LATEST NEWS

Two-day banking strike cripples Mumbai

Mumbai, Feb 10 (IANS) The country's financial capital Monday woke up to a two-day long total banking sector strike which has crippled most business and commercial activities here.

All branches of public sector banks, private banks, many foreign banks in the city, and the regional rural bank branches were deserted.

According to the United Forum of Bank Unions (UBFU), which is spearheading the agitation, the strike which started Monday 6 a.m. will end Wednesday 6 a.m.

"The strike is total. Over a million employees in all these banks, barring the co-operative sector banks, are taking part with around 90,000 bank branches to remain shut for two days for our various demands," All India Bank Employees Association (AIBEA) vice-president Vishwas Utagi told IANS.

As many as 27 public sector banks, 18 private banks, eight foreign banks and 48 Regional Rural Banks across India have joined the strike call by the UBFU, an umbrella organisation with top bank employees and officers unions under its fold.

Utagi said that besides the pending issue of wage revisions, the UBFU is also opposing banking reforms like privatization of banks, mergers, issuing new bank licenses to corporate houses, rising non-performing assets and related aspects.

The UBFU includes AIBEA, National Confederation of Bank Employees, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers Congress, National Organisation of Bank Workers, All India Bank Officers Association, and National Organisation of Bank Officers.

Utagi said that the UBFU had gone on a strike Dec 18, 2013 for similar reasons.

The world's most beautiful bank towers (To view full slideshow, click on the image below)
To view full slideshow, click on the above image

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.

DON'T MISS

  • Aluminium firms looking for safeguards from cheap Chinese imports

    With the northern neighbour sitting on huge excess capacity in steel and aluminium, it is looking at ready markets, and India happens to be one such market. …

  • Rajan wants govt to bite the bullet on fiscal deficit

    RBI Governor Raghuram Rajan, a celebrated economist, believes any deviation from fiscal deficit target would damage the government's credibility overseas and also impact the macro-economic stability. …

  • Houses Off the Shelf

    Prefabricated homes, quicker to build than conventional ones, are gaining in popularity. …

  • Trials and Errors

    The author's account of his experiences as a practising lawyer in the Indian legal system is both revelatory and entertaining. …

  • Reality Bites

    The rural economy is reeling under erratic monsoons and unfriendly government policies. As a result, India Inc, too, is feeling the heat as rural consumption shrinks to a multi-year low. …

  • The Shoe Is Pinching

    How long will it take for the government to phase out corporate tax exemptions? …

  • Taxman at the Door

    An ignorant yet aggressive tax system has e-commerce companies looking for succour. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    12.90-0.80-5.84%
    SUZLON.BO
    68.85-7.20-9.47%
    SPICEJET.BO
    10.52-1.49-12.41%
    GMRINFRA.BO
    154.20-4.75-2.99%
    SBIN.BO
    199.35-7.80-3.77%
    ICICIBANK.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    43.35+4.55+11.73%
    ENERGYDEV.BO
    305.00+29.00+10.51%
    SINCLAIR.BO
    102.00+9.20+9.91%
    ARONICOMM.BO
    149.00+12.70+9.32%
    SUYOG.BO
    34.85+2.85+8.91%
    NAGPI.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    20.90-20.90-50.00%
    PDUMJEPULP.BO
    24.40-6.10-20.00%
    NAGREEKEXP.BO
    53.60-13.40-20.00%
    NAHARCAP.BO
    37.00-9.25-20.00%
    NAHARPOLY.BO
    21.20-5.30-20.00%
    FAIRDSY.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.