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AFP. 4 January 2002. India banking hit as over 600,000 employees strike.
BOMBAY -- India's banking system was thrown into disarray Friday as more
than 600,000 employees of various state, foreign and private banks went
on strike over the alleged 'anti-labour' policies of Britain's Standard
and Chartered Bank (SCB).
The one-day strike was called by the All India Bank Employees
Association (AIBEA), which has accused SCB of violating the central
Reserve Bank of India (RBI) norms governing the operation of foreign
banks in India.
"Initial reports indicate the strike is a total success with almost
600,000 clerical employees not reporting to work in most of the key
banks across the country," AIBEA's joint secretary Lalit K. Nagda said.
"There (are) no cash and clearing transactions happening anywhere,
except at the State Bank of India," he said.
Industry sources said the State Bank of India and the RBI's clearing
houses were functioning as their employees are not part of the AIBEA.
According to Nagda, the SCB had transferred 27 of its employees to
different state branches after they refused to opt for a voluntary
retirement scheme.
It was also "outsourcing all its banking transactions from a private
contract agency, Scope International Pvt. Ltd., which is not right as
per our banking norms," Nagda said
"We are talking with the Reserve Bank of India about this."
Nagda said around 55 banks were supporting the strike, of which 25 are
state-owned.
"From the initial reports it looks like even the various officers'
associations, especially in Maharashtra are supporting the strike
morally. So you can form your conclusion as to the effect of the
strike," said a top Indian Bank Association (IBA) official.
Bank officers normally carry out the clerical work in case of a strike
by clerks.
"We have it on record that the officers' association have told their
members not to carry out any clerical work today," the IBA official
said.
"The actual impact of the strike will be evident only in the late
afternoon depending on what happens at the central bank's clearing
house," he added.
SCB and RBI officials were unavailable for comment.
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