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4 bank trade unions to go on strike on Dec 20

Posted on Dec 19, 08:03AM | UNI

Banking operations across the country would be paralysed on December 20 as four Bank Trade Unions have given a one-day nation-wide strike call to protest against the 'hasty manner' in which the UPA II Government was trying to get the Banking Law Amendment Bill passed by Parliament despite opposition from various MPs and political parties.

The four Bank Trade Unions are -- All India Bank Employees Association (AIBEA), All India Bank officers Association (AIBOA),Bank Employees Federation of India (BEFI) and National Union of Bank Employees (NUBE).

AIBEA General Secretary CH Venkatachalam informed UNI here today that if the Bill was passed, the Union Government and RBI can allow more and more FDI in Banks and to suit their needs, the voting rights were sought to be increased.

He said the Government, 'without the knowledge of the Standing Committee on Finance', has included a new clause in the Bill to facilitate speculative financing and to permit Forward Contract business by Banks.

Mr Venkatachalam also said the Government has also initiated steps towards merger of Banks by grouping the 26 public sector banks into 7 groups as under in the name of ensuing functional improvement.