Strike disrupts normal banking operations

Banking operations were affected across the country on Friday with employees of public sector and old private sector banks going on a day-long strike in protest banking sector reforms.

"About 10 lakh bank employees and officers working in public sector banks, old private banks, cooperative banks and regional rural banks are on strike," United Forum of Bank Unions (UFBU) convener C H Vekatachalam claimed.

UFBU is an umbrella organisation of five workman unions and four officer unions of public sector and private sector banks in the country.

Operations in branches of public sector banks were affected and cheque clearance was to be delayed.

The other issues included outsourcing of bank jobs and attempts to impose "anti-employee" recommendations of Khandelwal Committee, he said.

There were pending issues related with pension and regulated working hours for officers.

In the name of banking sector reforms, he said, the government was reducing their share of equity capital in the public sector banks, thereby, increasing the hold of private capital in these banks.

The government was also pursuing their policy of consolidation and merger of public sector banks, which were totally unwarranted and would in no way benefit in strengthening banks, he said.

The bank unions met Financial Services Secretary DK Mittal as well as the IBA (Indian Banks' Association) Chairman on Thursday, but no solution could be found and the stalemate continued.