Aibea steps up agitation against StanChart

MUMBAI, MAR 24: The All India Bank Employees’ Association (AIBEA) today stepped up its agitation against Standard Chartered Bank by holding a demonstration in front of Reserve Bank of India (RBI) headquarters here, in protest against StanChart’s move to close down three branches as well as its voluntary retirement scheme (VRS).

Aibea had earlier given a call to its members to "boycott" cheques drawn on the bank. Aibea source said that the association is seeking to activate the United Forum of Bank Unions (UFBU), which comprises all the nine workmen and officers’ unions in the banking sector, to launch a joint agitation.

Sources said a meeting of UFBU would be held on Friday in an effort to rope in the entire banking labour force to campaign against StanChart and also join in the boycott of its cheques announced by AIBEA since March 22.

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StanChart had reported to Indian Banks’ Association (IBA) an instance of its cheque being returned when presented for clearance and is also in touch with RBI, bankingsources said.

StanChart spokesman said "We are not having any problem in clearing of cheques drawn on our bank."