Indian Bank strike paralysis entire nation

Chennai, Feb 5 (UNI) Work in the nationalised Indian Bank branches in the country was paralysed as nearly 15,000 workmen and officers of the bank today observed a day's nationwide strike, protesting against the move by the bank management to offload 20 per cent of the Government's equity to the public through the initial public offer.

In a joint statement here, E Arunachalam, Secretary General, Federation of Indian Bank Employees Unions, K Krishnan, General Secretary, Indian Bank Employees Federation, K Bhaskaran, General Secretary, Indian Bank Officers Federation and R Kunjithapatham, Chief General Secretary, All India Indian Bank Staff Union alleged that the employees of the bank were agitated over the continued attempts of the Government to dilute the equity of the public sector banks.

They also criticised the Management's claim that 51 per cent of the equity would remain with the Government and the public sector character of the bank would be maintained even after such dilution.

They also pointed out that the recommendations of the Tarapore Committee-II proposing dilution of the capital of the banks upto 67 per cent was still hanging over the heads of the Bank employees and officers like a sword of Democles.

They said today's strike reflected their anxiety about retention of the public sector character of the bank as a cent per cent Government owned entity in the centenary year of the bank.

The striking employees had resorted to a slogan shouting demonstration in front of the bank's head office here and similar demonstrations had been held in various centres across the country, they added.

UNI