Banking services across the country are likely to be hit on Monday and Tuesday as lakhs of bank employees are set to go on a two-day strike against the privatisation of two public sector banks. The United Forum of Bank Union (UFBU), an umbrella body of nine bank unions, has called for the strike in which more than 10 lakh bank employees and officers are expected to participate.
Services like making deposits and withdrawal at branches, clearance of cheques and approval of loans are likely to be affected because of the strike. However, ATMs may continue to function smoothly. Some banks, including the State Bank of India (SBI), have already informed customers that the normal functioning of the banks could be affected at its branches and offices. However, services at private banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank are expected to remain normal. Banks have also said that they are taking all the necessary steps to ensure the smooth functioning of bank branches and offices.
The strike comes after Union finance minister Nirmala Sitharaman announced in her budget speech the privatisation of two public sector banks (PSBs) as part of the government's disinvestment plan. The names of the two PSBs are yet to be announced by the government. IDBI bank has already been privatised by the government by selling the majority stake of the bank to LIC in 2019. The government has also merged 14 public sector banks in the last four years.
{{/usCountry}}The strike comes after Union finance minister Nirmala Sitharaman announced in her budget speech the privatisation of two public sector banks (PSBs) as part of the government's disinvestment plan. The names of the two PSBs are yet to be announced by the government. IDBI bank has already been privatised by the government by selling the majority stake of the bank to LIC in 2019. The government has also merged 14 public sector banks in the last four years.
{{/usCountry}}The nine bank unions under UFBU are All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA), National Confederation of Bank Employees (NCBE), All India Bank Officers' Confederation (AIBOC), Bank Employees Federation of India (BEFI), Indian National Bank Employees Federation (INBEF), Indian National Bank Officers' Congress (INBOC) and National Organisation of Bank Officers (NOBO) and the National Organisation of Bank Workers (NOBW).