Date:14/02/2008 URL: http://www.thehindubusinessline.com/2008/02/14/stories/2008021450170802.htm

Back Prevent bank strike

The government must crack down on the proposed two-day bank strike on February 25 and 26 against the proposed merger of associate banks of SBI with the parent bank. There have been four strikes prior to this forthcoming one, throwing banking activities out of gear, on this issue. Another strike will spell doom for the financial sector. Ironically, the strike call is to demonstrate the opposition of the employees to the merger, despite the fact that most employees are openly expressing themselves against the strike.

The staff of two associate banks have reportedly given, in writing, their consent for a merger. The government should immediately give the staff of associate banks the option to state whether they want to remain with the bank or opt for the SBI with additional benefits, like pension as third benefit.

The employees are concerned about their welfare and perks and perquisites. Moreover, they would far prefer for their banks to merge with the SBI than to be gobbled up by some unknown foreign entities. The ball is in the court of the Government, which needs to act swiftly and transparently to avoid a needless stand-off.