The Hindu Business Line : Strike may hit banking operations

Speaking to newspersons here, various union leaders said the strike would hit operations of public sector banks, private banks and foreign banks on that day.

Contentious issues that have prompted the unions to declare the one-day strike include the proposed move to outsource basic banking services and clearing operations; bank mergers and dilution of voting rights; and protection of trade union rights.

They are also demanding resumption of recruitments and compassionate appointments as well as broad-basing of pension scheme.

DEPOSITS

Banks have an estimated Rs 23 lakh crore in deposits. Efforts to hand over banks and their deposits to private and foreign monopolists through divestments and the foreign direct investment route are condemnable, the UBFU said.

Bank mergers are being proposed purportedly to boost capital adequacy and reducing costs. But such mergers would only lead to curtailment of banking services through closure of branches and retrenchment of staff.

The Reserve Bank has decided to outsource clearing operations to a private company, the National Payment Corporation.

Privatisation of clearing operations would only help fuel fears in the minds of customers about the confidentiality of their transactions. It will also result in further reduction of jobs in banks.

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