Bank Strike, PSU Privatisation: The government has submitted the first list of 12 public sector undertakings (PSU) set to be privatised, as announced in the Union Budget 2021 presented by Finance Minister Nirmala Sitharaman last month. The list includes public sector banks and insurance companies that are a part of the Centre’s ambitious plan to privatise PSUs to meet the Rs 1.75 lakh crore disinvestment target.The submitted list will be considered by the Department of Investment and Public Asset Management (DIPAM) and the Core Group of Secretaries on Divestment (CGD), headed by the cabinet secretary.The NITI Aayog is the government’s entrusted body with the strategic task of suggesting names of PSUs to be merged or privatised. The said strategic sectors, according to the Centre, in which it will have “bare minimum” presence include – power, petroleum, coal, and other minerals, atomic energy, space, defence, banking, insurance, financial services, transport and telecommunications.
The list, however, excludes autonomous organisations, regulatory authorities, trusts, and development financing institutions like the FCI (Food Corporation of India) and the AAI (Airports Authority of India).
Banks hold nationwide strike.Distressed by the government’s decision, public sector banks (PSBs) in India under the umbrella body of Union Forum of Bank Unions (UFBU) of nine unions have called for a two-day strike on March 15 and March 16 as a mark of protest against the proposed privatisation.
Bank services, including ATM services, are likely to be hit, especially at government banks. However, you can still manage to do bank-related work.According to sources The State Bank of India (SBI) authorities are trying to ensure works go on as usual in its branches. However, a BSE filing, as well as Canara Bank, indicated that that bank strike called by the Indian Banks Association (IBA) that United Forum of Bank Unions (UFBU) may impact the normal function.
