Bank Unions Call For 2-day Strike on Sept 25-27 to Protest Govt’s PSB Merger Plan

Guwahati, September 18, 2019:

Four major bank unions have called for a two-day strike from September 25 to 27 in protest of the government’s plan to merge ten major public sector banks (PSBs).

The four unions namely - All India Bank Officers’ Confederation, All India Bank officers’ Association, Indian National Bank Officers’ Congress and National Organisation of Bank Officers have announced the strike.

In a letter addressed to the Chairman of the Indian Banks’ Association, the unions stated that they strongly oppose and protest the government’s move of merger/consolidation of public sector banks.

Also Read: Finance Minister Announces Merger of 10 Public Sector Banks into Four

They added that just adding two balance sheets would not make a resultant balance sheet stronger.

Finance Minister Nirmala Sitharaman on August 30 announced merging of ten PSBs. It is considered to be the biggest consolidation exercise in the banking sector.

It has brought down the total number of PSBs from 19 to 12. The decision was aimed to make state-owned lenders global-sized banks and achieve economic development.

It is to be noted that the strike would impact banking operations in the country. Banks observe public holidays on the 2^nd and 4^th Saturdays of every month, which means that banks will remain shut on September 28, making it a 4-day break for banking services.

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