News

A coalition of trade unions representing about 1m workers at Indian public sector banks went on strike on the 22^nd and 23rd of August, in protest against pending legislation that could open the sector to privatization and  increased competition.

Milind Nadkarni, President of the UNI Indian liaison Council and the President of National Confederation of Bank Employees reported that the strike was a massive success.



The move, organised by the United Forum of Bank Unions, an umbrella group, saw branches closed across the country and led State Bank of India India’s largest bank by market share, to briefly suspend foreign exchange trading due to staff shortages.

A bill amending the nation’s banking laws was due to be discussed in  the Indian parliament and has now been suspended.  If passed it would allow the government to sell off larger stakes in public sector banks and individual ownership of banks shares would be increased from 1% to 10% .



The strike was organized against the government’s attempt to privatize the state -owned banks.  The unions are against this reform which would ultimately cause many lay-offs.



The main issues and demands from the unions included:

1) Settle Pending demands

2) Stop Arbitrary Guidelines on HR issues

3) Stop Unilateral implementation of Khandelwal Committee Recommendations

4) Stop Outsourcing of Bank jobs

5) Stop Banking Sector Reforms

6) Stop Closure of Rural Branches

7) Instant strike if the Bill is taken up in the Parliament for passage of

Banking Laws (Amendment) Bill, 2011



The strikes comes amid concerns about the health of India’s banks and a wider slowdown in Asia’s third-largest economy.