Strike in the Banking Sector - August 22, 2012

About 10 lakh employees of 27 public sector banks have launched a 2-day strike on 22nd August, Wednesday.

About 10 lakh employees of 27 public sector banks have launched a 2-day strike on 22nd August, Wednesday. The protest is against reforms such as Banking Lawas Amendment that seek to encourage FDI’s by giving foreigners control through 26% voting rights. Unions have warned that they would launch a strike even if the bill is discussed in the parliament. They believe that such moves are aimed at weakening unions and workers’ rights. Loss on account of the strike is expected to be around Rs. 30,000 crore and employees’ loss is around Rs. 300 crore due to non-payment of salary. The government has responded by pleading employees to withdraw from the strike on the grounds of losses made to the economy.

source: www.thehindu.com, August 22, 2012. “Banking Activities Paralysed: Special Correspondent”

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