Bank staff to strike work Aug 1

Chennai, Jun 14 (UNI) The All India Bank Employees Association(AIBEA) will observe a nation-wide strike on August one in protest against the Union Government's reported move to privatise public sector banks and allow foreign banks to directly participate in the Indian banking sector.

Speaking to newsmen after the conclusion of the two-day general council meeting of the association here today, AIBEA General Secretary C H Venkatachalam said a resolution to this effect was adopted at the meeting.

Over five lakh bank employees and officers belonging to the AIBEA and All India Bank Officers Association will participate in the nation-wide token strike to show their solidarity and protest against the government's moves.

The meeting felt allowing foreign banks in the domestic banking sector would defeat the purpose of bank nationalisation besides affecting the country's economy and the common people.

Mr Venkatachalam said there were 27 public sector banks in the country having a total deposit base of Rs 15 lakh crore.

Once foreign banks are permitted direct participation in the Indian banking sector, the huge deposits will be diverted to areas not meant fo people's welfare.

Moreover, while public sector banks were meant to help the poor and economically weaker sections, foreign banks were profit motivated.

The government was also planning to merge the existing public sector banks to create four or five banks severely affecting the employees, he alleged while appealing to the government to give up such a move.

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