UFBU Calls For Nationwide Bank Strike On 15th And 16th, 10 Lakh Employees Participate

On the 15th and 16th of March, banks of India called for a two day strike against the privatisation of two public sectors banks.

The United Forum of Bank Union (UFBU,) an umbrella body of nine bank unions announced the nationwide strike. Nearly 10 lakh employees and officers are going to participate in the strike across India.

All nine banks unions including the All India Bank Officers’ Confederation (AIBOC,) the All India Bank Employees Association (AIBEA,) the National Confederation of Bank Employees (NCBE,) the All India Bank Officers’ Confederation (AIBOC,) the Bank Employees Federation of India (BEFI,) the Indian National Bank Employees Federation (INBEF,) the Indian National Bank Officers’ Congress (INBOC,) the National Organisation of Bank Officers (NOBO) and the National Organisation of Bank Workers (NOBW) are participating in the strike.

Due to the two days strike, services like deposits and withdrawal at branches, cheque clearance and loan approvals would be affected. However, ATMs are likely to remain functional at many places. In addition, it is to be noted, the call for the two day nationwide strike led to four days bank closure. As per bank working days, banks were closed on the 13th of March, (second Saturday) and the 14th of March.

The strike was in the wake of the recent announcement of the Union Finance Minister Nirmala Sitharaman. During the Parliament Budget session, Ms. Sitharaman announced the privatisation of two public sector banks as part of the Government’s disinvestment drive to generate Rs. 1.75 lakh crore.

Most of the public banks like the State Bank of India (SBI,) Canara Bank and others informed their customers about the impact on the functioning of branches and offices.

Banks have also informed that they are taking the necessary steps for the smooth functioning of bank branches and offices on the days of the proposed strike.

However, the strike would not affect the functioning of private banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank.

Stay tuned for further updates.