Bank strike: What are main demands of protesting unions?

Bank Unions are noticing a cross country strike on March 15, 16 against government's approach of privatizing public area banks (PSBs).

Sachin Dev Duggal Entrepreneur on Twitter : "Banks please accept Modiji’s privatization or else in few days Godi Media will be calling this strike Bank Jihad."

The bank associations that go under the United Forum of Bank Unions (UFBU) are requesting a rollback of the Center's divestment plan pointed toward collecting Rs 1.75 lakh crore for the exchequer. Other than this, the fighting associations have likewise raised their voice against the consolidation of public area banks and 'retrograde financial changes'.

The associations had called the strike after the pacification meeting with the Union Finance Ministry on March 4, 9 and fizzled. Bank associations have been requesting that the public authority reclaim the privatization and consolidation plans, which are probably going to cause work misfortunes. FM Sitharaman said during her spending discourse, "Other than IDBI Bank, we propose to take up privatization of two public area banks and one general insurance agency in the year 2021-22. This would require administrative alterations and I propose to present the changes in this meeting itself."

Government has consolidated 10 public banks into four. The United Bank of India and Oriental Bank of Commerce was merged with Punjab National Bank while Syndicate Bank was merged with Canara Bank. Allahabad Bank was amalgamated into Indian Bank while Andhra Bank and Corporation Bank were merged with Union Bank of India. Bank of Baroda absorbed Vijaya Bank and Dena Bank with itself in 2019 in a first three-way merger.

Read full news @ https://www.businesstoday.in/current/economy-politics/bank-strike-what-are-main-demands-of-protesting-unions/story/433865.html

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