Strike holds up Rs 24,000-cr cheques

Unions are demanding wage revision among other demands

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Around Rs 24,000 crore worth of cheques were held up due to the public sector bank employees’ strike across the country on Wednesday.

Around one million employees observed the one-day strike, demanding wage revision and cessation of privatisation of banks, among others.

The unions are expected to meet next week to decide on the next course of action, which also includes an indefinite strike.

C H Venkatachalam, general secretary, All India Bank Employees’ Association, said around 85,000 branches did not operate due to the strike and this resulted in non-clearance of around four million cheques worth around Rs 24,000 crore. Government transactions, foreign exchange and money market transactions were also hit.

On Monday, he said, the United Forum of Bank Unions, consisting of various employees’ organisations, would meet in Hyderabad to decide on intensifying the strike and going on an indefinite one.

The forum has been demanding an immediate wage revision, which they claim has been pending for over an year, and stopping of banking reforms.

The unions have alleged that the wages and service conditions in the sector — governed by the industry-level bipartite settlements signed between the Indian Banks’ Association and the trade unions of employees and officers — were due for a revision on November 1, 2012.

Venkatachalam said IBA keep saying that banks' profits were coming down due to provisionings for bad loans and pensions. “In  both the cases, employees are not responsible. As far as an increase in pension allocation is concerned, it is due to inflation. Bad loans, again, were due to the banks’ (mis)management. Why should the employees suffer?” Operating profits of banks have almost doubled in the last four years, he added.

UFBU also include All India Bank Officers' Confederation, National Confederation of Bank Employees, All India Bank Officers' Association, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers Congress, National Organisation of Bank Workers and the National Organisation of Bank Officers.