Published: Tue, August 22, 2017
Business | By Max Garcia

Public sector banks may go on strike: How does it affect you

Public sector banks may go on strike: How does it affect you

Twenty one public sector banks, including SBI and IDBI, are likely to see major disruption in operations tomorrow as bank unions go on a nation-wide strike.

Led by Arun Kumar Gupta, General Secretary, JPBEF, the Federation members assembled at Shalamar Chowk and raised slogans in support of their demands.

Even though banks have not made any formal announcement related to the strike, there is a possibility that most public sector banks may remain closed on Tuesday.

The Strike was called as talks with the Central government have failed against the proposed reforms by the government in the banking industry. Although private sector banks like HDFC, ICICI, Axis etc are scheduled to function normally, some delay in cheque clearances can be expected. "There was no assurance from the government and the management of banks", the AIBOC General Secretary D T Franco has been quoted as saying. Members of Maha Gujarat Bank Employees Association (MGBEA) on Tuesday said they will join the nationwide strike by All India Bank Employees Association. "As no such assurance came at the conciliation meeting, we have chose to go ahead with the August 22 strike". They opposed the government's proposed consolidation move besides raising a host of other demands.

The bank employees are also demanding that there should be no write-off policy for non-performing assets (NPAs) of corporate loans, declaring wilful default of loans as a criminal offence, reimbursement of cost arising out of demonetisation and implementation of recommendations of Parliamentary Committee on recovery of NPAs, the sources said.

Venkatachalam, also stated that the government should abolish the bank board bureau and ensure stringent measures to recover the outstanding loans and accountability of top executives.

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