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Banking operation across the country came to a grinding halt on 21.12.2000 due to one day strike by all the nationalized banks protesting against the Government decision to reduce its stake in public sector banks to 33 per cent. United Forum of Bank Unions (UFBU), which called the strike, was all in cheers and claimed that the strike was successful and of course, at the inconvenience of the Common man and the Commercial man. Did the strike really serve the purpose? Did the unions calling the strike achieve what they wanted to? 

Meanwhile, the bill to reduce Government equity has been referred to a parliamentary standing committee. Ever since the economic reforms in our country, the banking sector, especially public sector banks (PSB), were opposing the move. The reason was obvious. The unions having grip on the employees and banking were worried about their identity. They never thought of the customer care and services. The common man who was fed up of the bank’s union activities, was longing for a change and for better services. He always had the feeling that the unions are thriving on his money but never cared for him. The reforms brought the changes.

Private banks entered the field and offered good products and services thereby drawing high net worth and creamy customers. The common people started having the fruits of the reforms in banking sector. An ordinary depositor who was meek with a pleading and requesting tone in pre-reforms days is now demanding the services from Public Sector Banks. A situation had come where the unions had to worry about the banks' existence itself than their own survival. To circumvent this, nine Unions have come under one umbrella as United Forum of Bank Unions to show the solidarity.

Private sector banks with killer instincts started offering various products to customers at their steps. The advantage of the changes in technology is fully utilized by them by installing ATMs, providing anywhere Banking, online services, syndicating within themselves. They started treating Customer as God, not as King.

Considering the current economic scenario, reducing the Government stake in PSBs is a welcoming decision. Whether liked by PSBs are not the Government is seemed to have decided on this. There was no public opposition in this because they expect better services. The unions should realize the fact that their presence is going to be questioned if they do not rise to the occasion. Instead of opposing the move, the UFBU should have welcomed this by extending its full support. By doing so they would have atleast gained the public sympathy and pride.

C Sekhar

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