To protest against the central government's decision to take up the Banking Law Amendments bill in the ongoing session of parliament, the employees of all public sector banking institutions have planned to stage a one day long nationwide strike this week, on December 20.
Talking to the media about the strike, the President of Jharkhand Pradesh Bank Employees Association, Mr. R. A. Singh, said that the reforms proposed in the bill are not in the best interests of the banking sector of the country. He further added that the bill is aimed to allow easy mergers amongst banks and augment the voting rights of private capital in public as well as private sector banks.
He went on to add that the proposed amendment to Sarfaesi Act/Debt Recovery Act would only help corporate loan defaulters by allowing them to convert bad debts into investments in the share capital of the defaulters companies. He said that this step should not be accepted.