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UFBU’s Tough Reply to the Government’s Decision of Privatising Public Sector Banks

The United Forum of Bank Union (UFBU), a body of 9 bank unions, has called a two-day nationwide strike of banks on March 15 and March 16.

Reportedly, 10 lakh employees are set to take part in the nationwide strike.

UFBU, along with All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA), National Organisation of Bank Workers (NOBW), 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 Confederation of Bank Employees (NCBE) are taking part in the nationwide strike.

What’s the Reason?

UFBU has called the strike to protest against the government’s decision to privatise two public sector banks. The government has already merged 14 PSB’s in the last four years, and recently, it also privatised IDBI Bank. 

History of Nationalisation and Privatisation of Indian Banks

Finance Minister, Nirmala Sitharaman announced the privatisation of two public sector banks as a part of government’s disinvestment plan while presenting the union budget last month. The budget was mostly crtiticised due to the government’s tilt towards privatisation. 

In 1969, the then prime minister and finance minister, Indira Gandhi, took the striking step and nationalised India’s 14 largest private banks, Cut to almost 50 years later, the government has reversed the situation. 

What are the Banking services that will be affected due to the strike?

Banking Services like cheque clearance, government transactions, deposits, withdrawals, and loan approvals will likely be affected. However, ATMs will continue to operate normally. 

State Bank of India (SBI) and Canara Bank have already updated their customers that they may face problems as the bank’s normal working can get affected due to the strike.

Do you support the strike? What are your views on privatisation of banks? Tell us in the comment section below. 

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