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Banks to close for four days from today, hereâs why
Banking services such as applying for loans, issue of demand drafts, opening a savings account are expected to be affected. File photo
Updated: Mar 13, 2021, 06:29 AM IST
If you are planning to visit the bank soon, your work will have to wait as banks across India will be closed for four consecutive days starting from Saturday (March 13) to Tuesday (March 16). March 13 is the second Saturday of the month and March 14 falls on a Sunday holiday.
Meanwhile, the United Forum of Bank Unions (UFBU) the apex body of nine organizations of bank employees, has announced a two-day nation-wide strike on March 15 and March 16 to protest against the proposed privatization of two public sector banks.
India: Proposals against new attempts to privatise state-owned banks 11 March by
Public sector banks account for more than two-thirds of the banking market in India. Currently, they are subjected to a systematic smear campaign launched by the reactionary Narendra Modi government, big media including the international press such as the
Financial Times. [1] These canards are aimed at accelerating the privatisation drive underway since the 1990s. Critics of the public sector argue that the banks would be much more efficient and serve public interest better if they were fully privatised. The fact that there is a series of scams about the misuse of bank funds for the benefit of big Indian capitalists adds fuel to this campaign. What is the real story?
On 15 and 16 March 2021UCO Bank announced that United Forum of Bank Unions (UFBU) has given a call for strike on 15 and 16 March 2021 to press their demands. If the strike materializes, the normal functioning of the Bank branches / offices is likely to be affected. Bank is taking necessary steps to ensure normal functioning in its branches and offices.
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