What is Privatisation and Why bank employees doing protest

The strike was called by the United Forum of Bank Unions (UFBU). It is a joint platform of the union of nine public banks. This strike started on Monday and today is its last day.

Today is the second day of the strike of public banks in the country. Due to this, many important tasks like cash withdrawal, deposits, check clearing, business transactions are stopped in public sector banks. Meanwhile, the strike union has warned that if the government does not listen to them, then a big agitation like the Kisan agitation and an indefinite strike can be done.

The strike was called by the United Forum of Bank Unions (UFBU). It is a joint platform of the union of nine public banks. This strike started on 15 March i.e. on Monday and today is its last day.

Why is the strike taking place 

Millions of employees of public sector banks are on strike throughout the country to protest against privatization. Finance Minister Nirmala Sitharaman announced the privatization of two more state-owned banks in addition to IDBI Bank in the budget. Which is constantly being opposed by the bank employee unions. The government has already privatized IDBI Bank.

What did the union say 

All India Bank Officers Association (AIBOA) general secretary Soumya Dutta said that the economy is going to suffer a lot due to the policies of the government. He said that except for only a few top level officers, all the officers and employees of the banks have participated in this strike. He said, “Everything from cash withdrawal to deposits, business transactions, loan processing, check clearing, account opening are closed.”

Striking workers are also staging and demonstrating in various cities of the country. He said that if the government does not listen to him, then he can strike an indefinite strike like the peasant movement. Datta said, ‘We are connected to crores of customers of the country through our branches. We are explaining to them how the government’s wrong policies will affect them as well.

Thousands of crores of checks stuck 

Indian Bank Employees Organization general secretary CH Venkatachalam said that the strike could not clear about 2 crore checks across the country. A total amount of 16,500 crores is trapped in it. Apart from this, cash withdrawals, deposits and business transactions have also been affected.

ATM-online services not affected 

During this time ATM services continue. At the same time, during the strike, other transaction options like online are available to the customers.

No effect on private banks 

There has been no impact on the functioning of other private banks such as private sector HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank.