(Image source from: Deccanchronicle.com)
Banks Hint Strike On Tuesday Against Mergers?:- Besides raising a host of other demands, the services at public sector banks may take a hit on Tuesday.
This move of the public sector banks comes in, as all unions under the aegis of the United Forum of Bank Unions (UFBU) have threatened to go on strike against the government’s proposed consolidation move. Most of the customers have already been informed by the banks that if the strike takes off, the functioning of branches and offices will be impacted. Except the delay in cheque clearances, operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal.
An umbrella body of nine unions is the UFBU. The All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organization of Bank Workers (NOBW) comprise the UFBU.
“As the conciliation meeting before the Chief Labor Commissioner failed, unions are left with no other option but to go on strike. There was no assurance from the government and the management of banks,” AIBOC General Secretary D T Franco said.
The UFBU decided to proceed with the proposed strike on August 22, as all attempts to hammer out solutions to the demands raised by the unions bore no fruit.
“The no write-off policy for non-performing assets (NPAs) of corporate loans, declaring wilful default of loans as criminal offence and implementation of recommendations of Parliamentary Committee on recovery of NPA, are the other demands”, said AIBEA General Secretary C H Venkatchalam said.
By increasing charges to the bank customers, the banks should not pass on the burden of corporate NPAs, said Mr. Venkatchalam. The government should abolish the Banks Board Bureau and ensure stringent measures to recover bad loans and accountability of top executives.