Bank unions strongly oppose divestment, a bad bank and threaten to strike
Prabhjote GillFeb 3, 2021, 16:15 IST
Banks are threatening to go on strike if the government moves forward with its plan to disinvest public sector banks and Life Insurance CorporationBCCL
The All India Bank Officers’ Confederation (AIBOC) and the All India Bank Employees Association (AIBEA) are not on board with the Indian government’s plans to disinvest stake in banks.
According to them, selling government stake in public sector banks and Life Insurance Corporate (LIC) would threaten the stability of the sector.
Both organisations are threatening to strike if the government moves forward with its plans as announced by Finance Minister Nirmala Sitharaman during the Budget 2021-22 on February 1.Banking unions aren’t happy with the government’s plans to divest stake in public sector banks (PSBs). The All India Bank Officers’ Confederation (AIBOC) released a harshly worded statement opposing the an
Four officers’ unions in banking sector caution government about privatisation
January 31, 2021
Say privatisation, dilution of government equity, further mergers and amalgamations of PSBs coud face resistance
The four officers’ unions in the banking sector have cautioned the government that any step towards privatisation, dilution of government equity and/or further mergers and amalgamations of Public Sector Banks (PSBs) would face stiff resistance.
The resistance would not only be from the four unions but also from all the major stakeholders, according to a letter written by unions to the Finance Minister.
The four officers unions are the All India Bank Officers’ Confederation (AIBOC), the All India Bank Officers’ Association (AIBOA), the Indian National Bank Officers’ Congress (INBOC) and the National Organization of Bank Officers (NOBO).
Nevertheless, Jio s payments bank, which debuted as the telco s answer to Airtel Payments Bank and Paytm Payments Bank, has itself not yet made significant progress in the country s payments market. It was incorporated as a joint venture between Reliance Industries and public sector bank State Bank of India (SBI) in November 2016 and started its operations in April 2018.
According to the data available on the National Payments Corporation of India (NPCI) website, Jio Payments Bank has only take a small share of Unified Payments Interface (UPI) transactions. The payments bank processed over 4.2 lakh transactions that accounted for a total of Rs. 20.35 crores in November, as per the publicly available data.