Bank unions call off 15 March strike plan
Bank strike on 15 March called off by the unions as they cite the present situation in the banking system following the massive fraud at PNB
Vadodara: The United Forum of Bank Emplyees Unions (UFBU) on Monday said they withdrew the nationwide strike call on 15 March, citing the present situation in the banking system following the massive fraud at Punjab National Bank (PNB) and the overall vitiated atmosphere in the sector.
“The forum met over the weekend and decided to withdraw the strike called on 15 March,” C.H. Venkatchalam, general secretary of the All-India Bank Employees Association (AIBEA) said in a statement.
The statement further said the forum is seriously concerned over the manner in which a mega fraud has taken place at PNB and the way banks stand exposed to such unthinkable risks. “However, the meeting also noted that instead of a full-scale investigation, attempts are being made to single out a few lower level employees as if they alone are responsible for the fraud.”
The forum also questioned the efficacy of the bank’s monitoring system saying, “no one can hide the fact that there is gross negligence of control, supervision and monitoring as well as possibilities of complicity at various higher levels of management including the top PNB officials.”
They also demanded the ascertain the role of the Reserve Bank of India’s monitoring system saying “equally, one cannot absolve RBI for its failure to play its role and responsibilities which would have otherwise unearthed these irregularities much earlier,” the statement said.
- Wipro CEO Abidali Neemuchwala’s pay package up over 34% to Rs18.23 crore in FY18
- WhatsApp to offer 24-hour customer support for its payments services in India
- Vodafone-Idea merger may get delayed as DoT looking to raise fresh demand of Rs4,700 crore
- Heads of 11-state owned banks to appear before parliamentary panel on Tuesday
- Government defers auction for 60 oil and gas fields by a month