Banking Sector declared as Public Utility Service for 6 Months

Banking Sector in India declared as Public Utility service for 6 Months till October 21, 2020.

Employees will not be able to go on strikes.

The government of India has declared banking industry as a public utility service for six months till October 21 under the provisions of Industrial Disputes Act, this results in the case that bank unions will not be able to hold the strikes for any kind for their members.

What does this mean for Public Sector Bankers ?

All the public sector bank employees as well as old generation private sector bank employees following the IBA pattern wage pattern should more or less be more happy as there will not be any deduction of their salary due to the useless and frivolous strikes called for trade union affiliated bank unions, which mostly call for political strike rather than the strikes for betterment of staff benefits or their salary revision which is now due for more than 2 and half years starting November 2017.

What does this mean for trade unions / bank unions ?

Already dead and politically motivated bank unions working more for the benefit of bank management rather than their members can utilise this opportunity to resurrect themselves and try to bring in the benefits to staffs of newly merged banks as by bringing in better benefits of the merged banks.

Also they can start to make the public sentiments in their favour by projecting the bank staff as Corona Warriors and working for the nation and getting very low salary as compared to Central / State Government & Private sector bank employees.

What does this mean for general public ?

Nothing they will be looted by private finance companies and private banks and they will come to fight in Public sector bank.