Thaindian News

Mumbai, June 28 (IANS) Over 500 bank employees Tuesday demonstrated outside the Reserve Bank of India to protest the government’s policy to privatise public sector banks and to amend banking laws, among other issues.

“The heavy downpour did not deter the spirit of these bank employees who turned out in large numbers to register their protest against privatising of public sector banks and issuance of new licenses to corporates for opening the new banks amongst other demands,” said Vishwas Utagi, who coordinated the demonstration under the banner of United Forum of Bank Unions (UFBU).

The protesters shouted slogans and held up placards opposing various amendments to banking laws currently awaiting parliamentary approval.

Nearly one million bank employees and officers working in public, private and foreign banks will also join the all India bank strike July 7, called by UFBU, an umbrella organisation of nine banking unions, in support of their demands.

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

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

The UFBU is also opposing the proposed amendment to Banking Regulation Act for removing the ceiling on voting rights for foreign investors, presently restricted to 10 percent.

“This will enable the foreign capital to make inroads into Indian private sector banks,” Utagi alleged.

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

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

“Before observing a full strike July 7, we have also planned another massive demonstration rally in Mumbai on July 2,” he added.