Bank Union strike on March 15-16: All you need to know

The United Forum of Bank Unions (UFBU), which is an umbrella body of nine public sector banks (PSBs), has called for a two-day nationwide strike on March 15 and 16 against the proposed privatisation of PSBs by the Centre. This strike which came right after two bank holidays on March 13 (second Saturday) and March 14 (Sunday), which will result in a four-day halt in regular banking services.

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Since a break in banking operations has inevitable impacts on our day-to-day life, it is of utmost significance to know everything about the protest. Here is all you need to know about the bank union strike.

What are the Bank Unions protesting against?

The strike called by the UFBU is in response to Finance Minister Nirmala Sitharaman’s announcement regarding privatisation of two PSBs in the fiscal year 2021-22 during the Union Budget presentation. This process does not include the earlier announced IDBI bank privatisation. Apart from this, the government has also proposed to privatise one general insurance company.

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The Centre, however, has not yet disclosed as to which banks are going to be privatised this fiscal year. Meanwhile, a Reuters report say that Central Bank of India, Indian Overseas Bank, Bank of Maharashtra, and Bank of India are the four mid-sized state-run banks on the central government’s list for privatisation.

Why are the PSBs are being privatised?

According to Sitharaman’s budget speech, the move comes as part of the Centre’s disinvestment drive in order to generate Rs 1.75 lakh crore.  one general insurance company in the financial year 2021-22.  

Who all are participating in the strike?

The main body to stage the strike is the United Forum of Bank Unions (UFBU). It includes various other banking bodies like All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA), All India Bank Officers’ Association (AIBOA), National Confederation of Bank Employees (NCBE) and Bank Employees Confederation of India (BEFI).

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According to All India Bank Employees Association (AIBEA) general secretary C H Venkatachalam’s statement, around 10 lakh bank employees and officials are expected to participate in the Bank union strike.

What service are likely to be impacted?

Banking services- Several banks including The State Bank of India, Bank of Maharashtra, Canara bank among others have already issued statements informing customers that there services will remain effected. It is not yet confirmed if the bank branches will remain closed or will operate partially.

Online Banking services-  So far, online banking services are expected to remain unaffected.

ATM services- As various banking bodies and employees are likely to stop work for two days to protest against the privatisation of public banks ATM services which are largely dependent on these bodies might get affected and general public may experience difficulty in withdrawing money.