Bank Operations May Be Hit By Trade Unions’ Call For Strike On Thursday
The deluge of bank deposits post the government’s demonetisation drive is pulling down banks’ cost of funds. (Photographer: Anindito Mukherjee/Bloomberg)

Bank Operations May Be Hit By Trade Unions’ Call For Strike On Thursday


Banking operations across the country may be impacted on Thursday as some bank unions would be joining the one-day nationwide strike called by central trade unions.

Ten central trade unions, except Bharatiya Mazdoor Sangh, will observe the nationwide general strike to protest against various policies of the central government.

Many lenders, including IDBI Bank and Bank of Maharashtra, in regulatory filings on Wednesday said their normal working could be affected at the branches and offices.

The All India Bank Employees' Association, All India Bank Officers Association and Bank Employees Federation of India are participating in the strike.

"Lok Sabha in its recently held session has passed three new labour enactments by dismantling existing 27 enactments in the name of 'Ease of Business', which are purely in the interest of corporates.

"In the process, 75% of workers are being pushed out of the orbits of labour laws since they will have no legal protection under the new enactment," the AIBEA said in a release.

Also read: New Labour Codes: Three Changes That Adversely Affect Workers

The association represents the majority of the banks, except State Bank of India and Indian Overseas Bank.

It has four lakh bank employees from various public and old private sectors and a few foreign banks as its members.

Bank employees will protest against the privatisation of banks and outsourcing and contract system in jobs in the sector.

They are also demanding adequate recruitment in the sector, stern action against big corporate defaulters, an increase in the rate of interest on bank deposits and a reduction in service charges.

"If strike materialises, the normal functioning of the bank branches and offices is likely to be affected. The bank is taking all necessary steps to minimise the impact of strike so as to provide the normal banking services to its customers," the Bank of Maharashtra said in a filing.

Also read: New Labour Codes: Top 5 Changes That Will Impact Employers And Employees

Ten central unions - Indian National Trade Union Congress, All India Trade Union Congress, Hind Mazdoor Sabha, Centre of Indian Trade Unions, All India United Trade Union Centre, Trade Union Co-ordination Centre and Self-Employed Women's Association have called for the general strike.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.