Banking services were affected in the districts due to the strike

A two-day nationwide strike was called by the United Forum of Bank Unions, an umbrella organization of bank employees and officials, on Monday to protest against the proposed privatization of the two public sector banks to affect banking services in the districts.

In the Union Budget presented last month, Finance Minister Nirmala Sitharaman announced the privatization of the two banks as part of the Center’s disinvestment proposal. The unions had called for a strike to oppose the government’s move.

In Erode, more than 2,200 employees of 217 public sector branches participated in the strike affecting services such as deposits, withdrawals, check clearances and loan approvals. In many branches customers had to wait for a long time as only a few employees were present. Many branches took a desolate form. The employees staged a demonstration in the city condemning the proposal and urged the Center to topple the plan. He said that the transactions worth ₹ 550 crore were affected due to the strike. However, automated safety machines were refilled by private security agencies on Monday.

Many traders said that closing banks for three days would affect their business and they would suffer huge losses if the checks were not cleared. The Erode District Small Scale Industries Association recently urged the central government to ensure that banks are not closed continuously for more than two days.

Krishnagiri Special Correspondent

The strike at Krishnagiri saw the participation of employees of all major public sector banks and regional rural banks.

According to the Krishnagiri Chapter, Bank Employees Association, the biggest crisis of public sector banks was non-performing assets. Unions and unions have consistently demanded governments to strengthen and enforce strict laws for the recovery of bad debts, of which big ticket debt is a major cause for concern. He said, ‘The laws applicable so far are not effective for recovery of non-performing assets, which may be ₹ 9 lakh crore. Instead of addressing these concerns, the government’s move for disinvestment of public sector banks would be detrimental to the development of the country, ”BEFI stated.

According to S. Hari Rao, President of the Indian Bank Employees Union, more than 100 employees participated in the protests at various places.