Bank employees strike on 29th July
Posted on: 14/May/2016 10:53:28 AM
The Bank Employees have decided to go on strike for 1 day on 29th July.
The employees’ unions of 9 banks have joined together on this planned strike.
This planned strike is a protest against privatization of the public sector banks.
All India Bank Employees Union President H Venkatachalam informed that factors like reduction of the government’s share in IDBI, not sanctioning sufficient funds, merging of public sector banks, and granting approval for opening private sector banks will weaken the public sector banks.
The unrecovered debt burden on the banking sector stands at Rs. 10 Lakh Crores.
Most of these debts are due from the large institutions. However, the central government has not taken any action yet on this.
As the banks tend to allot a large amount for the unrecovered debt, it affects the profit.
Immediate action must be taken on the industries which have the capacity to repay the loans but still not paying them.
