Banking and financial operations were severely affected in Mysore and adjoining districts on Thursday due to the strike by bank employees against the Banking Laws (Amendment) Bill 2021.
The strike was part of a nationwide agitation called by various unions of bank employees under the aegis of United Forum of Bank Unions (UFBU).
In Mysore district alone, more than 1,500 employees, including workers and officer employees, who came from nearly 400 branches, stayed away from their duties and demonstrated in front of the State Bank of India’s zonal office in the city. They raised slogans against the bill, which is likely to be introduced in the current session of Parliament.
UFBU convener in Mysore H. Balakrishna said customers were informed ahead of Friday’s strike and it would affect banking operations. ATMs have been filled with cash, while the cash deposit machines will continue to operate and the public will be able to use it. Friday’s demonstration will be held at the main branch of SBI located at Sayaji Rao Road.
UFBU officials said the proposed amendment would pave the way for privatization of existing public sector banks in future and would impact the economy. PSBs act as a catalyst for the economy and provide financial assistance to the needy and economically weaker sections of the society. They have also played a major role in the development of agriculture, small business, small businesses, small scale industries, transport etc., and the total advances by banks increased from ₹3,500 crore in 1969 to ₹110 lakh crore in 2021. The UFBU claimed that in the process, common people have been brought under the purview of banking and PSBs helped sustain the Indian economy when the world economy and banking faced a crisis and recession in 2008.
What is worrying is that PSBs have large non-performing assets (NPAs) but the major chunk is from corporates and big businesses and hence it is not nationalization of banks that has failed, but defaulted by large corporates. , as per the UFBU which provides the list of major defaulters.
It pointed out that equally important was that public sector banks have repeatedly provided relief to ailing private sector banks. According to the UFBU, which has called for the withdrawal of the Banking Laws (Amendment) Bill, recently the RBI has also canceled the licenses of some private banks, as a result of which public confidence in private banks was eroding.
Employees of all public sector banks took part in the strike.
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