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State Bank of India (SBI) Employees Strike-
An Update

Reasons for strike by State bank employees .....Click here
Strike Called Off after the Settlement on Pension .....Click here

7th April 2006- According to experts, the country's financial system is taking hit of Rs 20 billion per day due to strike in bank. If a solution is not found soon enough, this strike could create havoc in the financial system.

CPI has requested Prime Minister Manmohan Singh to intervene and find a reasonable solution to the workers' demand without further delay. The CPI leader Dasgupta said "If the bank management is ready to agree to the revision why should the government stand in the way? The government speaks of autonomy in the public sector, but it does not allow the bank management to have its own way?"

6th April 2006- There seems to be no end to strike. Though Delhi High Court refused to call the strike illegal, no concrete steps are taken by government to settle the issue. Though, the striking SBI employees on 6th April said they are willing to climb down on their demand for higher pension.

Government need to realize that SBI strike is hurting businesses in all parts of the country. The State Bank of India has the largest reach among all banks in the country, with branches in most small towns and villages. The continuing strike will only add to the hardships of its million plus customers.

The strike has affected the business transaction of the bank in foreign exchange and money market. Since most of the clearing business is with SBI, the srike has also impacted inter-bank transactions as well.

SBI Employees Union declined Finance Minister appeal on 6th April to call off the strike dubbing it as meaningless. According to union spokesman, talks with management do not have relevance unless the government accepts any agreement between the management and unions.

Union have offered to restrict the demand for 50 per cent of last drawn salary as pension up to the General Manager level. Which means the upper limit of pension would be around Rs 16,000 per month against the present Rs 4,250. The management, however, appears to be willing to offer pension with a ceiling of Rs 9,500, which the unions said is lower than 50 per cent of the basic salary of senior clerk.

5th April 2006- Earlier the the conciliation meeting on 5th April 2006, called by chief labour commissioner, could not arrive at any solution, as union finance ministry representative failed to turn up for the second round of talks after the meeting was adjourned in the morning.

To ease difficulties of customers, SBI management has waived the charges on use of ATMs of nine other banks with whom it has ATM sharing arrangements.

Why it is important to call off the strike..... Click here

Visit State Bank of India (SBI) Main Page ..... Click here

Daily Banking News ..... Click here

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