Bank, insurance, central employees observe strike in HP

Shimla, Dec 14 (UNI) Employees of public sector banks, insurance companies, PSUs, and workers affiliated with trade unions observed a one-day statewide strike today, opposing the outsourcing of banking operations, proposed increase in FDI cap in insurance and capping disinvestment of profit making PSUs.

Banking services were paralysed across the state with employees staying away from work, holding rallies and protests against the Centre's decision to outsource banking and clearing operations besides privatisation of profit making PUSs.

Employees and trade union activists also held a rally here in support of their demands and called upon the central government to reverse the economic policies being pursued by it, saying it would only spell doom for the people of the country.

Employees affiliated with the All India Bank Employees Association (AIBEA), Bank Employees Federation of India (BEFI), CITU, AITUC, HMS, teachers, central and government employees, LIC and four public sector general insurance companies also participated in the strike.

Talking to UNI here, Northern Zone Insurance Employees Association Divisional Secretary Devi Dass claimed the strike was complete in all its 24 branches across the state.

He said the strike was being observed on the call of the sponsoring committee of the trade unions against the UPA government's decision to outsource certain banking and clearing operations to private agencies on a commission basis, beside other demands.

The employees are also opposing the Centre's proposal to increase Foreign Direct Investment (FDI) in the insurance sector from 26 per cent to 49 per cent, he said, adding that the proposal to raise cap on FDI, in a bid to raise more funds through foreign insurers, was unnecessary.

Mr Dass said the move by insurance regulator, IRDA, asking the LIC to carve out Rs 2,800 crore from surplus to create solvency margin, was 'forced' as the Insurance Act had no provision for creating such a margin by the insurer.

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