A 2-Day Nationwide Bank Strike From Today

The United Forum of Bank Union (UFBU), an umbrella body of nine bank unions, has called for a two-day nationwide strike on March 15 and 16 against the privatisation of Public Sector Banks and retrograde banking reforms. Over 10 lakh bank employees and officers will participate in the strike. It will have a major effect on services such as deposits and withdrawal at branches, cheque clearance, and loan approvals. However, ATMs are likely to remain functional.

All nine banks unions - 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) will take part in the strike called by the UFBU. The strike preceds a Saturday and a Suday, making it a four-day break in the regular banking operations.

The strike comes after Union Finance Minister Nirmala Sitharaman's Budget announcement where she announced the privatisation of two public sector banks (apart from IDBI Bank) as part of the government's disinvestment drive to generate ₹ 1.75 lakh crore.

Apart from bank unions, all the unions in four General Insurance Companies will be on strike on March 17. All the unions in LIC are on strike on March 18, while unions of four insurance companies have called for a strike against the privatisation of public companies.

Such a major decision is a great indicative of economic unrest in the country. The strike was announced almost a week back and the ruling government didn’t issue any note to stop it or give any indications that it would rethink about the privatisation of the banks. More lay-offs in the country is hence assumed in the banking sector as privatisation takes place, leading the nation further depressed.