Banking services can be hindered due to all-India strike called by two large bank unions on October 22. In August, the government announced mega merger plans for 10 state-run banks so that the nation’s financial sector can be the focused and of first priority of concern.
Certainly, it will bring down the count of public sector banks (PSBs) from 27 to 12.
To oppose the government decision of bank merger plan the two unions of banks that is All India Bank Employees Association (AIBEA) and Bank Employees Federation of India (BEFI) have called for a strike on 22 October, 2019.
In a regulatory filing on Saturday, Oriental Bank of Commerce said, “AIBEA and BEFI have called for an all India strike of its members on October 22, in support of their demands. In the event the strike materializes, the normal functioning of the bank may get affected.”
The union said in a joint statement that the strike appeal was against bank mergers and bank reforms, as well as high fines and service fees for customers. The statement also stated that other requirements include the recovery of non-performing loans, strict measures for the costs of defaulters and ensuring job security.
However, the State Bank of India (SBI) said that the impact will be minimal, as most of its employees are not members of the union.
This has come after the financial institution receives a letter in the public domain stating that “megre of the banks is the murder of the banks.”
“The governmenr may call it a merger but in reality it is a cold blooded murder of 6 Banks (Allahabad Bank, Andhra Bank, Corportation Bank, Oriental Bank, Syndicate Bank and United Bank of India). Because after the merger, these 6 banks which have been built up over the years, will disappear from the banking scenario,” the letter reads.
