Strike delays SBI annual results

The ongoing strike by State Bank of India employees has delayed the financial results for the year 2005-2006 and the account auditing has also been put on a hold. The employees went on strike from April 3.

"Every year our results are out by April 15. But this time, once the strike is called off it will take atleast 15 days for us to finalise the results before we can declare it," said S A Kadri, general secretary, State Bank of India Employees Union "" Ahmedabad circle.

He further informed that the bank is expected to have made a net profit of around Rs 5,000 crore in 2005-06 and previous year it was Rs 3,600 crore.

"However the results will not be out till the government does not fulfill our demands," said Kadri.

However striking employees of the bank will also bare the brunt.

According to Kadri, SBI has decided to cut the the salary of striking employees which will be collectively Rs 30 crores a day.

According to Kadri, to support SBI employees, the United Forum of Bank Union will join them in their protest.

The SBI account holders are facing a tough time as the SBI strike completes five days.

Not only Foreign Exchange but oil PSUs, Indian Railways, BSNL, Gujarat State Transport, Indian Army and other sectors' financial transactions have come to a standstill due to strike.

"Out of total volume of Foreign Exchange, SBI handles around 35 per cent which has been affected," he added.

Talking about the strike Kadri said SBI is the only PSU bank in which the employees are not getting proper pension and they will continue the protest.

Citing example of A K Talwar, former chairman of SBI, Kadri said that after Talwar passed away, his wife is recieving pension which is less than Rs 500.

"The present chairman A K Purwar will retire within two months so he is also worried about the issue on removing the pension ceilings and other related matters," said Kadri.