UFBU announced two days strike in PSU Bank
The United Forum of Bank Unions has declared a two-day strike for March 24 and 25, 2025. The union has made proposals for public sector banks to implement five-day banking and hire enough employees. The union's demands and the strike timeline are listed below.
AIBOC Announced Nationwide Bank Strike
In a significant move to address pressing challenges faced by the banking sector and its members, the All India Bank Officers’ Confederation (AIBOC) has announced a two-day nationwide strike, tentatively scheduled for February 24 and 25, 2025. This decision was finalized during the 102nd Executive Committee Meeting held on January 6, 2025, via a virtual platform.
Key Demands Raised by AIBOC
- Adequate Recruitment: Address the shortage of staff across all cadres in banks.
- Five-Day Work Week: Implement a five-day work week for the banking industry.
- Withdrawal of DFS Directives: Demand the immediate withdrawal of the Department of Financial Services (DFS) directives on performance reviews and the Performance Linked Incentive (PLI) scheme, which threaten job security, create divisions among employees, and undermine the autonomy of public sector banks (PSBs).
- Safety of Bank Staff: Ensure protection for bank officers and staff against customer assaults and abuses.
- Fill Vacant Posts: Expedite the appointment of workmen and officer directors in PSBs.
- Resolution of Pending Issues: Resolve residual issues with the Indian Banks’ Association (IBA).
- Amend the Gratuity Act: Increase the gratuity ceiling to ₹25 lakhs, similar to government employees’ schemes, and provide income tax exemptions.
Issues Opposed by AIBOC
- Micromanagement of PSBs: Stop undue interference by the DFS in policy matters, which undermines the autonomy of PSB boards.
- Unfair Labour Practices: End discriminatory and exploitative practices in the banking industry.
The executive committee has proposed to initiate agitation programs immediately after serving the strike notice later this month. Detailed schedules will be shared with all state units and affiliates.
AIBOC leaders have urged all affiliates to prepare for the upcoming struggle by conducting meetings at all levels to communicate the resolutions. Members are encouraged to organize grassroots-level engagements at district and branch levels to strengthen unity and foster commitment to the movement.
Addressing members, AIBOC leaders said, “The path ahead is challenging, but our collective strength and solidarity will guide us. History has shown that we can overcome adversity through unity and determination. Together, we will safeguard our legitimate rights and uphold the integrity of the banking sector.”
The banking fraternity is now gearing up for a significant battle to ensure justice and fairness for employees while protecting the sector’s autonomy and stability. Further updates will follow as the agitation programs unfold.
AIBOC’s 13th Triennial General Council Resolves to Key Issues in PSU Banks
The 13th Triennial General Council of the All India Bank Officers’ Confederation (AIBOC) took place at Comrade Santha Raju Mancha, Srimanta Sankaradeva International Auditorium, Guwahati, from 7 to 9 July 2024. The council concluded with significant resolutions aimed at fortifying the public sector banking in India.
Resolutions on Extra-Hours Work and Transfer Policy Reform
AIBOC has urged the Indian Banks' Association (IBA), respective bank managements, the Department of Financial Services (DFS), and other regulatory authorities to recognise the necessity of regulated working hours for bank officers. The council emphasised the need for strict instructions against calling officers to work on holidays.
The council also demanded a codified transfer posting guideline to minimise discomfort for officers by ensuring postings within their linguistic zones. The policy should prevent the use of transfers as a demotivating tool.
Mis-Selling of Third-Party Products and Threat of Privatisation
The general council addressed the issue of mis-selling third-party products(TPPs). It called upon the IBA, bank management, DFS, and regulatory bodies to stop this practice and implement immediate corrective measures.
AIBOC strongly opposed the privatisation of public sector banks, urging the Government of India, IBA, DFS, and other authorities to consider the potential compromise of economic sovereignty that privatisation could bring.
Call for Recruitment, No to Outsourcing
AIBOC called for an end to outsourcing core activities to private agencies and emphasised the need for regular recruitment to ensure adequate human resources in banks.
Highlighting the disparity in staff between public and private sector banks, the council resolved to mobilise efforts to increase recruitment in public sector banks. As of March 2024, public sector banks employed significantly fewer staff compared to private banks. AIBOC also urged the government and bank management to appoint non-workmen (officers) as directors on the boards of banks, enhancing representation and governance.
Pension Reforms
The 13th Triennial General Council of AIBOC resolved to spearhead a unified struggle for the restoration of the old defined pension scheme by bringing together banking trade unions and unions from other Public Sector Undertakings and financial institutions. Additionally, AIBOC aims to form a joint committee with trade unions across various sectors, including government and public services, to collectively demand the reinstatement of the old pension scheme. The council also strongly demanded the resolution of the long-pending issue of pension updation within a specified timeframe.
Merger of Regional Rural Banks (RRBs)
The AIBOC General Council reiterated their demand for the merger of RRBs with their respective sponsor banks to ‘enhance efficiency and viability within the banking sector’.
The General Council saw the reelection of P M Balachandra as President and Rupam Roy as General Secretary. Both will serve a three-year term, along with the newly elected Executive Committee, effective from 9 July, 2024. The open session on the evening of 7 July featured a large solidarity march, showcasing the cultural diversity of the North-Eastern Region with performances by the troupe of ‘Purbaranga’. Prominent figures from the banking trade union movement, including C H Venkatachalam, General Secretary of AIBEA, participated in the march led by President P M Balachandra.
