Staff members of numerous state-owned banks, including the State Bank of India (SBI), are going on strike for two days beginning today. The United Forum of Bank Unions (UFBU), an umbrella organisation representing nine bank unions, has organised a two-day bank strike to protest the government’s intention to privatise many banks in the country.
The Union Forum of Banks (UFBU), which represents nine bank unions across the country, is protesting the federal government’s intention to privatise public sector banks and has called a two-day bank strike beginning December 16.
State Bank of India, Punjab National Bank, Central Bank of India, Canara Bank, Bank of Baroda, Punjab and Sindh Bank, and RBL Bank have all explicitly confirmed that their banking services will likely be suspended for the next two days.
During the 2021 budget speech, Union Finance Minister Nirmala Sitharaman said that two public sector banks would be privatised during the current fiscal year. The banking union was outraged by this announcement, and they planned to strike.
In the previous four years, the federal government has combined 14 public sector banks and privatised IDBI Bank by selling the lender’s controlling stake to LIC. In the upcoming Winter session of Parliament, the Centre has also discussed bringing the Banking Laws (Amendment) Bill 2021.
