PSU Banks go on 2-days strike

Tags: Economics/Business

Bank unions under the United Forum of Bank Unions (UFBU) have declared a nationwide strike on December 16 and 17 against the proposed privatisation of two public sector banks (PSBs).

Key Highlights:

  • The Public sector bank unions went on strike to protest against privatisation of banks and demand that the government withdraw the Banking Laws (Amendment) Bill, 2021.The Banking Laws (Amendment) Bill, 2021 will enable the privatisation of the two public sector banks in India . The bill has not been introduced in the Parliament.NITI Aayog has shortlisted Indian Overseas Bank and Central Bank of India for the proposed privatisation of the public sector banks.The strike has been called by the United Forum of Bank Unions (UFBU), an umbrella body of nine unions, including the All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

Public Sector Banks in Indi

Public sector banks are the banks where majority stakes (51% or more) are held by the Government of India.

Currently, India has 12 Public sector banks

List of Public sector banks:

  • Punjab National Bank
  • Bank of Baroda
  • Indian Bank
  • State Bank of India
  • Canara Bank
  • Union Bank of India
  • UCO Bank
  • Indian Overseas Bank
  • Central Bank of India
  • Punjab and Sind Bank
  • Bank of Maharashtra
  • Bank of India

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