Bank Privatization: Talks between Unions, Government Fails, Strike to continue

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Saturday, 13 March 2021

Bank Privatization: Talks between Unions, Government Fails, Strike to continue

Bank Privatization and strike updatesA meeting between bank employee unions and senior finance ministry officials to discuss the government's plan to privatize public sector banks failed. Unhappy over the privatization move, the All India Bank Employees Association (AIBEA) has warned that 10 lakh bank employees and officers would go on strike on March 15 and 16, 2021. 

It would be followed up by an indefinite strike. 

The government of India wants employee unions to withdraw the strike call. The United Forum of Bank Unions (UFBU), an umbrella body of bank employees in India, met the finance ministry official in the presence of the additional chief labor commissioner via an online meeting. 

The finance ministry officials said no concrete details on privatisation had been worked out and asked the unions to withdraw their strike call but the unions insisted on an assurance that the government won’t go ahead with the privatisation plan. 

“Since the government is clear on their privatisation policy, I do not expect any positive outcome in the next meeting but we will meet them for discussions,” additional CLC SC Joshi said. 

Finance Minister Nirmala Sitharaman in Union Budget 2021 announced the plan to privatize two state-run banks without giving their names. 



There is speculation that Bank of Maharashtra, Bank of India, Central Bank of India and Indian Overseas Bank are being considered for privatization in the first phase. 


While implementing the privatization plan, the government will have to find a way to reach out to the trade unions, which have a significant say in industry affairs. But trade unions strongly opposed the move.

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