The United Forum of Bank Unions (UFBU) said that banks would be closed on March 15 and 16 against the Central Government’s moves to privatise the sector and to exert pressure on the Centre to protect the sector itself.

UFBU convener BS Rambabu said that bankers have conducted an awareness campaign against the decision of the Union Government on privatisation of public sector banks and urged people to bear with the inconvenience during the two-day strike on March 15 and 16. Rambabu expressed apprehensions about the safety of depositors’ money and rapidly vanishing employment opportunities due to privatisation of public sector banks.

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Bank employees, under the aegis of the UFBU, distributed pamphlets and explained to the masses about the need of saving public sector banks. They demanded the Central Government to withdraw its decision to privatise public sector banks.

Rambabu said that nearly 2,000 small, medium and major banks have shut down business in the country. “In fact, the situation is so dire that last year alone, two very well known private sector banks closed down due to various reasons. Public sector banks have deposits of about 1.70 lakh-crore, and this is the reason corporates are pressurising the Government to privatise these banks,” he said.

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He said that while private banks can become bankrupt at any time, this cannot happen in the case of public sector banks. Rambabu stated that private banks do not offer all services to the general public.

Rambabu and other leaders of UFBU said that the bank employees would conduct a protest in front of Indian Bank at BRTS Road on March 15 and in front of the Bank of Baroda on March 16 in which employees in large numbers, along with like-minded leaders and activists of various associations would participate. #KhabarLive #hydnews