Money & Banking

UFBU to go on two-day strike next month

Our Bureau. Mumbai | Updated on February 09, 2021

The United Forum of Bank Unions (UFBU) has called for a two-day strike next month – March 15 and March 16 – to oppose the proposed privatisation of Public Sector Banks (PSBs) and other reform measures announced in the Budget.

In a meeting held on Tuesday in Hyderabad, UFBU decided that intensive struggle programmes and agitational actions have to be launched to fight back the government’s proposed moves such as privatisation of IDBI Bank, two PSBs and one general insurance company, disinvestment in the Life Insurance Corporation of India (LIC), aggressive disinvestment and sale of public sector undertakings, among others, said CH Venkatachalam, General Secretary, All India Bank Employees’ Association,in a statement.

“The meeting observed that all these measures are retrograde and, hence, need to be protested and opposed,” he said.

UFBU is the umbrella organisation of nine unions – four officers and five employees – in the banking sector. Currently, the government-owned financial institutions include 12 PSBs, 4 public sector general insurance companies, a public sector general re-insurance company (GIC Re) and LIC.

“The government’s announcement to privatise our public sector banks is totally unfortunate and unwarranted. The need of the hour is to strengthen public sector banks,” said Venkatachalam.

In the run up to the two-day strike, UFBU plans to hold agitational programmes, including a day-long dharna (protest) in all State Capitals on February 19, and relay dharnas in all States/ districts/ towns from February 20 to March 10.

Published on February 09, 2021

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