Banking Services May Be Affected Later This Month Due To 2-Day Strike

On Thursday, public sector lender Canara Bank said that banking services may get affected later this month due to the proposed strike by several bank unions.

"We have been informed by the Indian Banks' Association (IBA) that the United Forum of Bank Unions (UFBU) has given a call for strike in the banking industry on March 15 and March 16, for issues relating to industry level and not for any bank-level issues," Canara Bank said in a regulatory filing.

Canara Bank said it is taking necessary steps for the smooth functioning of bank branches and offices on the days of the proposed strike.

"However, in the event of strike materialising, the functioning of the branches/offices may be impacted," said the lender.

All India Bank Employees' Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers' Association (AIBOA), Bank Employees Federation oflndia (BEFI), Indian National Bank Employees' Federation Federation of Canara Bank Employees' Congress (INBEF), Indian National Bank Officers' Congress (INBOC), National Organisation of Bank Workers (NOBW), National Organisation of Bank Officers (NOBO) , All India Nationalised Bank Officers' Federation Canara Bank Officers' Association (Regd.) (AINBOF) are among the bank unions that have given a call for strike against the proposed privatization of two state-owned lenders by the government.

The strike called by the unions is reportedly in opposition of the government's decision to allow all private sector lenders in government-related business.

In the Union Budget 2021, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan.

The All India Bank Employees' Association (AIBEA) said the decision to lift embargo on private sector banks to have access to government's business is "unfair" and needs to be withdrawn.

The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019.