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Bank staff to fight privatisation
Employees of various public sector banks have resolved to fight for safeguarding the public sector nature of the banks and the fixed 8-hour working hours. Several associations including RBI Employees Association, Andhra Pradesh Bank Employees Union, RBI Workers’ Union
Hyderabad: Employees of various public sector banks have resolved to fight for safeguarding the public sector nature of the banks and the fixed 8-hour working hours. Several associations including RBI Employees Association, Andhra Pradesh Bank Employees Union, RBI Workers’ Union, AP Grameena Bank Employees Association, NABARD Employees Association and LIC Employees Association came together to hoist National Flag on the occasion of May Day and held a meeting to discuss problems and issues related to banking and financial sector.
According to J. Nageswar Rao, president of RBI Employees Association, the 8-hour working day norm has become a thing of the past as all banks are making working hours unlimited in the name of competition. He said all the Unions are determined to bring back the 8-hour working day norm. The NDA Government at the Centre is working towards corporatisation of banking sector.
The passage of Banking Reforms Act, amendments to the LIC Act and the Grameena Banks Act were done with this intention. We want this reversed,” he said. The Bank employees associations demanded the Centre to implement the bipartisan agreement on wage revision between Indian Banks Association (IBA) and the United Forum of Bank Unions (UFBU) before May 23 as agreed, according to BS Rambabu, Secretary of All India Bank Employees Association.
Further, the Bank employees’ associations have decided to submit a memorandum of resolutions to Prime Minister Narendra Modi after securing with one crore signatures. The memorandum will have demands like banks should not be privatised and FDI shall not be allowed into the banking sector. Further, Bank unions demanded the Prime Minister to infuse capital into the public sector banks in order to meet Basel-III norms.
They demanded the NDA government to enact laws aimed at reducing the Non-performing Assets (NPAs) of banks which currently stand at Rs.2.65 lakh crore. The bank employees’ association wants the Central government to seize all properties of willful defaulters like Vijay Mallya. LIC Employees’ Union members expressed concern that the NDA government is moving towards privatising LIC by raising the FDI limit from 26 percent to 49 percent.
