INDIA: Banks to observe strike on Wednesday

By IPS Correspondents Reprint | | Print |

Att.Editors: The following item is from the Qatar News Agency (QNA)

NEW DELHI, May 20 2003 (IPS) - Banking operations throughout India are expected to be paralyzed on Wednesday in view of the one-day strike call given by major trade unions.

As many as five of the nine banking unions will be joining the protest against the government’s economic policies.

While congress supported Indian National Bank Officers Congress and Indian National Bank Employees Congress, as well as the Bhartiya Majdoor Sangh (BMS) supported National Organization of Bank Officers (NOBO) and National Organization of Bank Workers (NOBW) will not participate in the strike, the other unions will join the protest.

Major bank unions such as the All India Bank Officers Confederation (AIBOC) representing 2,50,000 officers, the Bank Employees Federation of India, the National Confederation of Bank Employees (NCBE) and the All India Bank Employees Association (AIBEA) will join the strike, according to bank union officials.

The deputy general secretary of the All India Bank Officers Congress, T N Goel, said that the strike was against the new economic policies of the government including privatization and disinvestment.

The new labor laws and reforms initiated by the government have led to unemployment in the country, he said, adding clearing operations to the tune of RS 700 to RS 800 billions will be affected on the day of the strike.

Goel said the banks fully supported the fight against moves to privatize pension funds.