Published On : Fri, Jul 29th, 2016

Banks remain closed today: loss put in crores of rupees

Bank Strike
: Almost all Nationalized and non-Nationalized banks remained closed today i.e. July 29, 2016 on the clarion call given by United Forum of Bank Unions (UFBU). This sudden bank closure caused problems and discomfort to common citizens. The office-bearers and members of various unions including AIBEA, AIBOC, NBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO had assembled in front of Bank of India on Kingsway Road and raised slogans against the management of various banks.

While speaking exclusively with Nagpur Today, General Secretary of Eastern Maharashtra Bank Employees Association, Vice President of Syndicate Bank Employees Union and Central Committee Member of All India Bank Employees Association B N J Sharma said that on July 29, 2016, an All India Strike was observed by all Nationalized and Non-Nationalized banks on the call for strike by United Forum of Bank Unions. All 9 Bank Unions in Banking Industry participated in the strike in the city.

The pressing issues on which the United Forum of Bank Unions were staging the strike include:

  • Against the trend of mergers and consolidations of Banks
  • Against Privatization of Banks
  • Not taking steps to recover huge bad loans/debts called as Non-Performing Assets to the tune of Rs 5,39,000 crores (Five Lakh Thirty Nine Thousand Crores).
  • The Unions were also demanding willful defaulters to be treated as criminal offenders.    
  • Government should take effective steps for recovery of bad loans. Today in Banking Industry, Deposits are to the tune of Rs 1,19,00000 Crores (Rupees One crore nineteen lakh crores). These deposits are money deposited by the common masses and not by the government.
  • They were also demanding expansion of Public Sector Banks.
  • More and more loans should be given to agriculture and priority sectors
  • Interest rates on bank deposits should be increased.

B N J Sharma said that their slogan is “People’s money should be for People’s welfare and National Development and not for Private Corporate Loot.