9 Lakh to Protest Today; SBI, PNB, Other Bank Services, ATMs Hit. Find Out More

Protesting the Centre’s plan to privatise two PSU banks, nearly nine lakh state-run bank employees began a two-day bank strike on December 16. The strike will continue on December 17th, affecting banking operations in India. These banks have warned customers that banking services will be disrupted during this week’s nationwide protest.

Everything You Need to Know About the December 16-17 Bank Strike

The finance minister, Nirmala Sitharaman, announced in the Union Budget 2021 to privatise public sector lender to meet the Centre’s disinvestment target of Rs 1.75 lakh crore this fiscal. The central government decided to introduce the Banking Laws (Amendment) Bill, 2021 in the current Winter session of Parliament. To amend the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 requiring the government to own 51% of public sector banks. The new bill lowers the government’s minimum stake to 26%.

A two-day strike has been called by the United Forum of Bank Unions (UFBU), which represents nine unions, including the All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

3) “Public sector banks are at the forefront of implementing all government schemes, such as Jan-Dhan Yojana, social sector insurance schemes, and Mudra schemes, meant for the economically and socially backward sections of the society “Devidas Tuljapurkar, UFBU convenor (Maharashtra). Privatisation may lead to bank closures in rural and poor areas, affecting the implementation of government programmes, he added.

4) Besides public sector employees, some employees of old generation private sector and regional rural banks joined the December 16 banking strike. Life Insurance Corporation (LIC) and Reserve Bank of India (RBI) employee unions are also backing the strike, UFBU convenor told PTI.

5) The State Bank of India said earlier that normal branch and ATM operations will be affected by the two-day bank strike. “While the Bank has made necessary arrangements to ensure normal functioning in its branches and offices on strike days, we advise that work in our Bank may be impacted by the strike “SBI stated.

1) The strike will affect the services of the Punjab national bank, UCO bank, Canara bank and Bank of Baroda.

A series of other agitational programmes will be carried out if the government does not give up the idea of privatising PSBs, according to AIBOC general secretary Sanjay Das.

7 ) “Giving private capital access to the country’s public sector banks puts the public’s money at risk “Das ad.

9) In Tamil Nadu, the ruling DMK backed the bank employees’ two-day nationwide strike on December 16-17. Durai Murugan, party general secretary and state minister, wished the strike well and pledged his party’s “full support “to the protest by nearly nine lakh employees of state-run banks.

10) The Centre may not introduce the Banking Laws (Amendment) Bill 2021 during the current winter session of Parliament.

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