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Alert! Bank strike declared

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Two major bank labourers — All India Bank Employees’ Association (AIBEA) and All India Bank Officers Association (AIBOA) — have announced a nation-wide bank strike. Their bank strike date is 27th March 2020. They have asked this bank strike protesting the megabank mergers supported by the government on Wednesday, said a top administrator of AIBEA.

Informing about the bank strike date and the reason for going on bank strike CH Venkatachalam, General Secretary at AIBEA stated, “Banks themselves face problems due to huge pile of bad loans. While the public sector banks made a total gross profit of Rs 150,000 crore for the year ended March 31, 2019, because of total provisions towards bad loans, etc. amounting to Rs 216,000 crore, the banks ended in a net loss of Rs 66,000 crore.”Two big organisations in the banking sector, All India Bank Employees’ Association (AIBEA) and All India Bank Officers Association (AIBOA) will go on strike on March 27th to oppose the megabank mergers approved by the Union Cabinet on Wednesday.

This comes days after bank unions ordered off a three-day bank strike which was scheduled from March 11. The strike had been called behind communications over wage amendment failed to begin with the Indian Banks’ Association (IBA).The Cabinet on Wednesday approved the merger of 10 public sector banks, including Allahabad Bank, Andhra Bank and OBC, to create large four state-owned lenders with effect from April 1.

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