The United Forum of Bank Unions (UFBU), the umbrella forum of all bank unions representing employees of all banks, has given a call for an all-India bank strike on August 5 focussing on various issues.
About 10 lakh employees and officers would join the strike.
The strike is against the Government move to privatise public sector banks, reduction of Government's equity in PSBs, merger of banks, availing World Bank loans to capitalise PSBs and unrestricted entry of foreign capital in the banking sector. The UFBU also opposes the Government move to issue licence to industrial houses to open banks, outsource normal banking jobs and services, a press release issued here said.
The release said the UPA Government was keen on implementing liberalisation measures in the financial sector, despite knowing the fatal implications of such reforms. The free market economy had done havoc in the US financial system. The impact of the financial crisis was not much severe in India as the public sector continued to play a major role in the financial scenario. The Union government has placed Banking Laws (Amendment) Bill in the Parliament. Once the Bill is amended, the promoters of banks will enjoy voting rights in proportion to their equity holding. It might enable corporate houses to bring even the public sector banks to their control which could eventually affect the priority service lending and service to common man, the release said.
Reforms
Earlier, inaugurating the State conference of National Confederation of Bank Employees here, the State Excise Minister, Mr K. Babu, stressed the importance of protecting the employees' interests while introducing reforms in the financial sector.
Outsourcing
He pointed out that employees should not be at the receiving end of measures such as outsourcing. The reasons behind the increasing influence of new generation banks among the people must be analysed. There is a need to examine whether the proposed mergers of banks would benefit the people. The purpose of nationalisation of banks should not be forgotten, he added.