Banking sector declared public utility service

Banking sector declared public utility service In a bid to discourage strikes and protests in banks, the government on Thursday decided to keep the banking industry under the public utility service for another six months till March next. A labour ministry notification said that bank employees would be required to give six weeks' notice before going on strike so that conciliatory proceedings could be started. Official sources said bank officials can not go on strike during this period. The step had been taken in public interest since bank strikes affected the general functioning of the economy," they said. This comes a day after the government put cement sector under public utility service for six months. The banking sector was put under the public utility services category under the Industrial Disputes Act for six months from March 2001. The government extended the date contemplating the adverse effects of strikes that might be called by unions at the end of the tenure. Most of the PSU banks had been involved in strikes against the Banking Companies Bill envisaging dilution of stake in banks, and other reforms measures in the financial sector this fiscal resulting in loss in business. Bank employees had also participated in nationwide strikes to protest the volunatry retirement scheme initiated by the government last fiscal. The current initiative of the government is intended to ensure that less mandays are lost due to strikes, productivity per employee is improved and trade union activities are curbed in the banking sector, sources said.  strikes and protests in banks, the government on Thursday decided to keep the banking industry under the public utility service for another six months till March next. A labour ministry notification said that bank employees would be required to give six weeks' notice before going on strike so that conciliatory proceedings could be started. Official sources said bank officials can not go on strike during this period. The step had been taken in public interest since bank strikes affected the general functioning of the economy," they said. This comes a day after the government put cement sector under public utility service for six months. The banking sector was put under the public utility services category under the Industrial Disputes Act for six months from March 2001. The government extended the date contemplating the adverse effects of strikes that might be called by unions at the end of the tenure. Most of the PSU banks had been involved in strikes against the Banking Companies Bill envisaging dilution of stake in banks, and other reforms measures in the financial sector this fiscal resulting in loss in business. Bank employees had also participated in nationwide strikes to protest the volunatry retirement scheme initiated by the government last fiscal. The current initiative of the government is intended to ensure that less mandays are lost due to strikes, productivity per employee is improved and trade union activities are curbed in the banking sector, sources said.