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An umbrella body of nine bank unions has called a day-long strike on Tuesday to protest the government's "anti-people banking reforms" and to press for compensation to employees for extra work done on account of demonetisation and booking loan defaulters.
The United Forum of Bank Unions, comprising nine unions, will observe the strike, All India Bank Employees Association (AIBEA) General Secretary CH Venkatachalam said in a statement in Chennai.
"The real menace affecting the Indian banking industry is the rise in bad loans and the number of wilful loan defaulters. Fixing accountability for bad loans and taking action against the bank officials and wilful defaulters are the need of the hour and not formation of a 'bad bank'," Venkatachalam said.
The Economic Survey 2016-17 suggested establishment of a "bad bank" to deal with the non-performing assets or the bad loan issue.
According to Venkatachalam, the idea was nothing but transferring the bad loans from one government entity to another.
Venkatachalam said around 10 lakh bankers – ranging from officers to clerks – belonging to the nine unions will join the strike.
The conciliation meeting before the Chief Labour Commissioner on 21 February failed to break the deadlock as the bank management body – Indian Banks Association – did not agree to the union demands.
Besides, cash transactions will also be hit and the ATMs are likely to be emptied early during the day.
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