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Bank Unions to organise rally on Friday

By TIOL News Service

NEW DELHI, SEPT 13, 2017: THE nationwide bank strike which was called by the United Forum of Banking Unions (UFBU) saw major participation from across the nation. Banking operations on Tuesday were disrupted as public sector bank employees protested against the government's proposed consolidation move among other demands. Nearly 10 lakh employees and officers of public sector banks across 10,300 branches in the country had participated in the nationwide strike.

The Bank Unions are now going to organise a Morcha to Parliament and a Public Rally on Friday. They also intend to submit a Memorandum to the Prime Minister, Mr. Narendra Modi on that day to draw his attention to these vital issues and seeking his intervention to ensure remedial measures to save our Banks from the crisis and ensure that Banks help our country and our economic development.

The UFBU informed that the Banking Regulations Act has been amended to resort to Insolvancy and Bankruptcy Code agaisnt big defaulters but this litigation route is time consuming and there is no guarantee of Banks getting back the entire loans. Just in 12 loan accounts, amount due is Rs. 2,53,000 crores, bank will incur further losses on account of these accounts.

The huge provisions and write off towards bad loans from the profits are resulting in dwindling profits of Banks. For the year ended March 31, 2017, Public Sector Banks earned an operating profit of Rs. 150,000 crores but due to provision and write off, net profit was only Rs. 574 crores. To compensate these losses in revenue and reduction in profits, Banks are reducing the interest on savings deposits of the common people and also levying higher charges on all types of normal banking services.

The leaders of UFBU has arranged a Press Meet here on September 14, 2017 to explain their demands in details.