: Banking services likely to be affected for 4 consecutive days due to protests by Unions form 16th Dec #FinanceIndia #StockMarketNEWS Banking services likely to be affected for 4 consecutive days due

@StockMarketNEWS Mon 06 Dec, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Banking services likely to be affected for 4 consecutive days due to protests by Unions form 16th Dec #FinanceIndia #StockMarketNEWS
Banking services likely to be affected for 4 consecutive days due to protests by Unions form 16th Dec New Delhi, 3 Dec (KNN) According to several media reports, the United Forum of Bank Unions has called a two-day nationwide strike on 16th and 17th December, 2021 to dissent against the privatisation of public sector banks.

As the 18th Dec is Saturday and 19th Dec Sunday, businesses are likely to experience disruption in services for four consecutive days.

The Banking Laws (Amendment) Bill 2021 is expected to be introduce by the Central government in the ongoing Winter Session of Parliament.

The purpose of the Bill is to privatise two public sector banks, amendments need to be made in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 as well as incidental amendments are required to be made in the Banking Regulation Act, 1949.

As a part of disinvestment drive to bring in INR 1.75 lakh crore, Finance Minister Nirmala Sitharaman had annpounced privatisation of PSBs while presenting the Budget for 2021-22.

Mahesh Mishra, Convener of United Forum of Bank Unions said the government wants to pass the Banking Reforms Bill in the current session of Parliament, paving the way for privatisation.

He said in a statement that the United Forum will hold a sit-in against this Bill as part of the movement starting from Friday (December 3), and a two-day nationwide strike will be held on December 16 and 17 in protest against the Bill.

Mishra added that bank unions support policies related to economic development of the country along with employee and friendly banking policies but not privatisation of banks.