Hyderabad, Mar 13 (UNI) World Federation of Trade Unions (WFTU) has extended its support to the nation-wide strike call by the United Forum of Bank Unions (UFBU) on March 15 and 16 and Insurance Sector on March 17 and 18.
In a statement on Friday, which was sent to UNI by All India Bank Employees’ Association (AIBEA) General Secretary Ch Venkatachalam late last night, WFTU said, We extend our support and fraternal solidarity for these strike actions.
About 10 lakh employees, officers and Managers of the Banks will participate in the two-day strike to oppose the proposed privatization of two Public Sector Banks (PSBs), IDBI Bank and setting up of Bad Bank by the Centre.
The GIC unions called the strike on March 17 and Life Insurance Unions on March 18.
The Unions of General Insurance Corporation of India (GIC) and Life Insurance Corporation of India (LIC) called the strike in protest against the disinvestment in LIC, Privatization of one General Insurance Company, allowing Foreign Direct Investment (FDI) in Insurance Sector up to 74 per cent, as announced in the Union Budget by Finance Minister Nirmala Sitharaman on February 1.
The WFTU Secretariat said Privatisation of public services is one of the main agenda of various Governments under their liberalization policies. The intentions are clear and simple to help the private monopolies and corporates to exploit the common masses and to earn more and more profits.
That is why, from WFTU, being class-oriented trade union, we are stoutly opposed to these policies which are against the interest of the poor and common masses, It said.
It is unfortunate that the present BJP-led NDA Government in India is pursuing such policies which are helping only the richer sections and the capitalist classes.
”We note with concern the recent measures like adverse changes in labour laws and privatisation of many public sector companies and institutions.”
In this background, it is heartening that the Unions in the banking and insurance sector are fighting back these retrograde steps of the Government.
Banks and Insurance companies handle the savings and wealth of the common people. These companies should remain in Government control.
We note that bank unions in India are organizing countrywide strike on 15th and 16th of March while insurance sector employees are observing strike on 17th and 18th of March.
All India Bank Employees Association, which is a leading organization, has been taking initiatives to build such struggles.
We congratulate all the Bank and Insurance Unions for this united fight against privatisation.

‘We do hope that the Government of India will understand the protests of the bank and insurance workers and change their policy decisions on privatisation,” the WFTU added.(UNI)