Employees and officers from 26 public sector banks, 12 old-generation private sector banks and eight foreign banks will observe an all-India strike on December 20 to protest against the UPA Government’s move to push amendments to the banking laws.

The All-India Bank Employees’ Association (AIBEA), the Bank Employees’ Federation of India, the National Union of Bank Employees and the All India Bank Officers’ Association have called for a strike in which nearly 7 lakh bank employees and officers are expected to participate.

Pushing amendments

“The strike is to protest against the attempts of the government to hurry up with the Banking Law amendments.

“It is also to make known our opposition to schemes to bail out corporate defaulters and to prevent licences from being given to corporates to start banks,” said C.H. Venkatachalam, General Secretary, AIBEA.

According to Vishwas Utagi, Secretary, AIBEA, the present generation of politicians must raise their voice in Parliament against the proposed amendments to the banking laws which are aimed at handing over Indian private sector banking to multinational banks and increasing the presence of Indian corporates and FDI in public sector banks.

The proposed amendments to the banking law are aimed at effecting the merger of banks, allowing more private and foreign capital in banks, and raising the ceiling on voting rights. Further, the amendments will enable the central bank to grant licences to corporate business houses to start their new banks.

(This article was published on December 17, 2012)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.