Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
All India Bank Employees Association general secretary and a leader of the bank union movement Tarakeswar Chakraborty died of a heart attack last night, family sources said.
While Dhanlaxmi Bank faces governance issues similar to those in Lakshmi Vilas Bank, the financial profile of the Kerala-based bank is better.
Ten trade unions to go on strike to protest against changes in labour laws
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
Banking services are likely to be affected for the next four days as employees of PSU banks plan to go on a zone-wise relay strike beginning with Southern region from Tuesday, after wage revision talks failed.
So how is it going to affect the common citizen?
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
Banks have started organising silent demonstration in front of houses of defaulters.
United Bank of India and Andhra Bank employees start organising silent protests.
The United Forum of Bank Unions would be holding a one-day all-India strike on January 7 followed by a four-day strike from January 21-24.
There were instances of 'rasta roko' at various places in rural Maharashtra
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
At a time when the asset quality of state-owned banks is deteriorating, the Reserve Bank of India is also planning harsher penalties for wealthy promoters of wilful defaulters.
A section of the public sector banking employees will go on two-day all-India strike from Wednesday to protest against financial sector reforms and outsourcing of jobs.
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
The Indian Banks Association has suggested certain alternative proposals on pension after meeting the representatives of United Forum of Bank Unions, general secretary of the All India Bank Officers' Association R J Sridharan said.
Stalin, along with cadres of the DMK and other parties, came in a procession in Tiruvarur and was detained in a marriage hall, police said, adding they will be let off later.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
The country's largest lender State Bank of India (SBI) has put in place new rules wherein a woman candidate with more than three months pregnancy will be considered "temporarily unfit" and can join the bank within four months after delivery. The move has elicited criticism from some quarters, including from the All India State Bank Of India Employees' Association. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than 3 months.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
Trade union leaders claimed that the strike would be even bigger than the one last year as the number of striking workers is expected to swell to 18 crore
The All India Bank Officers Association (AIBOA) on Monday said it has launched a wing to deal with issues faced by those working for private sector lenders.
Maharashtra and West Bengal lead the way in bank fraud.
'One by one we are seeing these private banks taking people's money and mismanaging it.' 'In the last 30 years, 30 private banks have collapsed.' 'Nationalise all banks so that people's money is safe.'
While some states like Kerala and Telangana were badly hit by the strike, the impact was partial in Punjab, Haryana and Maharashtra
'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
"We firmly hold that undermining the central bank is a recipe for disaster and government must desist," All India Reserve Bank Association said in a letter. The association said Acharya's comments about the government's interventionist role vis-a-vis the RBI has created a flutter across the nation. "This is, however, not a sudden outburst, but was waiting to happen due to long simmering discontent," the association said.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
The unions term the introduction of fixed-term employment as a 'modern labour slavery system' introduced through the 'back door'.
74 of these fatalities were reported by 8 companies: Coal India (21), L&T (14), Vedanta (13, of which Hindustan Zinc reported 7), Tata Steel (7), Power Grid Corporation of India (7), JSW Steel (6), and ONGC (6).
According to reports, public transport and banking services remain partly disrupted for the second day in some states.
"We will not let this company go down and will not tolerate this casual talk to dismantle this company piece by piece and give it as doles to airlines of your choice," an open letter said.
'...Rs 137 lakh crores of people's money?' 'It is not the government's money, it is people's money.'
RBI wants periodic revision of the pensions for its retired employees.
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