Bank strike hits transactions worth crores

Nikhila Pant Dhawan

Tribune News Service

Bathinda, August 22

Transactions worth crores of rupees were stalled and normal banking operations were affected today as the employees of public sector banks observed a day-long nationwide strike to protest against the Central Government’s proposed consolidation move and other policies.

As per sources, clearance of cheques for more than Rs 350 crore was stalled and transactions worth almost an equal amount could not be processed.

The strike was observed in response to the call given by the United Forum of Bank Unions (UFBU), which comprises of nine unions, including All-India Bank Officers Confederation (AIBOC), All-India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

Raising slogans against the government for “drafting policies which went against the interests of the employees”, the protesters said, “The government is to be blamed for strike and how it is affecting cheque clearances, NEFT/RTGS transactions as well as deposits/withdrawals at branches of public sector banks. A majority of transactions, barring online transactions, were affected.”

The employees added that under the Modi-led government, the work in banks had increased manifold, owing to various banking schemes introduced by the government but employees were still bereft of benefits.

Raising their voice against the alleged privatisation policies of the government in the banking sector, they said during the demonetisation drive, employees who worked overtime had not been compensated yet.

They alleged that the government was attempting to weaken the manpower of the public sector banks as many bank employees were retiring every year but not enough people were being hired to replace them.

Since the strike was observed only by the public sector banks, functioning at private sector lenders such as ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank went on, apart from a delay in cheque clearances.

The employees also demanded that the government must draft a no write-off policy for non-performing assets of corporate loans and declare wilful default of loans as a criminal offence.

“The bank managements have adopted a policy of letting the wilful defaulters off the hook by writing their debts off and not taking any action against them. This is causing losses to the banking sector. It should be brought under the purview of criminal offences,” they demanded.