Indian National Bank Officials Congress (INBOC), NBW and the National Bank Officers Organization (NOBW) (NOBO).

NEED A LOAN?

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.


Menu