labels: banking & finance policies, banks & institutions
Banking to remain public utility service news
Our Banking Bureau
20 March 2002
New Delhi: Banking services will continue to be part of the public utility service under the Industrial Disputes Act for a period of another six months. A notification for the purpose has been issued aiming to check the frequent strikes resorted to by the industry.

The services of the banking industry was earlier declared as a public utility service on 19 March 2001 and was subsequently extended for another six months from 19 September 2001.

The move means that bank employees will be required to give a notice to their employers at least six weeks in advance before going on strike, so that conciliatory proceedings can be started. Also, bank employees cannot go on strike during the conciliatory proceedings and seven days after its completion.

 

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Banking to remain public utility service