Amid financial institution strike, Nirmala Sitharaman says not all banks will likely be privatised

Picture Supply : PTI

Union Finance Minister Nirmala Sitharaman speaks within the Rajya Sabha, in the course of the Price range Session of Parliament, in New Delhi.

Amid financial institution strike over the proposed privatisation of the general public sector banks, Union Minister Nirmala Sitharaman on Tuesday stated not all banks are going to be privatised including the pursuits of the staff will likely be taken care of.

“We’ve got introduced a Public Enterprise Coverage, the place we now have recognized four areas the place public sector presence will likely be there, on this, the monetary sector too is there. Not all banks are going to be privatized, she stated.

“Pursuits of staff of banks that are more likely to be privatized will completely be protected – whether or not their salaries or scale or pension, all will likely be taken care of,” Sitharaman added.

“Even for these banks that are more likely to be privatized, the privatized establishments too will proceed to perform after privatization; the pursuits of the workers will likely be protected,” the Union Minister stated.

ALSO READNationwide financial institution strike enters day 2; unions warn of stir much like farmers’


The 2-day nationwide banker’s strike in protest towards privatisation of presidency banks was a complete success, stated the highest chief of a serious union. The strike started on Monday.

As per reviews acquired by us from our unions in varied states, the strike has been profitable. Overwhelming majority of the financial institution branches stay closed and shutters are down, stated CH Venkatachalam, Basic Secretary, All India Workers’ Affiliation (AIBEA).

He stated some branches headed by senior officers had been open however no banking transaction could possibly be carried out as different workers had been on strike.

The central authorities has determined to privatise two public sector banks along with the IDBI Financial institution, and the United Discussion board of Financial institution Unions (UFBU) had given the strike name in protest.

The UFBU, an umbrella physique of 9 unions within the banking sector, had given the strike name.

(With inputs from IANS)

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