The government has proposed to raise a large amount in the next financial year through disinvestment. The target of disinvestment and privatization has been set at Rs 1.75 lakh crore for the financial year 2021-22.
The customers of the bank may face difficulties on 15 and 16 March. The United Forum of Bank Unions has called a two-day strike against the proposed privatization of two state-owned banks. This strike may also have an impact on the country’s largest state-owned State Bank (SBI) of India. It has been said by the State Bank that the strike may have an impact on the functioning of the bank. In fact, this year, while presenting the budget, Finance Minister Nirmala Sitharaman had announced the privatization of two public sector banks (PSBs).
The State Bank has stated in the filing that they have been told by the Indian Banks Association (IBA) that the United Forum of Bank Unions (UFBU) has called a nationwide strike by bank employees on 15 and 16 March. It consists of 9 major unions. SBI has said that although the bank has made all the arrangements to maintain normal functioning in its branch. But still it is possible that some work in the bank will be affected by the strike.
The government has proposed to raise a large amount in the next financial year through disinvestment. The target of disinvestment and privatization has been set at Rs 1.75 lakh crore for the financial year 2021-22. This target is Rs 2.1 lakh crore for the current financial year ie 2020-21, but so far only 21300 crore has been collected.
Prior to the announcement of this year’s budget, the government had sold most of its stake in IDBI Bank to Life Insurance Corporation of India (LIC). In the last four years, 14 public sector banks have been merged.
United India and Bank Unions (UFBU) All India Bank Employees Association (AIBEA) All India Bank Officers Confederation (AIBOC) National Confederation of Bank Employees (NCBE) All India Bank Officers Association (AIBOA) and Bank Employees Confederation of India (BEFI) Are included.
