Banks to go on a two-day strike on March 15 and 16

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The country’s public sector banks will go on strike for two days on March 15 and 16, as trade unions opposed Finance Minister Nirmala Sitharaman’s move to privatise two government banks and a general insurance company. About 10 lakh bank employees, officers and managers of these banks are expected to participate in the strike, the All India Bank Employees’ Association said in a statement.</p>
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While there could be some minor disruptions in filling cash at the ATMs, banking transactions are expected to go on normally as the chunk of the business has been automated and is carried out online. Sources assured that customers will not face any major problems.</p>
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The trade union said that privatisation of banks is a negative step in a developing economy like India. “Indian public sector banks represent the hard-earned savings of the people. Privatisation of banks would risk their savings as many private banks in the past have collapsed and people lost their savings,” it said in the statement. However, analysts and policymakers said that the government’s decision to privatise two public sector banks was bold and much needed.</p>
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The country’s public sector banks, barring the biggies – the State Bank of India, Bank of Baroda and Punjab National Bank among a few others have been struggling in the last few years.</p>
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Besides, the public sector banks are in acute shortage of talent. “It is time to take bold decision pertaining to the government banks. Delay in taking these decisions will create more cracks in the public sector banking space,” an analyst said.</p>