Second IPO forces nationwide bank strike
PROTESTING AGAINST the issue of the second IPOs by the Andhra Bank and the Bank of Baroda, the banks' unions went on a nationwide strike today.india Updated: Jan 17, 2006 20:24 IST
PROTESTING AGAINST the issue of the second IPOs by the Andhra Bank and the Bank of Baroda, the banks' unions went on a nationwide strike today.
The Andhra Bank issued its second IPO today, which would reduce Government's stake in the bank to 51.5 per cent. Under the aegis of All-India Bank Employees Association (AIBEA), the All India Andhra Bank Award Employees' Union called the nationwide strike, resultantly 1,168 branches of the bank remained inoperative. According to sources, business transaction to the tune of Rs 45,000-crore was affected today.
Members of both MP Bank Employees' Association and MP Bank Officers' Association staged a demonstration and raised slogans before the Andhra Bank as well as Bank of Baroda, protesting Government's move to dilute its shares in PSU banks in the country.
Similarly, following instructions from the All-India Bank of Baroda Employees' Coordination Committee, employees of the bank remained away from working. The union leaders said that due to the second IPO of Bank of Baroda, the Government's share would reduce to 53 per cent, which was a 'dangerous move'.
The union members stressed on recovering bad debts and thereby minimise the NPA level, which would help banks progress.