Bank unions are ready to reconsider their two day strike on December 16-17 if the government were to give an assurance that the proposed Banking Bill will not be introduced in the ongoing winter session, C H Venkatachalam, General Secrerary, All India Bank Employees Association (AIBEA) has said.

“The strike is because of the Bill. If the government says that the Bill will not come in this session, then we will not insist on strike,” Venkatachalam told BusinessLine .

Also read: Bank unions call for two-day nationwide bank strike on Dec 16-17

He said that this stance of the bank unions had been conveyed to the Indian Banks Association(IBA), which had a meeting with the bank unions two days back to avert the strike on December 16-17.

Today's Poll | Voice your opinion on the proposed bank strike, Vote here

All eyes are now on the conciliation meeting slated for December 14. It maybe recalled that the Additional Chief Labour Commissioner Joshi had last week adjourned the meeting to December 14.

Also read: Bank unions to go ahead with strike on Dec 16-17

‘Going into the wrong hands’

Venkatachalam said that bank privatisation would lead to savings of public —huge social capital of a developing country like India—go into the wrong hands of private sector.

“Today we are opposing privatisation not because we are opposed to BJP or not because we are opposed to Prime Minister Modi or not because we are opposed to any dogma. It is our practical experience as banking employees association. We have seen several bank failures in private hands in the 1950s and our apprehension is once again the same danger will come. Unlike last time, this time the money involved is huge”, he added.

Also in a privatised setup there is a risk of funds not being deployed to the real needy sector (like priority sector), he added.

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