The United Forum of Bank Union (UFBU), an umbrella body of nine bank unions, has called for a two-day nationwide strike on March 15 to protest against the government’s plan to privatize two state-owned banks and retrograde banking reforms. Over 10 lakh PSU bank employees and officers are participating in the strike.

Services such as deposits and withdrawal at branches, cheque clearance, and loan approvals are getting affected due to the strike as most of the junior level staff are participating in the strike. ATMs are functional at present but they may soon run out of cash because of non-replenishment. The agencies that load cash at ATMs take the cash from bank branches. But due to the strike, these agencies may face difficulty in getting cash from bank branches.

According to a report, the government’s think tank Niti Aayog has kept six public sector banks (PSBs) that were part of the last round of consolidation and State Bank of India out of the privatization plan. The other five PSBs are Punjab National Bank, Union Bank, Canara Bank, Indian Bank, Bank of Baroda. The government will soon take a call on the two banks and one general insurer that will be taken up for privatization in the next fiscal year. The Niti Aayog’s recommendation to exclude these is in line with the thinking within the finance ministry that is keen on expeditious integration of systems at these banks, the publication mentioned. The Department of Investment and Public Asset Management will now take the proposal to a group of ministers.