At the call of AIBEA and our Private Bank Unions’ Cell, a Dharna was organized today at Jantar Mantar, off Parliament Street in New Delhi to highlight the problems in the private sector Banks.
Today there are 21 private banks in our country. The total Deposits in these private Banks is Rs. 85 lac crores. These huge Deposits are from the hard-earned savings of the common people of our country. Hence, we have to safeguard the people’s money in these Banks. But the Government is permitting these Banks to be taken over by foreign investors.
CSB Bank Bank has been taken over by Fairfax investment from Canada.
Lakshmi Vilas Bank Sold to DBS Bank of Singapore
Yes Bank Japan’s Sumitomo Mitsui Banking Corp (SMBC) has been allowed to invest Rs. 13,500 crores in Yes Bank and has become the largest Shareholder of this Bank.
RBL Bank Emirates NBD from Dubai is investing Rs. 26,000 crores and will
become the major and controlling share-holder.
Federal Bank New York based Blackstone is investing Rs. 6200 crores to acquire
10% of share capital
IDFC Bank USA based Warburg Pincus has purchased 10% of the share capital.
Warburg Pincus and Abu Dhabi Investment Authority/ADIA have
invested Rs. 7500 crores in this Bank.
• If our private Banks are allowed to be taken over by foreign investors, the precious savings
of the people available in these Banks will be utilized by the foreign investors for their own
business and speculative purposes with only profit making motive. Hence we are demanding
that all these private Banks should be nationalised and brough under public sector in the
interest of the Depositors and our country’s economy.
• In the private banks, recruitment of regular, permanent employees with wages under
Bipartite Settlement is being avoided. On the other hand Private Banks resort to Cost to
Company employees on contract basis. Job security is absent. Working hours are absent.
There is huge exploitation.
• In all public sector Banks, all pensioners have been granted additional ex-gratia pension
from November, 2022. But except a few, other private bank managements are refusing to
extend the same to the pensioners.
• In Federal Bank, trade union leaders are being victimised for legitimate trade union activity
ignoring the provisions of ‘Protected workmen’ under ID Act. Victimization is a thorn in
building healthy industrial relations.• Nainital Bank is a subsidiary of Bank of Baroda. There are attempts to sell this Bank to
some Corporate Company. Hence, we demand merging this Bank with Bank of Baroda.
• In the entire banking sector, in public sector and private sector, the retirement age for
employees is 60 years. But in the private Bank, Tamilnad Mercantile Bank, the
management is retiring employees at the age of 58. We are demanding change in this rule
at par with all other banks.
• CSB Bank/Catholic Syrian Bank is a private bank with headquarters in Kerala. All the Banks
are covered by industry-level swage settlement. But management of this Bank has not
revised the wages of the employees after the 10th BPS in 2015.
• While Pension Fund in the Public sector Banks are exempted by the CBDT, such exemption
is denied to private banks with the result that they are buying Annuity to fund their pension
liability. We are demanding similar exemption in private banks.
To safeguard the interest of the customers of the private banks, demanding nationalisation of all
private banks and demanding resolution of our just demands, we have organised the Dharna
today.
The Dharna was led by Com. K G Paneendra, Chairman and Com A R Sujith Raju,
Convener of AIBEA’s Private Sector Bank Unions’ Cell. Large number of employees from
the private sector banks from all over the country participated in this Dharna
programme. Besides office bearers of AIBEA, leaders and activists from various State
Federations of AIBEA also participated in the Dharna. We greet, congratulate and thank
all the participants.
The Dharna was greeted by the following leaders who expressed their support to our
demands:
• Com. John Brittas, MP, CPI-M
• Com. Amarjeet Kaur, General Secretary, AITUC
• Com. Tapan Sen, Ex MP, General Secretary, CITU
• Com. Rajiv Dumri, Gen Secretary, AICCTU
• Com. S S Negi, AIUTUC
• Com. R S Dagar, UTUC
• Com. Sanjay Khan, Gen. Secretary, AIBOA
Members of Parliament from Congress, AITC, NCP, CPI, DMK, RSP, VCK, and Shiv Sena- UBT had agreed to come and greet our Dharna. But they were held up in the proceedings of the Parliament and due to Police restrictions, our Dharna had to be concluded by 1-30 PM.
If our demands are not resolved amicably, further agitational programmes will be decided by our Private Sector Banks Unions’ Cell including strike actions. If required AIBEA will also decide to give nationwide strike call by all the employees of all the Banks.
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