India

Two-day nationwide strike of bank employees against privatization; Big blow to banking services

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Two-day nationwide strike of bank employees against privatization; Big blow to banking services

New Delhi : Nine unions representing officials and employees of public sector banks have called for a two-day nationwide strike to oppose the privatization of state-owned banks. The strike will be held from 6 am today to 12 noon tomorrow. The union has opposed the government’s announcement to privatize two other banks, including IDBI.

About 10 lakh employees will participate in the strike. This is likely to hit the services of major state-owned banks, including SBI, the country’s largest bank. The strike is likely to affect a number of bank transactions. With banks closed for five days except Fridays, customers have to bear the brunt. Even if there is a bank strike, you can make instant financial transactions digitally. It is estimated that around one million workers across the country and around fifty thousand in Maharashtra will participate in today’s strike.

What do the communicators say?
The government has announced the privatization of IDBI and two public sector banks in the budget. In the process, the government has turned the tide of history by once again handing over Rs 90 lakh crore of savings to the big corporations, which have squandered millions of crores of rupees in public sector banks, which is ultimately a waiver for the banks. Have to do.

The government argues that these banks often have to provide capital by allocating it in the budget, but if those banks incur losses, this capital is carried away. Bank accounts are at a loss due to bad debts. If the government had taken drastic steps to help the banks recover these bad debts, no public sector bank would have needed a penny from the government by allocating capital in the budget. So far, the government has not begged the recovery authorities, surface notices, etc. for recovery of arrears. After this, the government was arguing that the Bankruptcy Act should be enacted to see how the arrears would be recovered quickly. But now it has become clear that these heavily indebted borrowers have freed themselves from bad debts by waiving millions of crores of rupees due to banks on the basis of bankruptcy law.

It is the responsibility of the government to establish an effective legal mechanism for recovery of arrears. But to cover up that failure, the government is trying to privatize the banks by blaming them and making them inefficient. One million bank employees and officials across the country are going on a two-day nationwide strike in protest of the government’s policy. This includes 100 per cent employees and officers of nationalized banks, old-fashioned private banks, foreign banks, rural banks. On the day of the strike, the workers are organizing demonstrations and dams in front of bank branches wherever possible, while the Corona epidemic will see leaflets explaining their role by meeting business people from house to house where it is not possible.

The role of the association is that if these public sector banks are privatized, it will benefit a handful of large industries. However, the common man will be thrown out of the circle of banking. These private banks operate solely and exclusively for profit. This will neglect agriculture, job creation, small scale industries, businesses. Banking in rural and backward areas will shrink. The participation of private banks in Jandhan Yojana is very eloquent. These private banks handle only 3% of Jandhan accounts. So at whose door do ordinary people want to go?

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