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Give up strike plan, bank unions urged

NEW DELHI: The government on Sunday asked the United Forum of Bank Unions (UFBU) to desist from going on a proposed two-day strike on September 24 and 25 as it has no plans to privatise public sector banks (PSBs). The Centre’s equity stake in the state-owned banks will not be less than 51 per cent so as to retain their public sector character.

The forum, representing nine unions and associations of bank officers and employees, has served a strike notice for September 24 and 25 in protest against banking sector reforms such as privatisation of the PSBs, recommendations of the Raghuram Rajan Committee and the Anwarul Hoda Committee, merger of state-owned banks and amendment of the Banking Regulations Act [Deletion of Section 12(2)], which would enable full voting rights to foreign investors in the banking sector.

The UFBU has demanded expeditious implementation of the memorandum of understanding inked on February 25 this year with the Indian Banks Association (IBA) on major issues such as pension option, compassionate appointment and revision of wages.

The government, in a statement, clarified and reiterated its stand on various issues though the main demands of the UFBU relate to certain policy areas on which its plan of action has already been made clear on various fora from time to time.

On the privatisation of the PSBs, the statement said: “[The] government does not propose to transfer control and management of public sector banks to the private sector. It has been made clear that [the] government will hold not less than 51 per cent of the equity in the public sector banks and their public sector character will be preserved.”

As for the recommendations made by the Raghuram Rajan and the Anwarul Hoda Committees relating to development of the financial services sector, the government pointed out that these “are currently under discussion at different levels. No decisions have been taken so far.”

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