AITUC Backs Bank Officers’ Two Day Strike Against Bank Mergers
An employee, center, gestures as customers wait in line. (Photographer: Dhiraj Singh/Bloomberg)

AITUC Backs Bank Officers’ Two Day Strike Against Bank Mergers

Bookmark

Central trade union All India Trade Union Congress on Friday announced its support to the two-day strike called by bank officers' unions next week to oppose the merger of public sector banks.

Bank officers' unions have given a strike call on Sept. 26 and 27.

"The government's move (to merge banks) is actually meant to create space for private banking, which the AITUC is strongly opposed to. Therefore the AITUC backs the strike call and prepares for a national convention of the workers to move into action to oppose all such anti-people and pro-corporate policies," an AITUC statement said.

Since Aug. 30, when the government announced its plan to merge 10 banks into four (third time), there have been strong protests from common people, including bank officers and employees, the statement said.

Also read: PSU Bank Mergers: What Consolidation Means For Lakhs Of Employees

Because the government is adamant, the officers have decided to take their protest to a higher level: a two day strike on Sept. 26 and 27 and indefinite strike from the middle of November if the government persists with their plan.

AITUC pointed out that earlier two mergers have not resulted into any tangible gains as bad loans have not come down.

The merged banks are not in any advantageous position to lend, many branches have closed, employees have had their seniority rankings completely muddled, it added.

The claim that the government wants to increase the size of banks to bring them on par with global players is laughable as all the PSU banks put together will have their total capital only a fraction of the so-called global players, the union said.

But our farmers do not need big banks, they need a bank branch in their village so that they don't have to depend on the usurious money lenders, it said.

Also read: Why PSU Bank Mergers Won’t Solve Indian Economy’s Most Pressing Problem 

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.