Banking operations crippled, 3000 employees stage demo in TN

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Chennai, Sep 25 (UNI) Banking operations in Tamil Nadu continued to be crippled for the second day today as part of the nationwide strike called by the United Forum of Bank Unions (UFBU) to press their demands.

UFBU Convenor C H Venkatachalam told UNI that the strike was total.

As part of their stir on the second day, about 3000 bank employees and officers staged a massive demonstration in front of the zonal branch of the Union Bank of India at Broadway.

He said the two-day strike was necessitated as the Indian Banks Association did not agree to give any firm commitment to resolve the demands like extension, option to join pension scheme, wage revision, continuation of compassionate appointments of the widow on the death of an employee while in service, within a mutually agreed time frame.

This time frame commitment has become important because the discussions held so far have been very slow and tardy.

Similarly, the IBA also did not agree to stop the implementation of the reform policies like privatisation of banks, consolidation and merger of banks in the name of global competition, amendment to Banking Regulations Act which would provide full voting rights to the foreign capital invested in Indian banking sector.

He said on the other hand, the Government has set up Raghuram Rajan Committee and Anwarul Hoda Committee which have recommended privatisation of banks, encouragement to private banks and allowing more foreign capital in banks besides phasing out priority sector loans like credit to agriculture, small and medium industry, employment generation projects, education loans and poverty alleviation schemes, among others.

''Neither the IBA nor the Government are willing to abandon or reject these Committee reports'', he added.

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