India Business News: Equity indices plunged in morning trade on Monday with the benchmark BSE sensex falling over 800 points, dragged mainly by banking stocks as nine bank
Banks to remain closed for two days due to strike, services to be hit
Banks also informed that they are taking necessary steps to ensure the normal functioning of bank branches and offices. Representative image (Source: Reuters)
Updated: Mar 15, 2021, 10:46 AM IST
Banking services across the country will be affected on Monday and Tuesday due to the nationwide strike of employee organizations to protest against the proposed privatization of public sector banks. Services like deposit and withdrawal, check clearance and loan clearance are likely to be affected due to the strike.
The United Forum of Banking Unions (UFBU), an organization of 9 bank unions, has claimed that about 10 lakh employees and officers of banks will participate in the strike.
Privatisation of PSBs will affect priority sector lending, say union leaders
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‘Wilful default of loans should be made a criminal offence’
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Employees of public sector banks staging a protest at the Gandhi statue, near GVMC, in Visakhapatnam on Monday.
| Photo Credit:
K.R. Deepak
‘Wilful default of loans should be made a criminal offence’
The proposal of the Union government to privatise public sector banks (PSBs) will affect priority sector lending and thereby hit small farmers, traders, rural and cottage industries and small industries, which are the mainstay of the national economy, said leaders of the United Forum of Bank Unions (UFBU).
Bank strike today: Cheque clearance affected
India
Published: Monday, March 15, 2021, 12:04 [IST]
New Delhi, Mar 15: Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions (UFBU) have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
UFBU, an umbrella body of nine unions, had given a strike call for March 15 and 16, and claimed that about 10 lakh bank employees and officers of the banks will participate in the strike.
However, branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they are not part of the strike.