Union Forum of Bank Unions (UFBU) of nine unions has summoned for a 2-day strike on March 15 and March 16 to manifest their objection towards the intended privatization of two major state-owned banks by the central government. Public sector lender Canara Bank declared that banking assistance across the nation may get hindered due to the strike that is being introduced.”We have been informed by the Indian Banks’ Association (IBA) that the United Forum of Bank Unions (UFBU) has given a call for strike in the banking industry on March 15 and March 16, for issues relating to industry level and not for any bank-level issues,” Canara bank stated in an administrative filing.
Still, Canara Bank declared that it would take the needed steps to assure the stable functioning of the branches/offices.“However, in the event of strike materializing, the functioning of the branches/offices may be impacted,” it added. It is to be regarded that Finance Minister Nirmala Sitharaman in the Union Budget speech, announced that the Centre will privatize two Public Sector Banks (PSBs) as part of its disinvestment strategy.
Members of UFBU bear All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA), and Bank Employees Confederation of India will be involved in the protest. Other organizations include the Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW), and National Organisation of Bank Officers (NOBO).
The reason behind the protest ;
The bank unions are protesting the privatization of banks, as well as interference of the private sector in government-related business. It is especially worried about a declaration that Nirmala Sitharaman addressed during Budget Speech where she said that the private sector can presently be included in government-related businesses like a collection of taxes, pension payments, and small savings schemes. Recently, the All India Bank Employees’ Association (AIBEA) declared that the private sector’s engagement in a government-related business is ‘unfair’, and requires to be withdrawn.