1 mn bank staff to go on strike on August 22

Chennai: The All India Bank Employees Association (AIBEA), which represents nine bank unions and employees of public and private sector banks, has called for a nation-wide strike on August 22 to press for various demands, its general secretary C H Venkatachalam said.

Around one million bank employees and officers will go on strike in protest against the government's decision to privatise public sector banks, mergers and consolidation of banks, and write off corporate Non-Performing Assets (NPAs) and demanding to declare wilful default of bank loans as a criminal offence, implement recommendations of the parliamentary committee on the recovery of NPAs.

The association also wants the government to ensure accountability of top management/executives for bad loans and put in place stringent measures to recover bad loans and withdraw proposed financial resolution and deposit insurance (FRDI) Bill, abolish Banks Board Bureau and not to pass on the burden of corporate NPAs on bank customers by hiking charges.

Venkatachalam has alleged that instead of taking urgent remedial measures to recover the alarmingly increasing bad loans which are threatening to drive the banks into a serious crisis, the steps like MOU, PCA, FRDI Bill, NPA Ordnance, IBC, etc are only aimed to clean the balance sheets at the cost of the banks which represent the hard-earned savings of the people rather than to recover the money.

While denying the Public Sector Banks of adequate capital thus restricting their business expansion, licences are freely being given to the corporate houses to open private banks, small banks and payment banks, thus weakening the Public Sector Banks, Venkatachalam said.