The government has already privatized IDBI Bank by selling its majority stake in the lender LIC in 2019 and merged 14 public sector banks in the last four years.
The government has listed the Banking Laws (Amendment) Bill, 2021 for introduction and passage during the current session of Parliament.
In view of this, UFBU has decided to oppose the privatization move, All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam said in a statement.
He said that on December 16 and December 17, 2021, UFBU has given strike notices on IBA.
He said that in a developing country like India, where banks deal with large public savings and they have to play a major role to ensure macroeconomic development, public sector banking with social orientation is the most appropriate and imperative requirement.
Therefore, he said, for the past 25 years, under the banner of UFBU “we have been opposing the policies of banking reforms which aim to weaken the public sector banks”.
The members of UFBU include All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Bank Employees’ Confederation (NCBE), All India Bank Officers Association (AIBOA) and Bank Employees’ Federation (BEFI). ,
The others are Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organization of Bank Workers (NOBW) and National Organization of Bank Officers (NOBO).