Banking operations could grind to a halt in public sector banks (PSBs), old generation private sector banks and regional rural banks across the country on March 15 and March 16.

About 10 lakh employees of these banks are expected to participate in a strike to protest the Government’s decision to privatise two PSBs.

The two-day strike has been called by the United Forum of Bank Unions (UFBU), the umbrella body of nine bank unions.

With the strike coming on the heels of a two-day (weekend) bank holiday, ATM operations too could be impacted as bank branches supplying cash to cash logistics companies may not function. This may affect the replenishment of cash in ATMs.

“Public Sector Banks are nation building instruments. They have to be preserved, protected and promoted,” four officers’ unions, which are constituents of UFBU, said in a recent joint statement.

CH Venkatachalam, General Secretary, All India Bank Employees’ Association, observed that privatisation of PSBs is a negative step in a developing economy like India.

“PSBs protect the hard-earned savings of the people. Privatisation of banks would risk their savings as many private banks in the past have collapsed and people lost their savings.

“Private banks’ only aim to earn more profits. Service charges are more in private banks and the public will be affected. Rural branches may be closed in the name of non-viability,” he said.

Sanjay A Manjrekar, Adviser, All India Nationalised Bank Officers’ Federation, said, “If PSBs are privatised, will the new promoter/ management make good any shortfall in pension? They will not. So, the issue of serving as well as retired employees is involved in this.”

Referring to the public perception that privatisation of PSBs is only going to affect Bank employees, Nilesh Pawar, State Secretary (Maharashtra), All India Bank Officers’ Confederation, emphasised that customers too will be affected as banking services may become unaffordable.

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