Bank unions are on two days nationwide strike against the privatization few PSUs

Last updated on March 25th, 2021 at 09:23 am

Banking services across the nation are going on a nationwide strike on 15 and 16 March 2021 against the privatization of few public sector banks. The United Forum of Bank Union (UFBU) has called for a strike in which more than 10 lakh bank officers and employees are expected to take part.

The 12 public sector undertakings (PSU) first list includes public sector banks and insurance agencies that come under the Center’s privatization plan to meet the Rs 1.75 lakh crore disinvestment goal.

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Many banking services like; the cheque clearance, deposits, withdrawals, loan approvals will be affected because of the two-day strike, however, the ATMs will remain functional. Banks were already shut on the weekend as March 13 was the second Saturday and March 14 (Sunday).

The strike has begun following last month’s Budget session where Union Finance Minister Nirmala Sitharaman stated that privatization of two public sector banks (aside from IDBI Bank) will be initiated as part of the Center’s disinvestment drive to create ₹ 1.75 lakh crore.

Aside from the strikes by bank unions, on 17 March all General Insurance Company employees will be on strike, including all the unions in LIC which will be on March 18.