More reports on: Economy - general
Bank employees to strike work tomorrow news
06 September 2010

Nearly a million bank employees owing allegiance to the All India Bank Employees Association (AIBEA) will go on a one-day token strike on 7 September in support of a general strike called by national trade unions to protest government policies.

The strike call was given by trade unions, including INTUC, AITUC, HMS, CITU, AIUTUC, UTUC, TUCC and AJCCTU, under the banner of the National Trade Convention to protest a host of issues like foreign direct investment in public sector banks and entry of foreign banks amongst others.

The trade unions are also protesting an amendment in the Banking Regulation Act section 12(2) that seeks to remove 10 per cent cap on voting rights and making it up to 74 per cent, which they say, is aimed at handing over private sector banks to foreign banks.

Employees from public, private, foreign, cooperative and regional rural banks, would join the strike, AIBEA said in a press release.

The proposed strike is expected to affect normal functioning of banks in the country, the Indian Bank said in an intimation to the Bombay Stock Exchange (BSE).

AIBEA had served a notice of strike on the Indian Banks Association (IBA) on 11 August 2010 and the IBA had subsequently advised constituent banks to take necessary action, including wage-cuts as per extant guidelines of the government and the IBA.

Banks have also been advised to inform the public about the proposed strike through notices prominently dispalyed at individual branches.

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Bank employees to strike work tomorrow