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.

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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.

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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.

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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.

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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.

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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.