Indian bank employees’ strike severely affected the country

In demand of better wage, pension and hiring “on compassionate ground” eight hundred thousand employees of Indian banks went on a two day strike beginning from August 6, 2009. However, the “new-generation private sector banks” like ICIC Bank, HDFC Bank and Axis Bank were open on that day.

The strike was called upon by United Forum of Bank Unions (UFBU), the head organization which represents four officers’ trade unions and five employee trade unions. UFBU is the representative of more than 95% of the bank employees in India. On the first day, the state run banks and old private banks were shut down as employees did not come to work. Bank employees also organized a big rally at the Azad Maidan in Mumbai. Members of Eastern Zone General Insurance Employees’ union staged a rally in front of the regional office of the Oriental Insurance company.

The UFBU demanded 20% rise in salary, allow Provident funds to another 270,000 employees who applied for it and the 70:30 sharing of the Rs.6000 crore deficit in the pension funds between banks and employees. The Indian Banks’ Association (IBA) offered 17.5% salary hike.

This strike affected the business of the country. In Mumbai, on Thursday, twelve percent of 72000 cheques were submitted for clearance. Normally, 114 banks do clear these cheques but 36 banks were shut down for the strike.

Related articles:

Times of India

The Hindu Business Line