Country’s financial sector will suffer as clear date selection will hit banking sector for a week
Prahlad Rao | December 20, 2014 | New Delhi
The banking sector employees of nationalized banks are going on a four-day strike next month ‘seeking an early and reasonable wage settlement’. One fails to understand how a reasonable settlement argument is valid when you hold the country’s financial sector for ransom for almost a week.
The United Forum of Bank Unions (UFBU) announced on Saturday a four-day strike from January 21 to January 24, 2015. It also threatened an indefinite strike from March 16, 2015.
Take out the calendar and consider the dates of bank strike. January 21 happens to be Wednesday and January 24 is Saturday. There is no possibility of banking work on Sunday January 25. Then comes Monday which happens to be January 26 and India’s Republic Day. It is a holiday and everybody knows it. Hence, From Tuesday January 20 to next Tuesday that falls on January 27, forget the existence of banking sector in India.
Also Read: Bank union questions plan to merge IDBI, UBI; threaten stir
The chaos and tremendous loss it is going to cause to the country will be felt in this financial year as well as the next. The loss may run into thousands of crores of rupees.
Also Read: Bhagwati tells Modi to retain Rajan as RBI governor
The All India Bank Employees'Association (AIBEA) announced on Saturday that UFBU at their meeting in Mumbai December 17 have decided to go on strike on January 7. It will be followed by four days continuous strike from January 21 to January 24 and an in-definite strike from March 16 onwards.
The UFBU an umbrella organisation of bank unions includes AIBEA, National Confederation of Bank Employees, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers Congress, National Organisation of Bank Workers, All India Bank Officers Association, and National Organisation of Bank Officers.
Also Read: Banks asked to install talking ATMs July onwards
According to AIBEA's statement, the UFBU meeting expressed its dissatisfaction on the casual attitude of Indian Banks' Association (IBA) relating to wage negotiations.
The UFBU meeting deplored the indifferent and recalcitrant attitude of the IBA of persisting on its offer of 11% increase in pay slip components despite the flexibility shown by UFBU to reduce its demand and further negotiate the same for the sake of an early and amicable settlement, the statement added.
From Dependence to Self-Reliance: Mapping India’s Rise as a Global Superpower By Bimal Jalan Rupa Publications, 184 pages, Rs 695 Bimal Jalan, a former governor of the Reserve Bank of India (RBI), has been one of our finest commentators on econom
While many countries have been chasing to reach the carbon neutral status, only a few seem to be living up to their pledges as of now. The famous ’Paris Agreement’ of 2015 was glorified and celebrated that finally 196 countries have united with an intent to mitigate and reduce the greenhouse ga
The government this week announced the Tour of Duty or `Agnipath` scheme for the recruitment of soldiers in the armed forces. Under this scheme new soldiers will be recruited only for four years. This radical and far-reaching scheme has attracted mixed reactions from various quarters. While some officials
UPI has become an integral part of our daily lives now. We use it to buy groceries, we use it to send money to friends and family, we use it to purchase tickets, book shows, pay the cab driver, and a whole host of other things due to the ease and availability of such a platform at our fingertips. The best
Scorching Love: Letters from Mohandas Karamchand Gandhi to his son, Devadas By Gopalkrishna Gandhi and Tridip Suhrud Oxford University Press, 528 page, Rs 1495 Gandhi’s era happened to be an era when letter-writing was a primary mode of communica
Crediting the citizens of Mumbai for coming forward to help the police in combating the crisis situation due to Covid-19, Mumbai police commissioner Sanjay Pandey has said that Mumbai Police lost quite a few policemen during the pandemic but cumulative efforts, with citizens working hand in hand with the p