Money & Banking

Bank strike affects normal operations

Our Bureau Mumbai | Updated on October 22, 2019 Published on October 22, 2019

Punjab National Bank takes part in the the strike to protest against the government's decision to merge ten public sector banks into four banks. Photo: Paul Noronha   -  BusinessLine

AIBEA and BEFI called for a strike to oppose big bank merger

Banking services in most public sector banks and private sector banks have been impacted as about four lakh employees owning allegiance to All India Bank Employees’ Association (AIBEA) and Bank Employees Federation of India (BEFI) have gone on a strike.

The unions have given the All India strike call against the Government’s decision to merge 10 public sector banks into four Banks and stopping banking reforms, said CH Venkatachalam, General Secretary, AIBEA.

Read more: AIBEA and BEFI plan strike on Oct 22

Underscoring that the merger will close down six important nationalised banks - Andhra Bank, Allahabad Bank, Corporation Bank, Syndicate Bank, Oriental Bank of Commerce and United Bank of India, Venkatachalam said. “Merger of banks is totally unwarranted in India as we need more banking services and opening of more branches to serve the people. Merger has so far resulted in closure of branches and hence it is a wrong policy.”

Also read: Govt banks on big bang mergers as GDP tanks

Recovery of the huge bad loans is the top priority for the banks and the merger will change the priority. Hence merger is a bad idea, he added.

The strike is also for demanding swift and stringent measures for recovery of huge corporate bad loans, increase in deposit rates, scrapping of heavy fees and fines levied on customers in the name of service charges, filling up all vacant posts in the Banks through immediate recruitment, said KS Krishna, Joint General Secretary, AIBEA.

Published on October 22, 2019
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