PSU Banks Strike Today, Tomorrow: Everything You Need to Know

An empty Indian bank during a one-day strike in Mumbai, January 25, 2008. More than half a million Indian bank employees went on a one-day strike on Friday to protest a proposal for a merger between state-owned banks, closure of branch offices and a cut in local currency transactions. and the bond market. REUTERS / Punit Paranjpe (India) GM1DXCSUOCAA
About 9,000 employees of various state-owned banks went on strike nationwide for two days starting December 16 to protest the government’s decision to privatize two public sector lenders, union leaders said .
Federation of Banking Unions Forum (UFBU) announced a two-day strike on December 16th and 17th. About 60,000 bank employees will go on strike in Maharashtra alone.
Most banks, including the State Bank of India (SBI), have warned customers of the possible impact of the strike on banking transactions such as checks and money transfers.
AIBOC Secretary-General Sumya Datta said the union was continuing the planned strike after a failed reconciliation meeting held on 15 December in front of additional Labor Supreme Council members.
The government announced in the 202122 budget that it would promote the privatization of two public sector banks (PSBs) within this year.

unions have protested since the center announced plans to privatize two PSU creditors in its 202122 budget.
“The Indian Banking Association (lBA) has established that the United Forum of Banking Unions (UFBU) has established that members of UFBU member unions such as AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF and INBOC will support their claims on 16 December 2021. Proposed a nationwide bank strike on the 17th. “While the bank has taken necessary measures to ensure the normal functioning of branches and offices during the strike, SBI reports that the strike is likely to affect the operations of our bank,” SBI said in a statement.
SBI in a tweet urged employees to reconsider their decisions and refrain from participating in strikes. The tweet also said that “in the context of the ongoing pandemic, the use of strikes will cause great inconvenience to the parties involved.”
The Central Bank of India (SBI) has already warned clients of the potential impact of a nationwide strike on banking.
lenders such as Canara Bank, PNB, Punjab and Sind Bank have previously urged unions to reconsider their plans.
Tamil Nadu’s ruling DMK supported the announced two-day national strike. Party General Secretary and Secretary of State Durai Murugan wished the strike a success and declared the party “full support” for the protests.
The Government has decided to introduce the 2021 Banking Act (amendment) in the current Winter Parliament. The bill aims to privatize public sector banks.