labels: banks & institutions, insurance
Banking, insurance trade union strike hampers financial sectornews
Our Banking Bureau
22 May 2003

Mumbai: Banking and insurance sectors in the city were severely affected by the one-day strike called by trade unions across India protesting against the reforms policy of the central government.

Employees and officers owing allegiance to five different organisations struck work on Wednesday, crippling the operations of all public sector banks and insurance companies. In the state-run establishments of most of the other sectors, however, it was work as usual.

Bank employees belonging to the All India Bank Officers Confederation (AIBOCC), the National Confederation of Bank Employees, the All India Bank Officers Association, the Bank Employees Federation of India and the All India Bank Employees Association went on strike.

The strike was in protest against privatisation of banks, disinvestment, closure of public sector units, and retrenchment of staff, among other causes, said an AIBOCC press release.

The Reserve Bank of India (RBI) was fully functional today and cleared cheques worth Rs 3,000 crore, mostly from the foreign, new private, as well as old private banks, as against its daily average of Rs 8,000 crore.

The number of banks, which took part in the countrywide strike today, numbered 32. This includes State Bank of India and its associates, and other nationalised banks, said an RBI spokesperson.

 

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Banking, insurance trade union strike hampers financial sector