Bank unions on all-India strike tomorrow against consolidation plans

Bank unions on all-India strike tomorrow against consolidation plans

Operations at private banks like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank and Yes Bank among others are expected to remain as usual.

The body's demands reportedly include criminal action against wilful defaulters, abolishing Banks Board Bureau, implementing recommendations of parilamentary committee on recovery of NPAs, reimbursement of demonetisation expenses, withdrawal of the proposed financial resolution and deposit insurance (FRDA) Bill among others.

Following the conciliation meeting convened on Friday by Chief Labour Commissioner AK Nayak, Bank Unions have chose to go ahead with a nationwide strike.

Banking services at all nationalized banks may take a hit on Tuesday as the Bank unions have called for a nationwide strike on August 22.

Banking operations across the country will be affected on Tuesday with around 10 lakh bankers going on strike pressing various demands. On August 16th, during the meeting, the IBA could not commit to resolving any of the demands of UFBU.

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The employees are protesting against the proposed consolidation of public sector banks, inadequate capital support for banks and loan defaults by large borrowers.

Around 10 lakh bank employees and officers are set to participate in the strike, a release issued here by the organisation on Monday claims.

As many as 21 PSBs, such as State Bank of India, Bank of Baroda, Punjab National Bank, control 75 per cent of the total business. Since no such assurance was given, the UFBU said it has chose to go ahead with the strike. "There was no assurance from the government and the management of banks", he said, according to the Hindustan Times. Employees' unions under United Forum of Bank Unions (UFBU), which claims membership of almost 10 lakh across banks, have called for the one-day strike against reforms proposed by the government.

Franco further added all attempts to find solutions to the demands raised by the unions bore no fruit and hence, UFBU made a decision to proceed with the proposed strike on August 22.

All India Bank Officers' Confederation General Secretary DT Franco said unions were left with "no other option but to go on strike" as the conciliation meeting with the chief labour commissioner failed.

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