National News

Banking unions threaten strikes against PSU Bank Merger for two days

The banking union has announced a 2-day strike in the country and will be off on 26th Sep 2019, and 27th Sept 2019 and hence the banking services will remain closed for 4 days, i.e. 26th Sept 2019 to 29th Sept 2019. This will surely affect the regular services of the bank. The strike has been announced by the four banking unions namely AIBOC (All India Bank Officers’ Confederation), AIBOA (All India Bank Officers’ Association), NOBO (National Organisation of Bank Officers) and INBOC (Indian National Bank Officers’ Congress). The aim of the strike is to protest against the announcement by the government for merging the 10 banks of the public sector into 4.

The banking unions will remain on strike between 26th Sept 2019 to 29th Sept 2019 for protesting against the govt. announcement in regards to the merger. On 28th September 2019, it’s the last Saturday of the month, and on 29th September 2019, it’s the Sunday and as a result banks will remain closed for a total of 4 days.

Ms. Nirmala Sitharaman, the Finance Minister of the country, had made the announcement on 30th August 2019 that,

  • the three banks namely, PNB (Punjab National Bank), OBC (Oriental Bank of Commerce) and UBI ( United Bank of India) will get merged and therefore, becomes the 2nd largest PSU bank in the country.
  • Syndicate Bank and Canara Bank, these two banks will get merged and become the 4th largest PSB.
  • Three banks, namely, Andhra Bank, Union Bank of India and Corporation Bank will get merged and become the 5th largest PSB.
  • Allahabad Bank and Indian Bank will get merged into one and become the 7th largest PSB.
Source: https://frontlinesmedia.in/major-bank-merger/

In addition to the announcement, Ms. Sitharaman also specified that CBI( Central Bank of India) and Bank of India will work independent. After the merger, the total number of PSBs which is currently 27 will get reduced to 12.

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