Money & Banking

Unions’ panel looks to ‘save’ banking, insurance sectors

K.R.Srivats | Updated on July 13, 2018

A file photo of C H Venkatachalam.

Call this an alliance of sorts of an unique kind. Faced with somewhat identical problems of sub-optimal government policies, a clutch of bank and insurance employees’ unions have come together to form a co-ordination committee to fight for the cause of the banking and insurance sectors.

This committee — Coordination Committee of Bank, Insurance and Finance Sector Unions (CCBIFU) — will hold dharnas in all State Capitals on July 14, its Chairman, C H Venkatachalam, told BusinessLine.

Venkatachalam said the committee would oppose the government plans to privatise banks and insurance companies, attract more FDI in banks and insurance, divest in General Insurance Corporation etc.

“In the recent days, there has been increasing attacks on the banking and insurance sector in the way government policies are being framed,” Venkatachalam said, adding that the committee will seek a rollback of some of these policy measures.

The unions that have come together to form CCBIFU are the All India Bank Employees Association; All India Bank Officers Association; General Insurance Employees All India Association and All India LIC Employees Federation.

CCBIFU will also make a case for the withdrawal of the controversial FRDI Bill, have adequate recruitments in banks, LIC and GIC and stop outsourcing and contract jobs, besides expediting the wage revision.

“If the government does not revise its policies on banking and insurance sectors and would continue with their existing policies, CCBIFU will decide to go on strike during winter session of Parliament in December 2018,” he said.

Published on July 13, 2018

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