Public sector banks across India plan to strike on November 26 seeking higher savings interest rates and lower bank charges
Nov 12, 2020, 15:26 IST
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- Public sector banks across the country are planning to go on strike near the end of the month, on November 26.
- This will be the 20th national-wide general strike since 1991.
- One of the seven demands laid out by the Central Trade Unions (CTUs) is to increase the rate of interest that customers are currently offered on savings deposits and reduce bank charges levied on the common customer.
However, this comes at a time when the interest rate on saving deposits is higher than what customers can get by locking their money into a fixed deposit.
| Bank Name | Interest Rate | Minimum Amount |
| State Bank of India (SBI) | 2.70% | NIL |
| Bank of Baroda | 2.75% | Average quarterly balance of ₹500 and ₹1,000 for Rural and Urban respectively |
| Punjab National Bank (PNB) | 3% | ₹500 ₹1,000 |
| IDBI Bank | 3.10% - 3.60% | ₹5,000 Metro and Urban, ₹2,500 Semi Urban, ₹500 Rural |
| Andhra Bank | 3% | ₹150 |
| Indian Bank | 3.50% - 3.75% | ₹250 for non cheque operation and ₹500 for cheque operation |
| Canara Bank | 3.25% - 3.75% | ₹1,000 for Metro, Urban and Semi Urban branches and ₹500 for Rural branches |
| UCO Bank | 2.50% - 2.60% | Average quarterly balance ranges between ₹250 and ₹1,000 |
The aim of the strike is to the “put up a resistance to the destructive approach of ruling government at the centre being manifested to the country and its people at large,” as per the Bank Employees Federation of India (BEFI) notification.
The All India Bank Employees’ Association (AIBEA) further clarified that the nation-wide strike is against the “anti-economic policies, anti-worker labour policies and anti-farmer legislations in the country.”
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These are the seven demands laid out by the Central Trade Unions (CTUs):
- Stop moves to privatise public sector banks like the dilution of government equity and provide adequate recapitalisation
- Strengthen public sector banks
- Take stringent measures against willful loan defaulters and recover the huge corporate NPAs still pending
- Increase interest rate of bank deposits and reduce bank charges levied on customers
- Stop outsourcing of regular bank jobs and regularise casual workers engaged by different banks
- Repeal Banking Regulation (amendment) Act 2020 and strengthen the cooperative banking sector
- Scrap NPS for bank employees and extend defined pension scheme to all
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