Banking Services Disrupted in Ludhiana as United Forum of Bank Unions Continues Strike

Strategic Insights -

Hundreds of bank employees in Ludhiana participated in a strike on Friday as part of a nationwide protest against the Union government's decision to privatize two public sector banks. The strike, which started on Thursday, was marked by a protest outside the State Bank of India near Fountain Chowk, where employees slammed the Union government's move to benefit corporate houses. The strike has disrupted banking services, affecting transactions worth over Rs. 1,600 crores.

Key Takeaways:

  • The strike was part of a nationwide protest against the Union government's decision to privatize two public sector banks.
  • Employees of State Bank of India, Punjab National Bank, Bank of Baroda, Central Bank of India, and Canara Bank participated in the strike.
  • The protest was addressed by prominent union leaders, including PR Mehta, DP Maur, Naresh Gaur, and Pawan Thakur.
  • The strike has disrupted banking services, affecting transactions worth over Rs. 1,600 crores, as per the union members.
  • The banking industry faces a significant loss of Rs. 284,980 crores due to non-performing assets (NPAs) of big corporates, according to Mehta.
  • Gaur stated that public sector banks have been used to bail out ailing private sector banks, including Global Trust Bank, United Western Bank, and Bank of Karad, which has led to a crisis in the banking sector.

Statistics:

  • Banking transactions worth over Rs. 1,600 crores have been affected due to the strike.
  • Daily banking transactions in Ludhiana amount to over Rs. 800 crores, according to Gaur.
  • Public sector banks have suffered a loss of Rs. 284,980 crores due to non-performing assets (NPAs) of big corporates, as per Mehta.

Sources:

  • Hindustan Times
  • United Forum of Bank Unions (UFBU)
  • Punjab Bank Employees' Federation