A two-day strike of employees and officers was called in protest against the government’s announcement of the privatization of banks. Today is the second day of the bank strike. On the second day of the strike, about 50 thousand employees and officers associated with bank services were on strike. The effect of withdrawing cash from banks, check clearance and other operations was seen. Meanwhile, Finance Minister Nirmala Sitharaman has made it clear that all public sector banks will be privatized. Explain that Finance Minister Nirmala Sitharaman has announced the privatization of two public sector banks while presenting the general budget last month.
The Finance Minister said that the public sector enterprise has a presence in the financial sector as well and will remain. Not all public sector banks are being privatized. Only those banks have been identified which are not able to perform well and are not able to raise capital. When this happens, the interest of the employees will be protected.
Why banks are being privatized
Addressing the media amid a two-day nationwide bank strike called by nine unions against the proposed privatization, he said, the decision to privatize is a well thought out decision. We want banks to get more equity. We want banks to fulfill the aspirations of the country.
Staff interests will be protected
Sitharaman said, the interests of each staff of the banks which are likely to be privatized will be protected. The interest of the existing employees will be protected at all costs. The Public Sector Enterprise Policy states very clearly that we will continue with the PSB. The interests of workers will be fully protected.
What is the reason for the strike?
In the last four years, 14 state-owned banks have been merged. In this, many banks were merged with State Bank of India, in the same way, Vijaya Bank and Dena Bank were merged with Bank of Baroda. In January 2019, LIC had purchased 51% stake in IDBI Bank, which was approved by the Cabinet in August 2018. LIC is still in government hands, so IDBI is not considered a completely private bank.
Payments up to Rs 30,000 crore stuck in a two-day strike
The unions claim that the clearance of about four crore checks has been affected by the two-day strike, in which payments up to Rs 30,000 crore have been stuck.