PSU Banks are pillars of economic development, fostering growth, Though in real danger of Privatisation- AIBOC
All India Bank Officers' Confederation (AIBOC), the body of bank officers in the country, on Tuesday, said state-run lenders are in "real danger of privatisation" despite playing a crucial role in closing the economic divide in society.
On the occasion of the 55th Bank Nationalisation Day in India on Wednesday, the Guwahati-headquartered body said public sector banks (PSBs) have played an important role in promoting financial inclusion and mobilising savings since the nationalisation of the lenders in 1969.
"Public Sector Banks are in real danger of privatisation. It is an ideological conflict that can be overcome by supporting the alternative ideology that prioritises the welfare of a larger human population," AIBOC general secretary Rupam Roy said.
Since their nationalisation, these PSBs have been channeling funds to vital sectors such as agriculture, small and medium-sized enterprises (SMEs), education, and infrastructure among others, he added.
"They have been the pillars of economic development, fostering growth and providing millions of Indians with access to banking services," the statement said.
AIBOC said as income inequality becomes an urgent issue in society, PSBs play a crucial role in closing the economic divide, ensuring banking access to the underserved segments of society to foster a more equitable economic environment.
"As an appropriate measure to scrutinise the commercial activity of PSBs, the government should consider funding the cost of services rendered by PSBs at market value when it asks them to carry out its social agenda," it added.
Roy in the statement said as the largest shareholder in PSBs, the government is the biggest beneficiary of the dividends paid by the state-run banks out of the profit.
"This is in addition to the corporate taxes and other taxes that all corporations, including PSBs, are required to pay. The per employee customers for SBI is 1,900, whereas for HDFC it is 530 and for Axis Bank it is 325," he added.
Therefore, the norms and benchmarks for these India-specific PSBs must be devised specifically and their performance must be compared and contrasted amongst themselves, the AIBOC official said.
Roy further said the employees of the public sector lenders have played a crucial role in upholding national values and serving citizens with the utmost commitment.
"They have endured a variety of economic cycles, exhibited resiliency, and continued to provide vital banking services uninterrupted even during difficult Covid periods and during calamities," he added.
Roy pointed out that despite their diligent efforts, bank employees face numerous difficulties and the inadequacy of recruitment in PSBs has put a tremendous strain on the existing workforce, depriving them of much-needed leisure and work-life balance.
"In addition, it is of significant concern that pensions for retirees, who have devoted their careers to nation-building, have not been revised and increased on a par with government and RBI employees," he added.
The AIBOC urged policymakers, regulators, and other interested parties to recognise the invaluable contributions of the PSBs and their employees.
"Addressing their legitimate demands and ensuring their well-being is essential to preserving the nationalisation ethos and fortifying our financial sector for a prosperous future," it added.
Bank officers’ union launches nationwide movement against privatisation
Bank officers’ union on Tuesday launched nationwide movement against proposed privatisation of stat-owned lenders. ‘Bank Bachao Desh Bachao Rally’ was held at New Delhi’s Jantar Mantar on Tuesday attended by officers and other stakeholders from various parts of the country, the All India Bank Officers’ Confederation (AIBOC) said in a statement.
Addressing the rally, AIBOC General Secretary Soumya Datta appealed to the government to withdraw the Banking Laws (Amendment) Bill, 2021, which has been listed for introduction and passing in the winter session of Parliament.
“In case the government tables and passes the bill paving the way for the privatisation of the public sector banks, the bank officers will unite all the stakeholders of the banking sector and launch a nationwide agitation,” he said, urging the bankers to draw inspiration from the farmers movement.
Finance Minister Nirmala Sitharaman while presenting Budget 2021-22 earlier this year had announced the privatisation of public sector banks (PSBs) as part of disinvestment drive to garner Rs 1.75 lakh crore. The Banking Laws (Amendment) Bill, 2021, to be introduced during the session is expected to bring down the minimum government holding in the PSBs from 51 per cent to 26 per cent.
In the last concluded session, Parliament passed a bill to allow privatisation of state-run general insurance companies. The General Insurance Business (Nationalisation) Amendment Bill, 2021, removed the requirement of the central government to hold at least 51 per cent of the equity capital in a specified insurer.
The Act, which came into force in 1972, provided for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business.
Government think-tank NITI Aayog has already suggested two banks and one insurance company to Core Group of Secretaries on Disinvestment for privatisation. According to sources, Central Bank of India and Indian Overseas Bank are likely candidates for the privatisation.
Banks unions call for two-day strike against proposed privatisation of PSBs
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs)as part of its disinvestment plan.
The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the last four years. It has been decided to oppose the government’s decision to privatise banks during the meeting of UFBU held on Tuesday, All India Bank Employees Association (AIBEA) general secretary C H Venkatachalam said.
“The meeting discussed the various announcements made in the budget of the central government regarding reform measures like privatisation of IDBI Bank and two PSBs, setting up of bad bank, disinvestment in LIC, privatisation of one general insurance company, allowing FDI in insurance sector up to 74 per cent, aggressive disinvestment and sale of public sector undertakings, etc,” he said.
The meeting observed that all these measures are retrograde and hence need to be opposed, he added. After deliberations, it was decided to give the call for a two-day — March 15 and March 16 — strike against the government’s moves, AIBOC general secretary Soumya Datta said.
Members of UFBU include All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA) and Bank Employees Confederation of India (BEFI).
Others are Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO)
