Incidentally, the UFBU has convened a one-day token strike in all nationalised banks on November 15 to press for immediate withdrawal of the proposal to introduce a voluntary retirement scheme and reduce the retirement age from 60 to 58 years.

Addressing a news conference here, senior UFBU spokesmen - Mr SR Sengupta of the All India Bank Officers' Confederation (Aiboc), Mr S Bardhan of the Bank Emplyees Federation of India (Befi) and Mr K Bhattacherjee of the All India Bank Employees Association (Aibea) - said they were in touch with several political parties, including the Congress, the Left and even some NDA members, to seek their support against the privatisation bill both in and outside the Parliament.

Expressing dismay at their meeting with Union Finance Minister Yashwant Sinha on November 10 when they requested him to withhold the proposal in view of the contribution of these banks in building the national economy, specially in rural areas, the leaders said despite agreeing to their `just' demands `there was no positive response from the minister'.

The leaders also criticised the government for its `failure' to recover huge NPAs from most nationalised banks amounting to over Rs 100,000 crore.

Meanwhile the INTUC led Indian National Bank Officer's Congress (Inboc) and the Shiv Sena led Bank Karmachari Sena have decided not to participate in the nationwide bank strike on November 15 called by the United Forum of Bank Unions against bank privatisation. Explaining their stand on disinvestment, thes Inboc general secretary KK Nair said in Mumnbai, the divestment was inevitable in view of the budgetary constraints and the need of the banks to grow in terms of balance sheet size.

The Sena said educated bank employees `are aware that this offer of VRS is not compulsory and hence it will be advisable to guide the employees rather than jump in for unwarranted strike'.

Without dilution of government stake, banks would not be able to raise fresh capital from the market, he said adding that one has to distinguish between disinvestment and dilution of control.

(Agencies)