Bank unions call for strike on July 7

Bank employees across the country would hold a strike on July 7 to protest against the government’s decision to dilute its equity in banks and give foreign investors additional voting rights.

“We are against any such activities being carried out under the garb of banking reforms. Over one million employees across the banking system will be going on a single-day strike,” said All India Bank Employees Association secretary Vishwas Utagi. The association is a part of the United Forum of Bank Unions, an umbrella body of unions, which has called for the strike.

Utagi said employees from foreign and private banks have also agreed to participate in the strike. A notice regarding this had already been served to the Indian Banks Association, as well as the labour commissioner.

The government intends to increase the voting rights for foreign entities beyond the current 10 per cent through an amendment to the Banking Regulation Act. “This is not acceptable to the federations,” Utagi said, adding the strike was also to oppose the government decision to limit its stake in public sector banks at 51 per cent, which Utagi termed is tantamount to privatisation.