Telangana public sector banks to join nationwide strike on Nov 26 against Centre

Bank Employees Federation of India (BEFI)- Telangana Unit has decided to participate in the nationwide strike on November 26 against the union government’s decision to allow private players into the banking sector.

By Newsmeter Network  Published on  25 Nov 2020 3:42 AM GMT
Telangana public sector banks to join nationwide strike on Nov 26 against Centre

Hyderabad: Bank Employees Federation of India (BEFI)- Telangana Unit has decided to participate in the nationwide strike on November 26 against the union government's decision to allow private players into the banking sector.

The Federation said the union government is moving towards weakening the public sector banks and handing over the banking sector to foreign and domestic private players. It is also changing worker-friendly laws and increasing working hours to 12 hours to exploit the workers.

To protest these decisions of the Government of India, the BEFI decided that all bank employees take part in the strike. All commercial banks, Grameena Banks, Cooperative Banks, and Employees of the Reserve Bank of India are taking part in this strike.

The BEFI noted that willful defaulters of banks are increasing and more than 85 percent of these arrears are to be paid by corporate companies, which are also destroying the banking sector.

The Federation said the Reserve Bank's internal committee has suggested giving banking licenses to the corporate companies. And the government is also willing to amend the laws for the benefit of these corporates. But it has to be reminded that most of the developed nations are also not allowing corporate companies to enter the banking sector.

"During the past three decades when Modern Economic policy is being implemented, around 40 private banks have gone bankrupt. By ignoring this truth, allowing and encouraging corporate banks, will only affect the nation's economy and also the depositors' money" the BEFI stated.

The Federation said when Laxmi Vilas Bank had gone bankrupt, instead of merging it with a public sector bank or some bank in the country, Reserve Bank decided to merge it with Singapore-based DBS bank, thereby handing over the banking sector to foreign banks.

It may be noted that during the financial crisis, corporate foreign banks collapsed and pensioners and common people, who have saved their hard money in those banks were all on the road. "But the public sector banks in the country, stood strong, and overcame the crisis, the BEFI said.

"To prevent such downfalls in the banking sector and protect the public sector banks from such crisis, also bring in strong laws to collect the willful defaulted arrears from corporate companies, and increase Reserve Bank control over banks and surveillance to protect the banking sector, thereby safeguarding the depositors' money, bank employees are taking part in this strike," said P Venkataramayya, Chief Secretary, BEFI.


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