Services at banks may take a hit on Tuesday as United Forum of Bank Unions to go on strike: Top things to know

By: | Published: August 20, 2017 5:22 PM

Most banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off. Here are top things to know about the strike

bank strike on 22 august 2017, bank strike today, bank strike in india, public sector banks, United Forum of Bank Unions , ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, All India Bank Employees Association In all likelihood, services at public sector banks may take a hit on Tuesday. (Photo from PTI)

In all likelihood, services at public sector banks may take a hit on Tuesday as all unions under the aegis of United Forum of Bank Unions (UFBU) have threatened to go on strike. Reportedly, they are going on strike against the government’s proposed consolidation move besides raising a host of other demands. According to a report in news agency PTI, most banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off. Here are top things to know about the strike:-

– Operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal except delay in cheque clearances.

– The strike is called by UFBU. The United Forum of Bank Unions (UFBU) is an umbrella body of nine unions, including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

– According to AIBOC General Secretary D T Franco, “As the conciliation meeting before the Chief Labour Commissioner failed, unions are left with no other option but to go on strike. There was no assurance from the government and the management of banks.”

– All attempts to hammer out solutions to the demands raised by the unions bore no fruit and hence, UFBU decided to proceed with the proposed strike on August 22.

– Other demands include no write-off policy for non- performing assets (NPAs) of corporate loans, declaring willful default of loans as criminal offence and implementation of recommendations of Parliamentary Committee on the recovery of NPAs. Also, banks should not pass on the burden of corporate NPAs on bank customers by hiking charges.

– One of the demands is that government should abolish the Banks Board Bureau and ensure stringent measures to recover bad loans and accountability of top executives.

– UFBU, which claims membership of nearly 10 lakh across banks, also requested the government for cost reimbursement of demonetisation to banks.

Notably, as many as 21 public sector banks control 75 per cent of the total business.

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