Two-day nationwide bank strike against privatization begins; financial operations hit

Hyderabad: Bank employees, officers, and managers have begun a two-day nationwide strike to protest against the central government's move to privatize the Public Sector Banks (PSBs) and introduce the Banking Laws (Amendment) Bill, 2021 in the current session of the Parliament.

All India Bank Employees Association (AIBEA) General Secretary Ch Venkatachalam said the bill will enable the Government to reduce their equity capital in the PSBs to less than 51% and allow private hands to take over the Banks.

He said as per reports reaching us from various States, the strike has begun very successfully and employees and officers have enthusiastically joined the strike.

Bank employees are conscious that the privatization of banks will not be in the interest of the country, economy, and people, besides affecting their jobs, job security, and future prospect. Because of the strike, banking transactions have been hugely affected and paralyzed.

Most of the Bank branches remained closed because Branch managers also joined the Strike. Cash transactions could not be carried out. Clearing operations are also affected.

Venkatachalam said they informed the government that with such an assurance, the Unions would consider deferring the strike. "Unfortunately, the government could not give any such assurance. The Conciliation meeting was held even last evening and we attempted to convince the government to give such an assurance. But it did not happen. Hence, we have gone on the strike as announced," the AIBEA General Secretary contended.

He said it is also a matter of reality that time and again public sector banks have been used to bail out ailing private-sector ones such as Global Trust Bank, United Western Bank, Bank of Karad, etc. In the recent past, it was Yes Bank, which was bailed out by the Public Sector SBI. The private sector's largest NBFC, IL&FS, was bailed out again by public sector SBI and LIC.

All the Central Trade Unions – BMS, INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, AICCTU, SEWA, LPF, TUCC, and BKS have also extended their support to the demands.

Many political parties and members of Parliament from Congress, AITC, DMK, CPI, CPI-M, and leaders of YSRCP, Shiv Sena, AAP, and VCK have extended their support to the strike.