Nationwide bank strike on December 20

Banking operations across the state would be crippled on December 20 as the All India Bank officers Association (AIBOA) has given a one-day nationwide strike call to protest against the attempts of the government to hasten amendments to banking laws.

The bankers are opposing the amendments as they would sanctify corporate defaulters in the matter of bad loans. They are also opposing the proposal of the government to bring in grouping of public sector banks for future mergers.

AIBOA general secretary V Anil Kumar said these reforms in the form of amendment bill will make public sector banking serve vested interests of the private and corporates.

He said these amendments would allow more and more FDI in banks and also facilitate unrestricted voting rights to suit their needs.

He said further amendments are being attempted to increase unrestricted voting rights from one per cent to 10 per cent in the public sector, and 10 per cent to 26 per cent in other sectors.

“This would quicken the merger of banks, allowing banks to indulge in speculative forward contract business. The government is also in a hurry to issue licences to the corporate houses to start their own banks and enable them to gobble up public savings,’ said V Anil Kumar.