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Banking Industry Declared As Public Utility Service: What This Means?
The government has classified the banking industry as a public utility service until October 21 as per the provisions of the Industrial Disputes Act.
With this enactment, employees or officers in the sector during the time of the service will not be able to go for strike in addition to some other activities.
Through a notification, the department of financial services said the labour and employment ministry has conferred the industry as a a public utility service" for six months with effect from April 21.
The circular comes in the wake of the coronavirus pandemic which has caused severe damage to the global economy.
In wage negotiation and other aspects, bank unions have a considerable say and this is dealt by the Indian Banks Association every 3 years.
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