Fin sector trade unions to protest on May 16

Kochi, May 10: Trade unions in the financial sector will observe May 16 as 'protest' day against the recent reforms to allow outsourcing of works in the banking and insurance sectors.

The All India Coordination Committee of Unions has given a nation-wide protest call, Kerala State Committee convener V J Johny said.

Marches and meetings would be held on that day across the country. The decision to go on a strike would be taken later this month, he told a press conference here today.

The RBI had permitted outsourcing of banking operations like canvassing, distribution, monitoring and repayment of loans besides deposit mobilisations on contract and commission basis.

''The moves are now on to outsource even clearing operations, public debt management, currency management and foreign exchange management,'' Mr Johny claimed.

The trade unions alleged that the outsourcing would affect the security and credibility of banking operations, besides hindering the development of backward states.

UNI