Money & Banking

Bank unions cancel March 15th strike

K.R.Srivats | Updated on February 25, 2018 Published on February 25, 2018

A decision to drop plans was taken at a meeting of the United Forum of Bank Unions, C H Venkatachalam, General Secretary, All India Bank Employees' Association, told BusinessLine.

UBFU drops strike plan due to PNB fraud

Bank unions have decided not to proceed with the proposed strike on March 15.This follows the "vitiated atmosphere" in the entire banking sector post the mega Rs 11,400-crore PNB fraud that shocked the entire country.

A decision to drop plans for the March 15 strike on this account was taken at a meeting of the United Forum of Bank Unions (UFBU), C H Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA), told BusinessLine.

UFBU is the representative body of nine bank unions in the country. UFBU hsd also decided to hold dharna before Parliament in the Capital on March 21 demanding action on all those who are involved in the PNB fraud.

Venkatachalam said that no one can hide the fact that there is gross negligence of control, supervision and monitoring as well as possibilities of complicity at various higher levels of management, including top officials of the bank.

Equally, one cannot absolve RBI for its failure to play its role and responsibilities which would have otherwise unearthed these irregularities much earlier, he said.

Published on February 25, 2018

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