On Tuesday, February 9 the United Forum of Bank Unions (UFBU), an umbrella body of nine unions, gave a call for a two-day bank strike. The strike is slated to take place on March 15 and 16. It is being organised to protest against the proposed privatisation of two state-owned lenders.
Finance Minister Nirmala Sitharaman on February 1 during her Budget presentation had announced that the government is looking to divest non-strategic, state-run firms. This announcement has triggered concerns among public sector bank employees and unions. The strike has been called to oppose this move.
All India Bank Employees Association (AIBEA) general secretary C H Venkatachalam while speaking to PTI said, “The meeting discussed the various announcements made in the budget of the central government regarding reform measures like privatisation of IDBI Bank and two PSBs, setting up of bad bank, disinvestment in LIC, privatisation of one general insurance company, allowing FDI in insurance sector up to 74 per cent, aggressive disinvestment and sale of public sector undertakings, etc.”
Sitharaman in her budget speech had mentioned that the government plans to privatize two state-run banks. This is besides IDBI Bank. It is noteworthy to add that the government had sold off a majority stake in IDBI in 2019.
She also announced the proposed initial public offering of state-run Life Insurance Corp. of India (LIC), in what would be India’s largest public issue so far.
Bank unions organized demonstrations across the country last week to protest against the move.
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