Thaindian News

Mumbai, June 21 (IANS) Nearly one million employees from public, private and foreign banks will join a nationwide strike July 7 to oppose proposed amendments to banking-related laws, a representative of the United Forum of Bank Unions (UFBU) said Tuesday.

“Joining the strike will be 26 public sector banks, all private sector banks, foreign banks, co-operative sector banks and regional rural banks,” said Ravi Shetty, convener of UFBU, an umbrella organisation of nine banking unions convener.

“The strike call has emerged from an all India convention held at New Delhi last month which adopted unanimously a resolution on 20-point charter of demands,” he added.

The UFBU is opposing the various amendments to banking-related laws placed before parliament for approval.

“In the name of banking reforms the ownership of public sector banks is being diluted leading to gradual privatisation of these banks,” Shetty said.

The UFBU is also opposing the proposed amendment to banking regulation act for removing the ceiling on voting right for foreign investors which is restricted to 10 percent at present.

“This will enable the foreign capital to make inroads into Indian private sector banks,” said UFBU secretary Vishwas Utagi.

The organisation is also against the outsourcing and contractualisation of permanent bank jobs.

“The idea of banking correspondent or facilitators is another name of outsourcing the bank jobs. The UFBU demands adequate recruitment in all bank branches,” Utagi said.

“Before observing a full strike in July we have planned massive demonstrations on Wednesday, June 28 and July 2 in Mumbai,” he added.