Banks to go on strike on Friday
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Banks to go on strike on Friday

Thursday, 26 October 2006, 07:00 Hrs
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New Delhi: A daylong general strike called by the bank unions on Friday to protest against increasing privatisation and lack of new recruitments is likely to affect banking services across the country.

The strike has been called by United Forum of Bank Unions (UFBU), an umbrella organisation of nine different trade unions of bank officers and employees, in protest against the government's policy of reducing stake in the public sector banks.

It is expected that the strike could have its impact on public sector banks like State Bank of India, Punjab National Bank, Bank of Baroda and Canara Bank.

"If there is lack of meaningful dialogue and issues are not resolved, we will further intensify the protest," said UFBU convenor Suresh Upadhyay.

"By pursuing a policy of reducing its share holding in public sector banks and increasing private holding, the government is gradually diluting its control on the public sector banks," Upadhyay said in Bhopal.

"In many banks, the private share holding has gone up to 49 percent which is dangerously near to full privatisation."

The association has also expressed its dissent over the Tarapore Committee report, which has recommended reduction of government holding to 33 percent.

The strike was announced soon after talks between the trade unions and Indian Bank Association failed October 18.

Apart from privatisation, the unions are protesting against outsourcing of contracts and lack of new recruitment as per requirement.


Source: IANS
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