Bank unions term Govt’s move to divest stake in IDBI Bank as retrograde
May 06, 2021
AIBOA sought immediate intervention for recovering bad loans - RAMAKRISHNA G×
However, markets cheer the decision with stock zooming 15% intraday Bank unions said the Cabinet approval for strategic disinvestment of the Government’s stake in IDBI Bank and transfer of management control to a strategic buyer is a retrograde step.
“The decision to disinvest in a depressing scenario would lead to underselling and passing the benefits to the private investors. It may also lead to whitewashing the bad loans from the balance sheet,” said S Nagarajan, General Secretary, All India Bank Officers’ Association (AIBOA), in a letter to the President of India, Prime Minister, RBI Governor, and Chiefs of IDBI Bank and LIC.
Suicide of young Kerala bank manager brings to fore unhealthy working conditions K.S. Swapna, 38, was found hanging at her branch on April 9
The suicide of a young Kerala bank manager, a widow and mother of two, has once again brought to the fore the extreme pressure and unhealthy working conditions that many bank employees have to face daily.
Prolonged working hours, a sharp increase in targets that include the selling of even third-party financial and insurance products, a shrinking workforce, mergers and privatisation, and abusive seniors have come together to exert tremendous pressure on bank employees, staff and union leaders said.
Bank strike Day 2: These banks to remain shut today; check what services will remain hit
During the first day of the bank strike, services such as cash withdrawals, deposits, cheque clearing, and business transactions remained impacted across the country
BusinessToday.In | March 16, 2021 | Updated 09:37 IST
Bank employees participate in a protest during a 2-day nationwide bank strike against proposed privatisation of Public Sector banks and retrograde reforms
Banking services on Tuesday, March 16, will also remain affected as bank unions and employees continue to protest as part of a two-day national strike called by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions.
Highlights
Strike against proposed privatisation of banks.
Further strikes will be decided looking at developments.
New Delhi: The two-day Nationwide bank strike continued on Tuesday leading to a lot of inconvenience being faced by customers on services such as cash withdrawals, deposits, cheque clearances, remittance services.
However, branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they are not part of the strike. Government transactions related to treasury as well as business transactions will also be impacted, news agency PTI has reported.
The 2-day bank strike has been called by nine unions of public sector banks (PSBs) in the country, opposing government s policy to privatise the lenders.