Bank strike cripples business and commercial activities

Due to the strike by employees of public sector and private banks, the normal banking activities were crippled in all state. Due to strike business and commercial activities across India were paralyzed and people seem to be bound to face difficulties in their business activities.

It is noted that over a million employees of 27 public sector banks, 12 old generation private banks and eight foreign banks joined the strike started today. The strike will continue tomorrow also.

All India Bank Employees Association secretary Vishwas Utagi said that Over 10,000 bank employees will hold a rally at Azad Maidan Wednesday afternoon in support of their demands, Utagi said.

He said the banking law bill proposes to amend the Banking Regulation Act, 1949, and Banking Companies' Acquisition & Transfer of Undertakings Act.

"They are aimed at merger of banks, allowing more private and foreign capital into banks, unrestricted voting rights, decision to grant licences to corporate houses to start new banks. They are intended to hand over the Indian private sector banking to multinational banks and increasing presence of Indian corporate and foreign direct investment in public sector banks," Utagi said.

Among other things, the employees are protesting the government's move to amend the banking laws bill, presently pending before parliament and scheduled for discussions Aug 23 and 24, United Forum of Banking Unions convener Ravi Shetty said.

Among the operations hit were normal in-house across the counter services for ordinary customers, foreign exchange transactions, export-import and local bills, clearing of all types of cheques, bank lockers operations, capital markets and other activities carried out through banks.

(With inputs from IANS)