As the financial year 2021-2022 has to go to commerce on the first half of March, the bank account keepers must have their eyes open to the calendar issued by the Reserve bank of India. Banks to remain closed for 11 days in March across the country. To one side of the bank holidays in March, the Union forum of bank unions (UFBU) has called for a two-day strike on March 15 and 16.
Bank holidays in India on March
March 5th: Holiday in Mizoram to celebrate ChapcherKut
It is celebrated in the district of Aizawl in March. It was evolved during the period between 1450 to 1500 A.D where people with their traditional attire cut bamboo trees and left them dry. It is a spring festival which is celebrated with joy and prosperity.
March 11th:Maha ShivRatri
One of the observations during this festival is fasting, and Shiv Ratri is celebrated with dedication with people lighting deeps in the temples. It is a Hindu festival. The significance of the festival is the night marriage between lord shiva and Maa Parvati.
March 13th: second Saturday
March 14th: Sunday
March 15thand 16th: Bank strike by UFBU for protesting against the proposed privatization of two public sector banks.
March 22th: Bihar Day
March 27th: Fourth Saturday
March 28th: Sunday
March 29th and 30th: Holi festival of colors celebrated with putting colors on each other’s face. It is a very joyfully and happily celebrated festival across the country.
Demands by the UFBU
Raising concerns and demands by public sector employees are on the minds of UFBU. In the pursuit to oppose the denationalization of two public sectors, Mrs. Nirmala Sitharaman, in the budget speech of 1st February. C.H. Venkatachalam, the General Secretary of allIndia bank employee’s association, said:
- On 15th and 16th March, 10 lakh employees will observe a two-strike for their agitation against the center.
- The Proposed privatization of public sector banks by the center was unfortunate and unnecessary.
- In the budget speech, Nirmala Sitharaman quoted that the current government is looking.
To divestment of non-tactical and state-run companies. UNI reports said.
What measures were discussed by UFBU in the meeting in Hyderabad
- Disinvestment in LIC
- Allowance of FDI to 74%
- Privatization of general insurance company
- Sale of public sector undertakings
What measures were taken in the budget by the government
The government on Feb 1st accounted Rs 1.75 cr in public sector companies and two public sector banks.
- These also included general insurance firms and monetary organizations.
- It will raise development in job segments and fiscal growth in major communal initiatives.
- The government will make an effort to build an inducement package for central funds in the state.
- One lakh to be invested in public sector banks and fiscal organizations.
Why public sector banks are facing the heat
Bad loans are the central problem banks have to deal with. Bank union is quoted that, by establishing public sectors banks, we will invest the money in nation’s interest, people’s interest and the poor.
- Cheque authorization, payments, and extraction at bank divisions and NEFT will be affected.
Internet banking
RBI says that with banks remaining close for many days, customers should take internet banking, which will enable them to work from home.
