Strike paralyses banking, insurance sectors

Banking and insurance services in the country were paralysed as employees joined their public sector counterparts on a day-long nation-wide ...

Banking and insurance services in the country were paralysed as employees joined their public sector counterparts on a day-long nation-wide strike to protest against the Supreme Court order on strikes, privatisation plans and to press demands for wage revision.

The branches of public sector banks in Mumbai 8212; the financial hub of the country 8212; wore a deserted look. However, private sector and foreign banks functioned normally. In Mumbai, foreign exchange operations were affected as RBI8217;s majority of the clearing functions were hit.

Said an official of Indian Banks Association, 8220;attendance was very thin. Almost 90 of the staff are on strike and most of the branches are not functioning, and clearing houses have also not collected the instruments. By and large, the strike is complete.8221; He said the situation would be normal once again on Wednesday.

Major trade unions like CITU, AITUC, AICCTU, TUCC, UTUC and UTUC LS, along with unions representing the employees in RBI, PSU banks, rural and co-operative banks and defence establishments took part in the agitation.

All India Coordination Committee of Unions in the Financial Sector convener Santha Raju claimed that the strike was total in the banking sector and over 15 lakh employees in the sector, including insurance and RBI and UTI, took part in the agitation.

The strike was called by PSUs to talk about the Supreme Courts against privatisation. 8220;The bankers only added these two points related to wage negotiations and pension. But we have been in constant negotiations with the labour. There has not been any break. There is a lot of gap which we have been able to cover, and we are getting closer to the finalisation of negotiations,8221; IBA officials said.

Trade unions affiliated to the BJP and the Congress did not support the strike. But PSUs in power, oil, telecom, airlines and railways were unaffected. Normal life was hit in West Bengal and Kerala, traditional Left strongholds, with vehicular traffic going off the roads and train services, including that of metro railway, coming to a halt. Claiming that the strike was 8220;total and beyond their expectations8221;, CITU president M. K. Pandhe said the police actions would not put down their spirit and they would 8216;prolong the battle8217; till the Centre reversed its economic policies and ensure steps for 8216;right to strike8217;.

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AITUC general secretary Gurudas Das Gupta said coal mining workers in nine companies also struck work and so was the case with construction and plantation sector workmen. University teachers and employees as well as students in Delhi joined the strike.

The trade unions along with associations and federations of state and central government employees, had also called the strike to protest against 8216;false8217; propaganda of 8216;India shining8217;, saying both unemployment and retrenchment were on the rise. Pandhe claimed that around 4-5 crore workers took part in the strike.