The conciliation between the bank unions and the Central government is said to be failing. It has further led to 10 lakh bank employees to go for strike for two days; March 15 and 16.
Finance Ministry Confirm Failed Reconciliation With Union Banks
The All India Bank Employees’ Association (AIBEA) said that they will be protesting against the government’s decision to privatise the public banks. The General Secretary of AIBEA, C. H Venkatachalam said that the reconciliation between the Central government and the bank unions failed. The meeting was help across three days, March 4, 9 and 10.
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The unions said that they are willing to call off the strike if the government decides to reconsider their decision to turn public sector banks into private entities. However, the Finance Ministry representative had not given any such commitment.
Finance Minister Announced Privatisation In Union Budget 2021
The incident comes after Finance Minister Nirmala Sitharaman announced the plan to privatise the two state-run banks. While there are no names given yet, but there are speculations that it would include the Bank of Maharashtra, Central Bank of India, Indian Overseas Bank or the Bank of India, for the first phase.
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The decision has led the bank unions to worry about the job losses in the industry. The last the bank privatisation was in the discussion was back in 2014. The RBI appointed PJ Nayak panel submitted a report after reviewing the governance of banks in India. The report said that the PSB were low on productivity and showed a steep erosion in the asset quality. The report further suggested that the PSBs would impose major fiscal costs on the government’s revenue
