In a bold move, India’s influential bank unions have called for a strike tomorrow, February 12, spotlighting tensions with new government labor policies. Bank of Baroda’s timely disclosure to the stock exchange has put the sector on high alert.
The joint call comes from AIBEA, AIBOA, and BEFI, focusing ire on four labor codes deemed exploitative by workers. These laws, meant to modernize employment rules, are criticized for shifting burdens onto staff without proportional benefits.
Efforts to maintain operations are underway at Bank of Baroda, but success isn’t guaranteed. Spillover effects could hit SBI, PNB, and other public banks hard, with staff walking out en masse.
Private institutions remain unscathed, promising continuity for customers of HDFC, ICICI, and peers. No RBI holiday declaration keeps markets steady.
This isn’t isolated: UFBU, uniting nine unions, staged a similar protest on January 27 after stalled discussions on five-day banking with labor authorities. Public banks promptly alerted exchanges then too.
The strike underscores deepening rifts in India’s banking workforce amid regulatory flux. As unions dig in, the public sector’s stability hangs in balance, prompting calls for swift dialogue to avert prolonged unrest.