The government is taking several measures to kick-start lending and boost consumption in the economy. After FM Nirmala Sitharaman unveiled the bank merger, banks associations are opposing the decision of the government to merge banks.
The government is taking several measures to kick-start lending and boost consumption in the economy. After FM Nirmala Sitharaman unveiled the bank merger, banks associations are opposing the decision of the government to merge banks.
All India Bank Officers' Confederation (AIBOC), All India Bank Officers' Association (AIBOA), Indian National Bank Officers' Congress (INBOC), National Organisation of Bank Officers (NOBO) have announced a two-day strike from September 26-27, to protest against the merger of 10 major public sector banks, announced by finance minister Nirmala Sitharaman last month.
After Sitharaman made the announcement, the number of the public sector banks came down from 27 to 12 in India. However, she dubbed this move as a step in direction to make India a five trillion dollar economy. She also called this move a step to transform India’s banks into next generation banks.
These unions have also threatened to go on indefinite strike from the second week of November. They listed nine demands in the letter, including wage revision and a five-day workweek for employees.
They have also demanded to halt undue interference in the existing procedure of vigilance cases by outside agencies, settlement of issues pertaining to retirees, adequate recruitment, scrapping of NPS, reduction of service charges for consumers and harassing of officers under specious plea of non-performance.
The banks observe public holidays on the second and fourth Saturdays of the month which means that they will also be closed on September 28, the fourth Saturday in September, making it a four-day break for banking services.
September 29 is the weekly off for all the banks. So after four days of strike the bank will open on September 30, Monday. However, as these four days are not official holidays, so there is an expectation that online services such as NEFT, UPI, RTGS will not get affected due to this strike.
So all salaried class people have a big reason to stay calm because their salaries will be credited on time.
United Forum of Bank Unions, an umbrella body of nine bank employees unions, will be protesting on September 20 outside parliament to oppose the government's recent mega public sector bank collaboration plan.
On August 30, Sitharaman said the government will merge PSBs to create four big banks: Punjab National Bank-Oriental Bank of Commerce-United Bank of India; Canara Bank-Syndicate Bank; Union Bank of India-Andhra Bank-Corporation Bank; and Indian Bank-Allahabad Bank.