Due to a two-day nationwide bank strike, the State Bank of India’s (SBI) operations are likely to be disrupted on the 16th and 17th of December. The United Forum of Bank Unions (UFBU) has declared a strike in protest of the government’s decision to privatise public banks.
SBI stated in a stock exchange report on December 10th. “We have been informed by the Indian Banks’ Association (lBA) that the United Forum of Bank Unions (UFBU) has served a Notice of Strike, informing that the members of UFBU’s constituent Unions, viz. AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, and INBOC, propose to go on a nationwide Bank Strike on December 6th and 7th, 2021 in support of their demands.” We advise that, while the Bank has made the appropriate provisions to maintain normal operation in its branches and offices on strike days, work in our Bank is likely to be impacted.
2-day bank strike from December 16
The United Forum of Bank Unions (UFBU) has organised a two-day walkout to oppose the Centre’s plan to privatise public sector banks beginning December 16. The United Federation of Bank Unions (UFBU) is a federation of bank unions. The plan to privatise PSBs, according to Sanjay Das, general secretary of the All India Bank Officers Confederation (AIBOC), will harm priority sectors of the economy as well as credit flow to self-help groups and the rural economy.
According to him, public sector banks hold 70% of the country’s total deposits, and handing them over to private capital will jeopardise the ordinary man’s money deposited with these banks, according to PTI.
Union Finance Minister Nirmala Sitharaman stated in her 2021 budget speech that two public sector banks will be privatised during the current fiscal year.
