Bank officers to strike work on September 25-27 over rolling of 10 banks into four
In August 30 order, the government announced four bank mergers, the biggest of the four being the coming together of Punjab National Bank with Oriental bank of Commerce and United Bank of India to create India’s second largest Public Sector Bank (PSB) with a business of Rs 17.5 lakh crores.Updated: Sep 13, 2019 13:21 IST
Bank officers’ unions have decided to strike work between September 25 and September 27 to protest the government’s recent decision to merge 10 state-run banks into four financial behemoths.
The trade unions that will stay away from work are The All India Bank Officers’ Confederation (AIBOC), The All India Bank Officers’ Association (AIBOA), Indian National Bank Officers’ Congress (INBOC) and National Organisation of Bank Officers (NOBO).
In August 30 order, the government announced four bank mergers, the biggest of the four being the coming together of Punjab National Bank with Oriental bank of Commerce and United Bank of India to create India’s second largest Public Sector Bank (PSB) with a business of Rs 17.5 lakh crores.
In the second merger, two big banks from south India, Canara and Syndicate Bank were combined to create the 4th largest Public Sector Bank with a business of Rs 15.20 lakh crores. The third merger saw the Union Bank of India combing with Andhra Bank and Corporation bank into one entity to create the 5th largest PSB which will be twice the size of Union Bank of India.
In the fourth merger, Indian Bank was combined with Allahabad Bank to create the 7th largest PSB with business of Rs 8.08 lakh crore.
The mergers triggered fears of job loss among bank employees with the All India Bank Employees Union saying the merger would lead to closure of banks and job losses. The Bharatiya Mazdoor Sangh (BMS), labour wing of the RSS has also criticised the bank merger plan saying it was done without any study would only protect interests of corporate houses.
Finance Minister Nirmala Sitharaman, however, allayed all fears by saying, “When we spoke about amalgamation of banks I have very clearly underlined the fact that there shall not be one employee removed. Not at all”.
First Published: Sep 13, 2019 13:21 IST