SBI, subsidiaries not to be part of Friday's strike | india | Hindustan Times
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SBI, subsidiaries not to be part of Friday's strike

india Updated: Jul 27, 2006 15:15 IST

The State Bank of India and its associates, Bank of Baroda (BoB) and Indian Overseas Bank (IOB) will not participate in Friday's strike called by AIBEA, AIBOA and BEFI.

General Secretary of the National Confederation of Bank Employees (NCBE) Prafulla Patnaik said that although these banks would remain open on Friday, their employees would lend moral support to the strike.

He said that MICR branches of SBI, which acts as clearing houses of the bank, would continue to function normally.

AIBEA, AIBOA and BEFI had together called a strike on Friday to protest against the RBI circular on outsourcing of banking operations and its decision to outsource clearing operations for which a new company had been floated, the National Payments Corporation of India.

Besides RBI, SBI was the only other entity among nationalised banks to have a clearing house.

To a query, Patnaik said that if RBI, which is a majority shareholder of SBI, also decided to outsource clearing operations, then the matter would be taken up at the United Forum of Bank Union (UFBU).